5 December 2024
Serica Energy
plc
('Serica' or 'the
Company')
Update on Triton
FPSO
Serica Energy plc (AIM: SQZ)
announces that, after a limited resumption of production at the
Triton FPSO last week, an issue with one of the compressor seals
has been discovered which has resulted in production being
suspended. The FPSO operator, Dana Petroleum, is working to
identify and execute the necessary repairs, which are expected to
take two to four weeks to complete. Production for 2024 is now
forecast to be approximately 35,000 to 36,000 boepd.
As previously stated, the
operational vulnerability will remain until the ongoing works to
restore two-compressor operations are completed, expected in Q1
2025.
With production at Triton suspended,
current Serica production from the Bruce Hub and other assets
totals around 28,000 boepd. Of this, around 22,000 boepd of
production is gas, benefitting from the current gas price of around
115-120p/therm.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of
MAR.
-end-
Enquiries:
Serica Energy plc
|
+44 (0)20 7487 7300
|
Martin Copeland (CFO) / Andrew Benbow
(Group Investor Relations Manager)
|
|
|
|
Peel
Hunt (Nomad & Joint Broker)
|
+44 (0)20 7418 8900
|
Richard Crichton / David McKeown /
Emily Bhasin
|
|
|
|
Jefferies (Joint Broker)
|
+44 (0)20 7029 8000
|
Sam Barnett / Will Soutar
|
|
|
|
Vigo
Consulting (PR Advisor)
|
+44 (0)20 7390 0230
|
Patrick d'Ancona / Finlay
Thomson
|
serica@vigoconsulting.com
|
NOTES TO EDITORS
Serica Energy is a British independent
oil and gas exploration and production company with a portfolio of
UKCS assets. Serica has a balance of gas and oil production. The
Company is responsible for about 5% of the natural gas produced in
the UK, a key element in the UK's energy transition.
Serica's producing assets are focused
around two main hubs: the Bruce, Keith and Rhum fields in the UK
Northern North Sea, which it operates, and a mix of operated and
non-operated fields tied back to the Triton FPSO. Serica also has
operated interests in the producing Columbus (UK Central North Sea)
and Orlando (UK Northern North Sea) fields and a non-operated
interest in the producing Erskine field in the UK Central North
Sea.
Serica has a two-pronged strategy for
growth comprising investment in its existing portfolio and M&A.
Further information on the Company can be found
at www.serica-energy.com.
The Company's shares are traded on the AIM market of the London
Stock Exchange under the ticker SQZ and the Company is a designated
foreign issuer on the TSX. To receive Company news releases via
email, please subscribe via the Company website.