Serica Energy plc Erskine Field Operations Update (0900P)
August 29 2017 - 2:01AM
UK Regulatory
TIDMSQZ
RNS Number : 0900P
Serica Energy plc
29 August 2017
Serica Energy plc
("Serica" or the "Company")
Erskine Field Operations Update
London, 29 August 2017 - Serica Energy plc (AIM: SQZ) provides
an update to production operations on the Erskine field.
As previously announced, production from the Erskine field was
suspended on 31 July for facilities maintenance coinciding with a
period of maintenance of the Forties Pipeline System through which
Erskine condensate is transported. At the same time a planned
treatment to soak and remove wax build-up in the Lomond to Everest
condensate export pipeline has been carried out. Production was
scheduled to recommence in the past week.
The operator of the Lomond platform has advised the Company that
recommencement of production operations is expected to be deferred
for a further two weeks in order to allow monitoring and control of
methanol and xylene components used for the wax treatment prior to
resumption of exports to the Forties Pipeline System. On completion
of this process, Erskine wells will be flowed at maximum rates to
clear the treated wax from the line. If the line is sufficiently
clear, a pigging programme will then be implemented to maintain the
pipeline going forward although it is possible that further
chemical treatment may be required before pigging can start.
Serica is amending its full year production guidance to between
2,200boe/d and 2,400boe/d to provide for the extended period of
facilities maintenance.
During this period the opportunity has been taken to improve
equipment performance, including finalising the installation of a
back-up export pump on the Erskine production module on the Lomond
platform and overhauling the power generation system.
Commenting on the Company's performance, Serica's Executive
Chairman, Tony Craven Walker, said:
"Although the pipeline de-waxing procedures have taken longer
than planned by the Lomond operator and Erskine production will
resume later than we were expecting, the underlying field
capability remains strong and we expect production to pick up as
soon as the current restrictions are resolved.
On the wider front, Serica continues to make good progress on
all of its plans and Erskine's production since acquisition has
provided us with a healthy cash balance. We are advancing our
objectives to expand the Company's resources and add to our
production base in parallel with moving our Columbus plans forward.
We expect to release our results for the first half of the year
towards the end of September and will provide a full operational
update at that time."
Technical Information
The technical information contained in the announcement has been
reviewed and approved by Clara Altobell, Head of Operations at
Serica Energy plc. Clara Altobell (MSc in Petroleum Engineering
from Imperial College, London) has over 20 years of experience in
oil & gas exploration, production and development and is a
member of the Society of Petroleum Engineers (SPE) and the
Petroleum Exploration Society of Great Britain (PESGB).
Regulatory
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Enquiries:
Serica Energy
plc
Tony Craven
Walker,
Executive +44 (0)20
Chairman tony.cravenwalker@serica-energy.com 7487 7300
Peel Hunt
+44 (0)20
Richard Crichton richard.crichton@peelhunt.com 7418 8900
+44 (0)20
Ross Allister ross.allister@peelhunt.com 7418 8900
Instinctif
+44 (0)20
David Simonson david.simonson@instinctif.com 7457 2020
+44 (0)20
Laura Syrett laura.syrett@instinctif.com 7457 2020
+44 (0)20
George Yeomans george.yeomans@instinctif.com 7457 2020
NOTES TO EDITORS
Serica Energy is an oil and gas exploration and production
company with exploration, development and production assets in the
UK and exploration interests in the Atlantic margins offshore
Ireland and Namibia. Further information on the Company can be
found at www.serica-energy.com.
The Company is listed on the AIM market of the London Stock
Exchange under the ticker SQZ and is a designated foreign issuer on
the TSX. To receive Company news releases via email, please contact
serica@instinctif.com and specify "Serica press releases" in the
subject line.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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