Serica Energy plc Operations Update (1963H)
March 09 2018 - 2:01AM
UK Regulatory
TIDMSQZ
RNS Number : 1963H
Serica Energy plc
09 March 2018
Serica Energy plc ("Serica" or the "Company")
Operations Update
London, 9 March 2018 - Serica Energy plc (AIM: SQZ), an
independent oil and gas company with production, development and
exploration licence interests in the UK North Sea and exploration
interests in Ireland and Namibia, hereby provides an operations
update.
UK North Sea Erskine Field
As announced on 22 January and 29 January a blockage occurred on
the Lomond to Everest condensate export pipeline during routine
cleaning operations. Following deployment of specialist pumping
equipment, some communication across the blockage has been achieved
and the plan is to continue with pressure pulsing until significant
breakthrough. In parallel, a permanent solution to the pipeline wax
problem is being advanced. Further updates will be made in due
course.
UK North Sea Bruce, Keith and Rhum Fields
Since restart in January, following the shut-down of the Forties
pipeline, Bruce, Keith and Rhum fields (BKR) have produced on
average approximately 16,000 boe/d net to BP. Serica has agreed to
acquire BP's interests in these fields with an effective date of 1
January 2018. Subject to completion of the transaction, which is
anticipated in the third quarter of 2018, Serica will receive 40%
of the net cash flow for BKR in 2018, rising on a stepped basis to
100% in 2022. Commodity prices for the year to date have been
stronger than seen in recent years, with NBP gas pricing averaging
52p/therm and Brent oil pricing averaging $67.50/barrel.
Technical Information
The technical information contained in the announcement has been
reviewed and approved by Clara Altobell, VP Technical 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 +44 (0)20 7457
Executive Chairman tony.cravenwalker@serica-energy.com 2020
Mitch Flegg +44 (0)20 7457
CEO mitch.flegg@serica-energy.com 2020
Peel Hunt
+44 (0)20 7418
Richard Crichton richard.crichton@peelhunt.com 8900
+44 (0)20 7418
Ross Allister ross.allister@peelhunt.com 8900
+44 (0)20 7418
James Bavister james.bavister@peelhunt.com 8900
Instinctif
+44 (0)20 7457
David Simonson david.simonson@instinctif.com 2020
+44 (0)20 7457
Laura Syrett laura.syrett@instinctif.com 2020
+44 (0)20 7457
George Yeomans george.yeomans@instinctif.com 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. Serica holds an 18% non-operated interest in
the Erskine field in the UK Central North Sea.
In November 2017 Serica announced the proposed acquisition of
BP's interests in the Bruce, Keith and Rhum fields in the North Sea
and associated infrastructure. Under the terms of proposed
acquisition Serica will acquire a 36% interest in Bruce, a 34.83%
interest in Keith and a 50% interest in Rhum (collectively the "BKR
Assets"). The deal has an effective date of 1 January 2018 and
completion of acquisition is expected to take place in the third
quarter of 2018.
Further information on the Company and the proposed acquisition
of the BKR Assets 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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