REG - Serica Energy PLC - Chief Executive Officer change and Succession Plan

Serica EnergyAnnouncement

01/02/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240201:nRSA6155Ba&default-theme=true

RNS Number : 6155B  Serica Energy PLC  01 February 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

For immediate release

Serica Energy plc

("Serica" or "the Company")

Chief Executive Officer change and Succession Plan

London, 1 February 2024 - Serica Energy plc (SQZ.L), a leading UK independent
oil and gas company operating in the North Sea, today announces a Chief
Executive Officer ("CEO") change and Succession Plan. After some forty years
in the industry, including six years as CEO of Serica, Mitch Flegg will step
down from this role and as a director of the Company. This change is expected
to take place after publication of the Company's 2023 full year financial
results. Mitch Flegg will remain as an adviser to Serica until after the
Company's 2024 AGM, expected to be held in June 2024. David Latin, the current
Chairman of the Board, will take on the role of Interim CEO until a long-term
successor is appointed.

Mitch Flegg has been highly instrumental in growing the Company to be one of
the UK's leading independent oil and gas companies. Having successfully led
Serica through the integration of the Bruce/Keith/Rhum ("BKR") assets acquired
in 2018, and the acquisition and integration of Tailwind Energy Limited in
2023, Mitch Flegg leaves the Company in its best ever health, very well
positioned to deliver full value from its assets and exploit opportunities in
the UK and beyond.

The Board has commenced the search for a successor with the appropriate
skillset to lead the Company through the next phase of its development. The
search for a new CEO will be led by Malcolm Webb, Chairman of the Nominations
Committee and SID, supported by external advisers.

Serica will release an operational trading update on 5(th) February and is
hosting an event for sell-side analysts in Edinburgh on 7(th) and 8(th)
February with David Latin and Mitch Flegg attending together with Martin
Copeland, the incoming CFO, and members of the management team who will be
providing greater detail on the Company's operations and planned activity
program.

Mitch Flegg, Chief Executive Officer, commented: "It has been a great
privilege to lead Serica since 2017 and to be part of building a strong
platform with a great team. Serica is firmly established as a leading listed
UK E&P Company and in a strong position following the Tailwind acquisition
and planned changes to executive and Board positions. Now is the right time
for me to help support the handover to a CEO to lead the next phase of
Serica's growth and development and I believe there is an exciting future
ahead."

David Latin, Chairman, said: "Mitch Flegg will leave with the profound thanks
of the Board and our employees for his outstanding services over two periods
at the Company, firstly between 2006 and 2015, and latterly as CEO at Serica
over the past six years. Mitch has helped build and lead the Company through
its recent evolution and has created a very strong platform of significant
scale with a solid balance sheet. Serica is now well placed for further growth
in service of increased shareholder value, to which the Board is committed as
its top priority. With the executive team strengthened by the appointment of
Martin Copeland as CFO and a depth of talent both within the management team
and on the Board, we have an enviable platform for growth and delivery of
value to shareholders and all stakeholders."

Malcolm Webb, SID and Chairman of the Nominations Committee, said: "The Board
is pleased that David Latin has agreed to lead the Company as an interim CEO
after the annual results. He brings highly relevant experience, including
having led the original formation of BKR and its safe and reliable operations
for more than five years while at BP. While at OMV David led growth of an
international portfolio through major capital projects and acquisitions in the
UK, Norway and elsewhere, with more than 500 staff producing over 100 kboed."

Regulatory notices

The information contained within this announcement is deemed by Serica to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No.596/2014 (as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018). By the publication of this announcement
via a Regulatory Information Service, this inside information is now
considered to be in the public domain. The person responsible for arranging
for the release of this announcement on behalf of Serica is David Latin,
Chairman.

Enquiries:

 

 Serica Energy plc                                                             +44 (0)20 7390 0230
 Mitch Flegg (CEO) / Andy Bell (CFO) / Stephen Lambert (VP Legal and External
 Relations)

 Peel Hunt (Nomad & Joint Broker)                                              +44 (0)20 7418 8900
 Richard Crichton / David McKeown / Georgia Langoulant

 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's portfolio of assets includes several organic investment opportunities
which are currently being pursued or are under consideration.

Further information on the Company can be found at www.serica-energy.com
(http://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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAMZGFMFMFGDZZ