REG - Serica Energy PLC - Initiation of share buyback programme

Serica EnergyAnnouncement

24/04/2024 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:20240424:nRSX7728La&default-theme=true

RNS Number : 7728L  Serica Energy PLC  24 April 2024

Serica Energy plc

("Serica" or the "Company")

Initiation of share buyback programme

London, 24 April 2024 - Serica Energy plc (the "Company") (AIM: SQZ), a
British independent upstream oil and gas company with operations centred on
the UK North Sea, today announces the initiation of a share buyback programme
to purchase ordinary shares of US$0.10 each in the Company for up to a maximum
aggregate consideration of £15 million from the date of this announcement
(the "Buyback Programme").

 

David Latin, Chairman and Interim Chief Executive of Serica, said:

 

"I am delighted to be announcing Serica's inaugural share buyback programme.
The decision to initiate a buyback follows extensive discussions by the board.
It demonstrates our confidence in the Company's ability both to invest and
return cash to shareholders as well as reflecting confidence in the long-term
value of our existing assets.

 

Over several years Serica has established cash returns as an important part of
its overall strategy for delivering shareholder returns, alongside adding
value through organic investment and M&A. It is planned to propose the
renewal of the authority to carry out share buybacks at the next AGM so that
this option is available to the board as part of the future overall
shareholder return policy."

 

Purchases pursuant to the Buyback Programme will be conducted in accordance
with the general authority to re-purchase up to 38,322,063 ordinary shares
granted by the Company's shareholders at the 2023 annual general meeting. All
ordinary shares purchased under the Buyback Programme will be purchased within
the price parameters as specified in the relevant shareholder authority.

 

The Company has entered into an agreement with Peel Hunt LLP ("Peel Hunt") to
conduct the Buyback Programme on the Company's behalf, with purchased shares
to be held in treasury. Purchases of ordinary shares will be made on the
Company's behalf in accordance with the agreement with Peel Hunt and may
continue independently of and uninfluenced by the Company during any closed
period to which the Company is subject and/or if the Company comes into
possession of inside information. Under the agreement, shares may be purchased
up to a maximum aggregate consideration of £15 million. While the Company has
launched the Buyback Programme, there is no certainty on the volume of
ordinary shares that may be purchased or any certainty on the pace and quantum
of purchases.

 

The Buyback Programme will be conducted within certain pre-set parameters in
accordance with and utilising Serica's general authority to repurchase
ordinary shares granted at the 2023 annual general meeting, and will be
carried out on the London Stock Exchange and/or other recognised investment
exchange(s).  In addition, the Buyback Programme will be conducted in
accordance with the Market Abuse Regulation 596/2014 and the Commission
Delegated Regulation (EU) 2016/1052 (each as in force in the UK by virtue of
the European Union (Withdrawal) Act 2018 and as amended by the Market Abuse
Regulation (Amendment) (EU Exit) Regulations 2019).

 

Any purchase of ordinary shares pursuant to the Buyback Programme will be
announced by the Company by not later than 7.30 a.m. on the business day
following the calendar day on which the purchase occurred.

 

 

 

Enquiries:

 

 Serica Energy plc                                                         +44 (0)20 7390 0230
 David Latin (Chairman and Interim CEO) / Martin Copeland (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 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
(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  MSCFFFLLSFIVFIS