REG - Serica Energy PLC - UKCS 33rd Round Licence Award

Serica EnergyAnnouncement

31/10/2023 07:00

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RNS Number : 7758R  Serica Energy PLC  31 October 2023

Serica Energy plc

("Serica" or the "Company")

UKCS 33(rd) Round Licence Award

London, 31 October 2023 - Serica Energy plc (AIM: SQZ) is pleased to announce
the award of a 100% interest in UK  block 29/2a to its wholly owned
subsidiary Tailwind Energy Chinook Limited in the UKCS 33(rd) Offshore
Licensing Round. The award is subject to the execution of licence
documentation.

 

Block 29/2a contains the decommissioned Kyle oil field. This field ceased
production in June 2020 and the host FPSO at the time was subsequently
removed. Serica will have no obligations in respect of the prior
decommissioning as a result of the licence award. During an initial two-year
licence period, Serica will carry out studies to determine the feasibility of
re-developing the Kyle field by means of a subsea tie-back to the Triton FPSO
vessel via the Bittern field facilities. Serica has a 46.42% interest in the
Triton FPSO vessel and a 64.63% interest in the Bittern field. Both are
operated by Dana Petroleum. Serica's internal preliminary mid-case estimate of
recoverable resources from the redeveloped field is about 9 million barrels of
oil.

 

Mitch Flegg, Chief Executive of Serica commented:

"A key aspect of Serica's strategy is maximising the utilisation of existing
infrastructure associated with its Bruce and Triton production hubs. An
important element of this is adding hydrocarbon throughput from new sources as
well as enhancing the contribution from fields that are already producing.
This licence award adds another potential project to our hopper of near- and
in-field opportunities. The decision whether to proceed with the
re-development of Kyle will depend on the results of our studies and the
fiscal and regulatory situation at the end of the initial two-year term of the
Licence."

 

Regulatory

The technical information contained in the announcement has been reviewed and
approved by Fergus Jenkins, VP Technical at Serica Energy plc. Mr. Jenkins
(MEng in Petroleum Engineering from Heriot-Watt University, Edinburgh) is a
Chartered Engineer with over 25 years of experience in oil & gas
exploration, development and production and is a member of the Institute of
Materials, Minerals and Mining (IOM3) and the Society of Petroleum Engineers
(SPE).

 

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 completed the acquisition of the entire issued share capital of
Tailwind Energy Investments Ltd on 23 March 2023.

Following the addition of the Tailwind assets to its portfolio, 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.

Futher 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.

 

 

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