REG - Serica Energy PLC - Update on production at Triton FPSO

Serica EnergyAnnouncement

Wed 07:02

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250730:nRSd0815Ta&default-theme=true

RNS Number : 0815T  Serica Energy PLC  30 July 2025

 

30 July 2025

 

Serica Energy plc

('Serica' or 'the Company')

 

Update on production at Triton FPSO

 

Serica Energy plc (AIM: SQZ) announces that, having successfully restarted
production operations at the Triton FPSO in July, the ramp up to steady-state
production has been slower than the timetable provided by the operator, Dana
Petroleum ('Dana'). Production is now expected to reach a stable level in
August.

 

Following the initial resumption of production from the Bittern field (which
flows first due to associated gas from the field being used to provide gas
lift for other wells and fuel gas for the FPSO), a problem with the gas lift
system prevented other Triton fields being restarted. Additionally, other
minor work was identified, which required a short cessation of production to
repair. This remedial work now being complete, the restart of the Triton
fields including new wells should proceed to an expedited timeline.

 

Production from the Bittern field (Serica 64.6%) will be followed rapidly by
the Evelyn (Serica 100%) and Gannet (Serica 100%) fields. Once existing wells
resume production, the new wells drilled on the Guillemot North West (Serica:
10%) and Evelyn (Serica: 100%) fields will be brought onstream for the first
time, promising an increase to the 25,000 boepd the Triton FPSO was producing
net to Serica in January.

 

The BE01 well on the Belinda field (Serica 100%), which flow tested at
constrained rates of 7,500 boepd, is expected to enter production at the start
of 2026 following work to tie the well into the Triton FPSO.

 

2025 Production Guidance

Given the delayed ramp up of production at Triton, Serica now expects
production for 2025 to be 33,000-35,000 boepd (previously 33,000-37,000
boepd).

 

Chris Cox, Serica's CEO, stated:

"While teething issues with the resumption of production are not entirely
unexpected after such a prolonged period of downtime, it doesn't make it any
less frustrating to once again see things at the Triton FPSO progressing more
slowly than we would expect. Our production from other assets is currently
robust at almost 30,000 boepd and our portfolio has the potential to produce
over 55,000 boepd once all Triton fields are back online, levels that we now
expect in August rather than July. We are continuing to drive discussions with
senior management at Dana regarding the optimal way to run the FPSO going
forward."

 

 

Serica will issue 2025 half-year results at 0700 BST on Tuesday 5 August 2025,
and will host a live presentation on the Investor Meet Company platform at
0900 BST on the day. Questions can be submitted pre-event via the Investor
Meet Company dashboard up until 4 August, 0900 BST, or at any time during the
live presentation. Investors can sign up and add to meet Serica Energy plc
via:

 https://www.investormeetcompany.com/serica-energy-plc/register-investor
(https://www.investormeetcompany.com/serica-energy-plc/register-investor) .

 

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).

 

This announcement is inside information for the purposes of Article 7 of
Regulation 596/2014.

 

-end-

 

Enquiries:

 

 Serica Energy plc                                                         +44 (0)20 7487 7300
 Martin Copeland (CFO) / Andrew Benbow (Group Investor Relations Manager)

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

 Jefferies (Joint Broker)                                                  +44 (0)20 7029 8000
 Sam Barnett

 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 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. To receive 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  UPDPKCBPFBKDCOB