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

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RNS Number : 6841Y  Serica Energy PLC  10 September 2025

 

10 September 2025

 

Serica Energy plc

('Serica' or 'the Company')

 

Update on production at Triton FPSO

 

Serica Energy plc (AIM: SQZ) announces that, following a successful ramp up
which helped wider portfolio production reach over 55,000 boepd in mid-August,
the operator of the Triton FPSO, Dana Petroleum, has notified Serica of a
temporary reduction in production while further maintenance takes place. In
addition, Dana has also notified the Company that subsea intervention work on
the Bittern field has been scheduled for November 2025. The resultant
production deferrals mean that Serica's production guidance for 2025 has been
reduced to 29,000 to 32,000 boepd (previously 33,000 to 35,000 boepd).

 

Due to a vibration issue within the compression trains on the Triton FPSO,
production is currently running at a significantly reduced rate. Following the
required repairs, normal production operations are expected to resume around
the end of September. Work is currently continuing to deliver two compressor
operations, which will facilitate the full ramp up of production at the FPSO.
Production net to Serica from the Triton FPSO reached over 25,000 boepd in
August, and running with two compressors can deliver an increase from this
figure through the addition of production from the EV-02 well on the Evelyn
field.

 

Work on the Bittern field subsea infrastructure, which is scheduled to take
three weeks to complete, is to address an emerging vulnerability. The work
scope had previously been removed from the outage in summer 2025 and was
expected by Serica to be completed in 2026, but the operator has now confirmed
that it will take place in November this year. Given the location of the
pipework, in addition to the Bittern field this will also halt production from
the Evelyn and Gannet fields, resulting in a temporary reduction of over
20,000 boepd net to Serica.

 

 

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.

 

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