Rhum Production Update
28/02/2022 14:21
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RNS Number : 0669D Serica Energy PLC 28 February 2022
Serica Energy plc
("Serica" or the "Company")
Rhum Production Update
London, 28 February 2022 - Serica Energy plc (AIM: SQZ), a British
independent upstream oil and gas company with operations centred on the UK
North Sea, provides an update on Rhum field production operations.
A fault has been identified in the Rhum Subsea Control Module which has
necessitated a temporary shutdown of Rhum production. There are currently no
safety or environmental issues associated with this fault. A programme to
replace the control module is being planned utilising a spare module held in
stock. This will necessitate diving operations and the timetable is not yet
finalised. It is likely, however, that Rhum production will not resume for at
least two weeks.
Production from the Bruce field continues and has not been adversely affected.
Serica's other producing fields (Erskine and Columbus) are not impacted by
this Rhum issue.
A further update will be provided when Rhum production is restarted.
Mitch Flegg, Chief Executive of Serica Energy, commented:
"This is a frustrating event, but I am confident our skilled teams onshore and
offshore will safely and efficiently implement the required repairs using
equipment and plans already in place to deal with such a situation.
Production from Bruce, Erskine and Columbus has consistently averaged over
10,000boe/d net to Serica so far this year. We expect these rates to continue
during the Rhum shut down and we will look for ways to optimise the Bruce
production rates during this period."
Regulatory
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018.
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
Tony Craven Walker, Executive Chairman
Mitch Flegg, CEO
Peel Hunt (Nomad & Joint Broker) +44 (0)20 7418 8900
Richard Crichton / David McKeown / Alexander Allen
Jefferies (Joint Broker) +44 (0)20 7029 8000
Tony White / Will Soutar
Vigo Consulting +44 (0)20 7390 0230
Patrick d'Ancona / Chris McMahon serica@vigoconsulting.com (mailto:serica@vigoconsulting.com)
NOTES TO EDITORS
Serica Energy is a British independent oil and gas exploration and production
company with a portfolio of exploration, development and production assets.
Serica is the operator of the producing Bruce, Keith and Rhum fields in the UK
Northern North Sea, holding interests of 98%, 100% and 50% respectively, and
holds a 50% operated interest in the newly producing Columbus field in the UK
Central North Sea. Serica also holds an 18% non-operated interest in the
producing Erskine field in the UK Central North Sea.
Over 85% of Serica's production is natural gas, a key element in the UK's
energy transition.
The Rhum Subsea Control Module (SCM) is located on the seabed in the vicinity
of the Rhum wells, approximately 40km north of the Bruce platform. The SCM
provides power and controls required to operate the Rhum wells.
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.
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