REG - Serica Energy PLC - Update on Triton FPSO

Serica EnergyAnnouncement

05/12/2024 07:00

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RNS Number : 8765O  Serica Energy PLC  05 December 2024

 

5 December 2024

 

Serica Energy plc

('Serica' or 'the Company')

 

Update on Triton FPSO

 

Serica Energy plc (AIM: SQZ) announces that, after a limited resumption of
production at the Triton FPSO last week, an issue with one of the compressor
seals has been discovered which has resulted in production being suspended.
The FPSO operator, Dana Petroleum, is working to identify and execute the
necessary repairs, which are expected to take two to four weeks to complete.
Production for 2024 is now forecast to be approximately 35,000 to 36,000
boepd.

 

As previously stated, the operational vulnerability will remain until the
ongoing works to restore two-compressor operations are completed, expected in
Q1 2025.

 

With production at Triton suspended, current Serica production from the Bruce
Hub and other assets totals around 28,000 boepd. Of this, around 22,000 boepd
of production is gas, benefitting from the current gas price of around
115-120p/therm.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

-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 / 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 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.

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