Serica Energy plc Bruce, Keith and Rhum Fields restart (7340B)

TIDMSQZ

RNS Number : 7340B

Serica Energy plc

12 January 2018

Serica Energy plc ("Serica" or the "Company")

Bruce, Keith and Rhum Fields restart

London, 12 January 2018 - Serica Energy plc (AIM: SQZ) is pleased to report that it has been informed by BP Exploration Operating Company ("BPEOC"), as operator of Bruce, Keith and Rhum, that these fields have each resumed production, following the successful repair of the Forties Pipeline System.

The fields were shut in on 11 December 2017, along with all the other fields using the system and have been brought back into production as part of a phased restart of the whole Forties Pipeline System.

On 21 November 2017, Serica announced that it had signed a Sale and Purchase Agreement to acquire interests in the Bruce, Keith and Rhum fields from BP, subject to certain regulatory, government and partner consents. The deal has an effective date of 1 January 2018 and Completion of the Acquisition is expected to take place in mid-2018.

Technical Information

The technical information contained in the announcement has been reviewed and approved by Clara Altobell, VP Technical at Serica Energy plc. Clara Altobell (MSc in Petroleum Engineering from Imperial College, London) has over 20 years of experience in oil & gas exploration, production and development and is a member of the Society of Petroleum Engineers (SPE) and the Petroleum Exploration Society of Great Britain (PESGB).

Regulatory

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

 
 
 
   Enquiries: 
 Serica Energy 
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 Tony Craven 
  Walker                                                       [phone] 
  Executive Chairman    [e-mail]    2020 
 Mitch Flegg                                                   [phone] 
  CEO                   [e-mail]          2020 
 
 Peel Hunt 
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 Richard Crichton       [e-mail]          8900 
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 Ross Allister          [e-mail]             8900 
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 Chris Burrows          [e-mail]             8900 
 
 Instinctif 
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 David Simonson         [e-mail]          2020 
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 Laura Syrett           [e-mail]            2020 
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 George Yeomans         [e-mail]          2020 
 
 
 

NOTES TO EDITORS

Serica Energy is an oil and gas exploration and production company with exploration, development and production assets in the UK and exploration interests in the Atlantic margins offshore Ireland, and Namibia. Serica holds an 18% non-operated interest in the Erskine field in the UK Central North Sea.

In November 2017 Serica announced the proposed acquisition of BP's interests in the Bruce, Keith and Rhum fields in the North Sea and associated infrastructure. Under the terms of proposed acquisition Serica will acquire a 36% interest in Bruce, a 34.83% interest in Keith and a 50% interest in Rhum (collectively the "BKR Assets"). The deal has an effective date of 1 January 2018 and completion of acquisition is expected to take place in mid-2018.

Further information on the Company and the proposed acquisition of the BKR Assets can be found at www.serica-energy.com.

The Company is listed on the AIM market of the London Stock Exchange under the ticker SQZ and is a designated foreign issuer on the TSX. To receive Company news releases via email, please contact [e-mail] and specify "Serica press releases" in the subject line.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 12, 2018 04:41 ET (09:41 GMT)