Serica Energy plc Erskine Operational Update (8349H)

TIDMSQZ

RNS Number : 8349H

Serica Energy plc

23 August 2016

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

Erskine Operational Update

London, 23 August 2016 - Serica Energy plc (AIM: SQZ) provides the following operations update:

As previously announced, production from the Erskine field (Serica 18%) restarted on 27th July following a prolonged period to clear a blocked pipeline and undertake planned maintenance on the Lomond platform which provides treatment and export facilities to Erskine.

In line with earlier statements, Erskine production was built up for a short period to flush the Lomond/Everest condensate export line and establish full flow through the system before being temporarily suspended for final clean-up operations and for re-commissioning of Lomond platform facilities to be completed. Initial field production rates of over 4,300 boepd net to Serica were achieved in this period, supporting the capability of the Erskine reservoir and Erskine wells to deliver at high rates.

Shell as operator of the Lomond platform, has now advised that re-commissioning of the Lomond export facilities, which was expected to take one week, has taken longer than projected and that further work is required on the main Erskine condensate export pump, located on Lomond, before it can be brought fully on-line. As a result, re-commencement of full, continuous production of Erskine has been delayed.

A further operational update will be released by the Company when advice has been received from Shell that these re-commissioning issues have been resolved. The Company has been advised by Shell that this is likely to take several more days.

Regulatory

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

Technical Information

The technical information contained in the announcement has been reviewed and approved by Clara Altobell, Head of Operations at Serica Energy plc. Clara Altobell (MSc in Petroleum Engineering from Imperial College, London) has 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).

 
 Enquiries: 
 
  Serica Energy plc 
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                                                              [phone] 
 Tony Craven Walker    [e-mail]     7300 
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 Peel Hunt 
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                                                              [phone] 
 Richard Crichton      [e-mail]           8900 
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 Ross Allister         [e-mail]              8900 
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 Instinctif 
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                                                              +44 (0)7831 
 David Simonson        [e-mail]           347222 
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 George Yeomans        [e-mail]           2020 
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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 West Africa. The Company is in partnership with other companies in its licences offshore UK, Ireland, Morocco and Namibia. Further information on the Company 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.

Forward looking statements

This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond Serica Energy plc's control, including: geological, geophysical and technical risk, the impact of general economic conditions where Serica Energy plc operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Serica Energy plc's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur or, if any of them do so, what benefits, including the amount of proceeds, that Serica Energy plc will derive therefrom.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 23, 2016 02:00 ET (06:00 GMT)