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SQZ Serica Energy Plc

188.50
3.90 (2.11%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Serica Energy Plc LSE:SQZ London Ordinary Share GB00B0CY5V57 ORD USD0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  3.90 2.11% 188.50 187.80 188.00 190.20 184.00 187.00 4,948,209 16:35:29
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 812.42M 177.8M 0.4578 4.11 730.09M

Serica Energy plc Offshore licence awards in UK 30th Round (1042P)

24/05/2018 7:01am

UK Regulatory


Serica Energy (LSE:SQZ)
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RNS Number : 1042P

Serica Energy plc

24 May 2018

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

Offshore licence awards in UK 30th Round

London, 24 May 2018 - Serica Energy plc (AIM: SQZ) is pleased to announce that the Company has provisionally been awarded three new exploration licence areas on the UK Continental Shelf in the UK's 30(th) Offshore Licensing Round.

Rowallan South - Blocks 22/24f (split) and 22/25c (split), Serica Energy (UK) Limited: 20% working interest, operator ENI UK. These blocks lie directly to the south of the Rowallan Prospect, in which Serica holds a 15% interest and which is due to be drilled later this year. The blocks are offered on condition of making a 'drill or drop' decision to enter the next phase.

Columbus West - Block 23/21b, Serica Energy (UK) Limited: 50% working interest, operator Summit Exploration and Production. The block lies immediately to the west of Serica's Columbus Field, which is in the advanced stages of development planning. The proposed work programme contains further seismic reprocessing and a 'drill or drop' decision to enter the next phase.

Skerryvore - Blocks 30/12c (part), 30/13c (split), 30/17h, 30/18c and 30/19c (part), Serica Energy (UK) Limited: 20% working interest, operator Parkmead. The Skerryvore prospect lies in the Central North Sea, 60km south of Serica's Erskine field. The proposed work programme includes shooting new 3D seismic data and a contingent well decision.

Mitch Flegg, Chief Executive of Serica Energy, commented:

"We are delighted to have been offered the award of these UK offshore licences. Gaining more acreage in the Rowallan South area will enhance our position in the event of a discovery during our planned exploration drilling later this year. The prospects to the west of Columbus have been identified using advanced seismic interpretation techniques that give a compelling story to exploration upside in the area and Serica is ideally positioned for fast-tracking a development if a well is successful. The Skerryvore blocks are within our Central North Sea focus area and contain opportunities at a number of reservoir intervals in a prolific producing area with a number of export options."

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 
  plc 
 Tony Craven 
  Walker                                                        +44 (0)20 7457 
  Executive Chairman    tony.cravenwalker@serica-energy.com     2020 
 Mitch Flegg                                                    +44 (0)20 7457 
  CEO                   mitch.flegg@serica-energy.com           2020 
 
 Peel Hunt 
                                                                +44 (0)20 7418 
 Richard Crichton       richard.crichton@peelhunt.com           8900 
                                                                +44 (0)20 7418 
 Ross Allister          ross.allister@peelhunt.com              8900 
                                                                +44 (0)20 7418 
 James Bavister         james.bavister@peelhunt.com             8900 
 
 Instinctif 
                                                                +44 (0)20 7457 
 David Simonson         david.simonson@instinctif.com           2020 
                                                                +44 (0)20 7457 
 Catherine Wickman      catherine.wickman@instinctif.com        2020 
                                                                +44 (0)20 7457 
 George Yeomans         george.yeomans@instinctif.com           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 interests in the Bruce, Keith and Rhum fields in the North Sea and associated infrastructure from BP. 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 late in the third quarter of 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 serica@instinctif.com and specify "Serica press releases" in the subject line.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

May 24, 2018 02:01 ET (06:01 GMT)

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