Serica Energy PLC UKCS 33rd Round Licence Award31 Oct 2023 07:56
31 October 2023
Serica Energy plc
("Serica" or the "Company")
UKCS 33(rd) Round Licence Award
London, 31 October 2023 - Serica Energy plc (AIM: SQZ) is pleased to announce the award of a 100% interest in UK block 29/2a to its wholly owned subsidiary Tailwind Energy Chinook Limited in the UKCS 33(rd) Offshore Licensing Round. The award is subject to the execution of licence documentation.
Block 29/2a contains the decommissioned Kyle oil field. This field ceased production in June 2020 and the host FPSO at the time was subsequently removed. Serica will have no obligations in respect of the prior decommissioning as a result of the licence award. During an initial two-year licence period, Serica will carry out studies to determine the feasibility of re-developing the Kyle field by means of a subsea tie-back to the Triton FPSO vessel via the Bittern field facilities. Serica has a 46.42% interest in the Triton FPSO vessel and a 64.63% interest in the Bittern field. Both are operated by Dana Petroleum. Serica's internal preliminary mid-case estimate of recoverable resources from the redeveloped field is about 9 million barrels of oil.