Serica Energy Plc Share Price (SQZ.GB.PL)

Kirstie Langan - linkedln

“Today I was approached by a European TV Channel who were frankly stunned by the UK’s energy policy and are investigating the damage it’s doing to communities in the North East of Scotland. The data backs up what they’re seeing: the UK oil and gas workforce has shrunk from roughly 190,000 jobs in 2016 to around 115,000 today, with 66,000 of those in Scotland alone - and more cuts are still happening.

In 2024 the sector supported more than £20 billion a year in value to the UK economy and hundreds of thousands of jobs across supply chains: HMRC data shows revenues fell by over £1.6 billion from 2023/24 to 2024/25.

Industry analysts estimate around £15 billion of potential investment is at high risk of cancellation due to current tax policy and regulatory uncertainty.

And all of this is additional to the staggering and wilful erosion of our energy security.

But it’s telling that international observers seem more alarmed than many voices at home.

I’m grateful for their concern. But the real question is: why isn’t there the same level of national outrage here?

Until policymakers feel that pressure at home, communities will keep paying the price....”

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.

I’ve done a little more research since getting the heads up earlier on in the week, I’m going to go in a little stronger tomorrow .

As I mentioned in my earlier post this was a heads up from an O&G guy I’ve known for donkeys years .

Every now and again he gives me a nudge , last one was Serica energy in 2020 which did ok !

Fingers crossed for this one ……

Good luck all

Good mention in a recent interactive investor video:

https://www.fmp-tv.co.uk/2023/05/15/oil-market-dynamics-sentiment-drives-commodities-amidst-shifting-players/

Been watching and waiting for 'news' and at last will get a chance to quiz Mitch in London f2f.
Should be a worthwhile and informative evening for us investors.
https://www.sharesmagazine.co.uk/events/event/shares-investor-evening-london-live-event-140323