If you would like to ask our webinar guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSerica Energy Share News (SQZ)

Share Price Information for Serica Energy (SQZ)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 182.50
Bid: 182.70
Ask: 183.10
Change: -0.50 (-0.27%)
Spread: 0.40 (0.219%)
Open: 184.30
High: 186.90
Low: 182.00
Prev. Close: 183.00
SQZ Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Serica maintains production guidance as year-end reserves expand

Thu, 07th Mar 2024 10:04

(Sharecast News) - UK North Sea-focussed oil and gas firm Serica Energy said in an update on Thursday that as of 31 December, it had net proved plus probable, or '2P', reserves totaling 140 million barrels of oil equivalent.

The AIM-traded firm said that was a notable increase from the figure of 130 million equivalent barrels reported a year earlier, despite the extraction of 14 million barrels in 2023 on a proforma combined Serica and Tailwind basis.

It said there was an overall addition of 24 million equivalent barrels to 2P reserves during 2023, representing a reserves replacement ratio of 179%.

Serica noted that over 90% of the reserves were situated in fields already in production, adding that there was an equal distribution between oil and gas reserves within the portfolio.

In terms of production, Serica Energy maintained an average net production of about 45,500 barrels of oil equivalent per day during January and February.

Looking ahead, the company anticipated a production range of 41,000 to 48,000 equivalent daily barrels for the entirety of 2024.

"I am delighted that Serica has maintained its record of more than replacing reserves since 2018, with the company ending 2023 with higher reported reserves than from the combined Serica and Tailwind portfolios at the start of the year even after allowing for the oil and gas we produced in 2023," said chief executive officer Mitch Flegg.

"Nearly all the additions to reserves reported today are associated with fields that are already producing which limits incremental emissions.

"This record of delivery is a testament to the hard work of our staff and the underlying quality of the asset portfolio."

Flegg described production in the early part of 2024 as encouraging, adding that the firm looked forward to the future impact of executing its investment programme this year.

"We are on track to commence the planned well intervention and drilling activities on the Bruce and Triton assets during the coming month.

"It would be remiss not to express considerable disappointment with the extension of the EPL announced in the Budget yesterday.

"Current oil and gas prices do not represent windfall conditions for UK producers and increasing the tax burden on domestic oil and gas production again will be damaging for UK jobs and the economy."

The achievements delivered by Serica had added to domestic sources of energy, Mitch Flegg asserted.

"The kind of approach exhibited in the Budget will lead to more imports and reduce the ability of our industry to enhance the UK's resilience to potential energy shocks in the future."

At 1040 GMT, shares in Serica Energy were up 3.26% at 177.6p.

Reporting by Josh White for Sharecast.com.

More News
6 Jun 2022 12:46

Serica Energy shares surge as moves to soothe fears on UK levy

(Alliance News) - Shares in Serica Energy PLC climbed on Monday after the company said it expects its planned investments to be eligible for tax savings, offsetting "a large element" of the UK's Energy Profits Levy.

Read more
27 May 2022 17:03

LONDON MARKET CLOSE: Stocks rise as key US inflation measure moderates

(Alliance News) - Stocks in London ended higher on Friday after data showed a key measure of US inflation eased, fuelling hopes that price increases could be slowing.

Read more
27 May 2022 10:34

Harbour, EnQuest and Serica shares slump on UK windfall tax

LONDON, May 27 (Reuters) - Shares in British North Sea oil and gas producers Harbour, EnQuest and Serica slumped on Friday, a day after the British government announced a windfall tax on domestic hydrocarbon companies.

Read more
26 May 2022 16:23

EnQuest, Serica shares fall 12% after UK oil and gas windfall tax announcement

LONDON, May 26 (Reuters) - Shares in oil and gas producers EnQuest Plc and Serica Energy Plc fell around 12% each on Thursday after the UK government announced a windfall tax on oil and gas producers.

Read more
28 Apr 2022 10:53

AIM WINNERS & LOSERS: Empyrean recovers, HSS swings to annual profit

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

Read more
28 Apr 2022 10:31

BP subsidiary sells 5.0% stake in Serica Energy for GBP49 million

(Alliance News) - A subsidiary of London-based oil giant BP PLC sold a 5.0% stake in UK-focused oil and gas company Serica Energy PLC, it was announced on Thursday.

Read more
27 Apr 2022 17:50

IN BRIEF: BP subsidiary intends to sell shares in Serica Energy

Serica Energy PLC - gas producer in UK North Sea - BP Exploration Operating Co Ltd intends to sell up to 13.5 million shares in Serica, reflecting a 5.0% interest in the company.

Read more
21 Apr 2022 22:07

TRADING UPDATES: essensys loss widens; Fidelity Asian outperforms

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and Wednesday not separately reported by Alliance News:

Read more
21 Apr 2022 12:01

Serica Energy swings to profit, lowers production outlook

(Sharecast News) - Serica Energy reported group gross profit of £386.8m in its full-year results on Thursday, swinging from a loss of £2.9m year-on-year, while it narrowed and reduced its production outlook for 2022.

Read more
14 Apr 2022 16:00

UK earnings, trading statements calendar - next 7 days

Friday 15 April 
no events scheduled 
Monday 18 April 
no events scheduled 
Tuesday 19 April  
JTC PLCFull Year Results
Kainos Group PLCTrading Statement
Rio Tinto PLCQ1 Production Results
Wednesday 20 April  
Bunzl PLCTrading Statement
Carr's Group PLCHalf Year Results
Centamin PLCTrading Statement
Hunting PLCTrading Statement
IntegraFin Holdings PLCTrading Statement
John Wood Group PLCFull Year Results
Quilter PLCTrading Statement
Oxford Biomedica PLCFull Year Results
Petra Diamonds LtdTrading Statement
Thursday 21 April 
AJ Bell PLCTrading Statement
Anglo American PLCTrading Statement
Antofagasta PLCTrading Statement
Bonhill Group PLCFull Year Results
Churchill China PLCFull Year Results
DP Poland PLCTrading Statement
essensys PLCHalf Year Results
Foxtons Group PLCTrading Statement
Gem Diamonds LtdTrading Statement
LBG Media PLCFull Year Results
Man Group PLCTrading Statement
PensionBee Group PLCQ1 Results
Relx PLCTrading Statement
Rentokil Initial PLCTrading Statement
Serica Energy PLCFull Year Results
XPS Pensions Group PLCTrading Statement
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
7 Apr 2022 09:49

LONDON BROKER RATINGS: Jefferies cuts TI Fluid, PageGroup, Energean

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

Read more
17 Mar 2022 19:43

TRADING UPDATES: 4Global to top forecasts; Nanoco wins deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Read more
17 Mar 2022 11:42

Serica restarts production at Rhum after underwater fault

(Sharecast News) - North Sea-focussed upstream oil and gas company Serica Energy confirmed on Thursday that production had restarted from the Rhum field.

Read more
4 Mar 2022 20:53

TRADING UPDATES: IOG to cut Gazprom ties; wholesale changes at Donegal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:

Read more
1 Mar 2022 09:37

LONDON BROKER RATINGS: JPMorgan upgrades Mondi and ITM Power

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.