Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video 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
2 Sep 2021 14:43

TRADING UPDATES: Serica's Rhum starts production; XLMedia buys in US

TRADING UPDATES: Serica's Rhum starts production; XLMedia buys in US

Read more
2 Sep 2021 09:11

Serica Energy begins production from Rhum R3

(Sharecast News) - UK North Sea-focussed upstream oil and gas company Serica Energy announced the start of production from the Rhum R3 well on Thursday.

Read more
16 Jul 2021 16:10

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
13 Jul 2021 14:06

TRADING UPDATES: Smiths gets Euros sticker boost; Hotel Chocolat grows

TRADING UPDATES: Smiths gets Euros sticker boost; Hotel Chocolat grows

Read more
13 Jul 2021 10:03

Serica Energy upbeat on Columbus well flow test results

(Sharecast News) - UK North Sea-focussed upstream oil and gas company Serica Energy announced successful flow test results from the Columbus development well on Tuesday, reporting that the well was drilled to a measured depth of 17,600 feet, with a horizontal section of more than a mile in length in the Forties Sandstone formation.

Read more
13 Jul 2021 10:00

BROKER RATINGS: Barclays upgrades Shell and EnQuest to Overweight

BROKER RATINGS: Barclays upgrades Shell and EnQuest to Overweight

Read more
24 Jun 2021 19:29

IN BRIEF: Serica Energy Director Neil Pike steps down

IN BRIEF: Serica Energy Director Neil Pike steps down

Read more
17 Jun 2021 16:01

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
17 Jun 2021 16:01

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

Read more
10 Jun 2021 19:46

TRADING UPDATES: Ergomed and Dekel Agri-Vision earnings growing

TRADING UPDATES: Ergomed and Dekel Agri-Vision earnings growing

Read more
10 Jun 2021 11:04

Serica Energy reports positive flow testing at Rhum R3

(Sharecast News) - UK North Sea-focussed upstream oil and gas company Serica Energy updated the market on operations at the Rhum R3 well on Thursday, reporting that new completion equipment had been successfully installed, and a flow test performed.

Read more
10 Jun 2021 10:42

AIM WINNERS & LOSERS: Ergomed raises full-year earnings outlook

AIM WINNERS & LOSERS: Ergomed raises full-year earnings outlook

Read more
25 May 2021 19:40

TRADING UPDATES: Bank of Cyprus outlook hinges on tourism industry

TRADING UPDATES: Bank of Cyprus outlook hinges on tourism industry

Read more
25 May 2021 12:45

Serica Energy encounters 'difficulties' at Columbus well

(Sharecast News) - UK North Sea-focussed upstream oil and gas company Serica Energy updated the market on the Columbus development well on Tuesday, which was spudded in mid-March, and drilled as planned to a total measured depth of 17,600 feet.

Read more
22 Apr 2021 09:41

BROKER RATINGS: JPMorgan cuts Synthomer to neutral from overweight

BROKER RATINGS: JPMorgan cuts Synthomer to neutral from overweight

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.