North Sea energy producer Serica plans first dividend in April

LONDON, Jan 14 (Reuters) - Serica Energy plans to
launch its first dividend programme in April after reducing its
debt to zero, the North Sea-focused oil and gas producer said in
a trading update on Tuesday.

London-listed Serica said production from its Bruce, Keith,
Rhum (BKR) and Erskine fields reached 30,000 barrels of oil
equivalent per day in 2019, up 13% from a year earlier and at
the upper end of forecasts.

The company consolidated its stake in the BKR fields after a
string of acquisitions in recent years from BP, Total
and BHP.

By the end of 2019 Serica held 101.8 million pounds ($132
million) in cash. It had no borrowing after paying in full a
16.5 million pound gas prepayment facility to BP.

The company said it expects to announce its first dividend
with its 2019 annual results in April.

($1 = 0.7712 pounds)
(Reporting by Ron Bousso; editing by Jason Neely)