(Alliance News) - Serica Energy PLC on Wednesday said its full-year guidance remains unchanged, reflecting delays in post-summer production and despite "successful" recent well campaigns.
The UK North Sea-focused oil and gas company said its overall production entitlement over the last four weeks averaged just over 52,000 barrels of oil equivalent per day.
Serica added that its guidance for the year remains at between 40,000 and 45,000 barrels, due to production at its Bruce and Triton hubs restarting more slowly than expected following planned summer shutdowns.
However, Serica also said that it is achieving strong production rates from both hubs, although this was somewhat offset by a gas export compressor being unable to run at full capacity.
Furthermore, Serica reported "successful well campaigns" on the Bruce and Guillemot fields during 2023. It expects to reap the full impact of this work on production rates next year, thanks in part to the summer work at Bruce meaning that another major shutdown will not be needed until 2025.
These campaigns, Chief Executive Mitch Flegg said, are "further proof of the benefits to be had from low cost, short cycle investments in our existing asset portfolio."
He added: "2024 is anticipated to be a very busy and impactful year of investments in Serica's North Sea portfolio."
Serica on November 23 announced its pending acquisition of a 30% interest in the Greater Buchan Area from Jersey Oil & Gas. On Wednesday it said the process of completing the transaction is still ongoing.
Serica also announced that Vice President of Operations Mike Killeen has been moved to chief operating officer, a non-board role. This promotion is part of Serica's wider restructuring, following the completion of its acquisition of Tailwind Energy Investments Ltd for GBP58.7 million back in March.
CEO Flegg said Killeen's promotion was "richly deserved" and "demonstrates the capacity within our organisation for career development, which I hope will help us attract and keep talented people."
Shares in Serica were trading 0.7% higher at 216.80 pence in London on Wednesday.
By Emma Curzon, Alliance News reporter
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Serica Energy (SQZ)