Serica Energy shares tumble amid latest setback at Triton FPSO

(Alliance News) - Serica Energy PLC on Wednesday warned production will be below prior guidance after a further issue at the Triton Floating Production Storage & Offloading unit.

In response, shares in the North Sea-focused oil and gas producer plunged 13% to 185.03 pence each in London on Wednesday morning.

Serica said that an issue with the flare system on the Dana Petroleum operated Triton FPSO resulted in a temporary suspension of production from September 30.

The firm said Dana has advised that production is likely to restart shortly, but with rates that are expected to be severely limited until the root cause of the problem is identified and resolved.

The production deferral means that Serica now expects production to be below the 29,000 to 32,000 barrels of oil equivalent per day guidance range.

In September, Serica said further maintenance was required at Triton resulting in a temporary reduction in production.

This followed a production suspension in January, after issues resulting from Storm Eowyn.

Serica Chief Executive Chris Cox said: "It is incredibly frustrating to once again be reporting on a non-operated asset that should be performing better than it is. We are stepping up talks with the operator regarding the future running of the Triton FPSO, aiming to deliver a more robust performance for all stakeholders with production levels that match the subsurface potential."

By Jeremy Cutler, Alliance News reporter

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