Last checked at 6 Sep 2016 07:00
Serica Energy plc ("Serica" or the "Company")
Erskine Operational Update
London, 6 September 2016 - Serica Energy plc (AIM: SQZ) provides the following operations update:
Further to previous announcements, Lomond platform operator Shell has advised that the issues concerning the re-commissioning of the Lomond export facilities have been resolved and Erskine oil and gas production resumed on 29 August. This follows the reported work to clear a blockage in the Lomond to Everest condensate export line and the summer maintenance programme on the Lomond platform.
Since restarting, production has averaged over 3,000 boe per day net to Serica, with a peak rate of over 5,000 boe on one day demonstrating the strong capability of the reservoir. Fluctuations in rates have been due to some restrictions on the Forties Pipeline System with production over the remainder of the year expected to be in the range of 2,500 to 3,000 boe per day, net to Serica.
Regulatory
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Technical Information
The technical information contained in the announcement has been reviewed and approved by Clara Altobell, Head of Operations at Serica Energy plc. Clara Altobell (MSc in Petroleum Engineering from Imperial College, London) has 20 years of experience in oil & gas exploration, production and development and is a member of the Society of Petroleum Engineers (SPE) and the Petroleum Exploration Society of Great Britain (PESGB).
Enquiries:
Serica Energy plc | ||
Tony Craven Walker | tony.cravenwalker@serica-energy.com | +44 (0)20 7487 7300 |
Peel Hunt | ||
Richard Crichton | richard.crichton@peelhunt.com | +44 (0)20 7418 8900 |
Ross Allister | ross.allister@peelhunt.com | +44 (0)20 7418 8900 |
Instinctif | ||
David Simonson | david.simonson@instinctif.com | +44 (0)7831 347222 |
George Yeomans | george.yeomans@instinctif.com | +44 (0)20 7457 2020 |
Notes to Editors
Serica Energy is an oil and gas exploration and production company with exploration, development and production assets in the UK and exploration interests in the Atlantic margins offshore Ireland and West Africa. The Company is in partnership with other companies in its licences offshore UK, Ireland, Morocco and Namibia. Further information on the Company can be found at www.serica-energy.com.
The Company is listed on the AIM market of the London Stock Exchange under the ticker SQZ and is a designated foreign issuer on the TSX. To receive Company news releases via email, please contact serica@instinctif.com and specify "Serica press releases" in the subject line.
Forward looking statements
This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond Serica Energy plc's control, including: geological, geophysical and technical risk, the impact of general economic conditions where Serica Energy plc operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Serica Energy plc's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur or, if any of them do so, what benefits, including the amount of proceeds, that Serica Energy plc will derive therefrom.