Serica Energy
plc
("Serica" or the
"Company")
Initiation of share buyback
programme
London, 24 April 2024 - Serica Energy plc (the
"Company") (AIM: SQZ), a
British independent upstream oil and gas company with operations
centred on the UK North Sea, today announces the initiation of a
share buyback programme to purchase ordinary shares of US$0.10 each
in the Company for up to a maximum aggregate consideration of £15
million from the date of this announcement (the "Buyback Programme").
David Latin, Chairman and Interim
Chief Executive of Serica, said:
"I
am delighted to be announcing Serica's inaugural share buyback
programme. The decision to initiate a buyback follows extensive
discussions by the board. It demonstrates our confidence in the
Company's ability both to invest and return cash to shareholders as
well as reflecting confidence in the long-term value of our
existing assets.
Over several years Serica has established cash returns as an
important part of its overall strategy for delivering shareholder
returns, alongside adding value through organic investment and
M&A. It is planned to propose the renewal of the authority to
carry out share buybacks at the next AGM so that this option is
available to the board as part of the future overall shareholder
return policy."
Purchases pursuant to the Buyback
Programme will be conducted in accordance with the general
authority to re-purchase up to 38,322,063 ordinary shares granted
by the Company's shareholders at the 2023 annual general meeting.
All ordinary shares purchased under the Buyback Programme will be
purchased within the price parameters as specified in the relevant
shareholder authority.
The Company has entered into an
agreement with Peel Hunt LLP ("Peel Hunt") to conduct the Buyback
Programme on the Company's behalf, with purchased shares to be held
in treasury. Purchases of ordinary shares will be made on the
Company's behalf in accordance with the agreement with Peel Hunt
and may continue independently of and uninfluenced by the Company
during any closed period to which the Company is subject and/or if
the Company comes into possession of inside information. Under the
agreement, shares may be purchased up to a maximum aggregate
consideration of £15 million. While the Company has launched the
Buyback Programme, there is no certainty on the volume of ordinary
shares that may be purchased or any certainty on the pace and
quantum of purchases.
The Buyback Programme will be
conducted within certain pre-set parameters in accordance with and
utilising Serica's general authority to repurchase ordinary shares
granted at the 2023 annual general meeting, and will be carried out
on the London Stock Exchange and/or other recognised investment
exchange(s). In addition, the Buyback Programme will be
conducted in accordance with the Market Abuse Regulation 596/2014
and the Commission Delegated Regulation (EU) 2016/1052 (each as in
force in the UK by virtue of the European Union (Withdrawal) Act
2018 and as amended by the Market Abuse Regulation (Amendment) (EU
Exit) Regulations 2019).
Any purchase of ordinary shares
pursuant to the Buyback Programme will be announced by the Company
by not later than 7.30 a.m. on the business day following the
calendar day on which the purchase occurred.
Enquiries:
Serica Energy plc
|
+44
(0)20 7390 0230
|
David Latin (Chairman and Interim
CEO) / Martin Copeland (CFO) / Stephen Lambert (VP Legal and
External Relations)
|
|
|
|
Peel Hunt (Nomad & Joint Broker)
|
+44
(0)20 7418 8900
|
Richard Crichton / David McKeown /
Georgia Langoulant
|
|
|
|
Jefferies (Joint Broker)
|
+44
(0)20 7029 8000
|
Sam Barnett / Will Soutar
|
|
|
|
Vigo Consulting (PR Advisor)
|
+44
(0)20 7390 0230
|
Patrick d'Ancona / Finlay
Thomson
|
serica@vigoconsulting.com
|
NOTES TO EDITORS
Serica Energy is a British
independent oil and gas exploration and production company with a
portfolio of UKCS assets.
Serica has a balance of gas and oil
production. The Company is responsible for about 5% of the natural
gas produced in the UK, a key element in the UK's energy
transition.
Serica's producing assets are
focused around two main hubs: the Bruce, Keith and Rhum fields in
the UK Northern North Sea, which it operates, and a mix of operated
and non-operated fields tied back to the Triton FPSO. Serica also
has operated interests in the producing Columbus (UK Central North
Sea) and Orlando (UK Northern North Sea) fields and a non-operated
interest in the producing Erskine field in the UK Central North
Sea.
Serica's has a two-pronged strategy
for growth comprising investment in its existing portfolio and
M&A.
Further information on the Company
can be found at www.serica-energy.com.
The Company's shares are traded on the AIM market of the London
Stock Exchange under the ticker SQZ and the Company is a designated
foreign issuer on the TSX. To receive Company news releases via
email, please subscribe via the Company website.