Serica Energy PLC North Eigg Drilling Update (3570Z)
14 Septiembre 2022 - 1:02AM
UK Regulatory
TIDMSQZ
RNS Number : 3570Z
Serica Energy PLC
14 September 2022
Serica Energy plc
("Serica" or "the Company")
North Eigg Drilling Update
London, 14 September 2022 - Serica Energy plc (AIM: SQZ)
provides the following update on the North Eigg exploration
well.
Drilling operations on the North Eigg exploration well have
encountered delays and, following a recent equipment failure and
the required mobilisation of a replacement (further details below),
operations are now expected to take some six weeks longer to
complete than the original schedule.
Operations had been progressing successfully despite some
drilling delays in the top-hole sections. During recent
preparations for drilling the third section of the well there was a
failure of a vital piece of rig equipment during routine pre-job
testing. A replacement has been sourced and planning is underway to
transport this to the drilling rig.
This will have no impact on the ultimate geological outcome of
the well and it is expected that all well costs will benefit from
the Investment Allowances available under the recently introduced
Energy Profits Levy.
Serica's net well cost after tax is anticipated to increase by
approx. GBP3 million as a result of the delays and it is now
expected that results from the well will be available in December
2022.
Mitch Flegg, Chief Executive of Serica Energy, commented:
"This high-impact exploration well is the latest in a series of
capital investment projects undertaken by Serica with the objective
of increasing our production in an environmentally sensitive
manner. This programme is designed to help increase the UK's
security of supply and reduce its reliance on imports.
The technical delays encountered on this project are extremely
frustrating but do not impact either the chance of success or the
significant prospective volumes of this exploration prospect."
Regulatory:
This announcement contains inside information for the purposes
of article 7 of Regulation 2014/596/EU (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018).
Enquiries:
+44 (0)20 7390
Serica Energy plc 0230
Tony Craven Walker (Chairman) / Mitch
Flegg (CEO)
+44 (0)20 7418
Peel Hunt (Nomad & Joint Broker) 8900
Richard Crichton / David McKeown
+44 (0)20 7029
Jefferies (Joint Broker) 8000
Tony White / Will Soutar
+44 (0)20 7390
Vigo Consulting (PR Advisor) 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 is the operator of the producing Bruce, Keith and Rhum
fields in the UK Northern North Sea, holding interests of 98%, 100%
and 50% respectively, and holds a 50% operated interest in the
producing Columbus field in the UK Central North Sea. Serica also
holds an 18% non-operated interest in the producing Erskine field
in the UK Central North Sea.
Over 85% of Serica's production is natural gas, a key element in
the UK's energy transition.
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.
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END
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