THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION
For
immediate release
Serica Energy
plc
("Serica" or "the
Company")
Chief Executive Officer
change and Succession Plan
London, 1 February 2024 -
Serica Energy plc (SQZ.L), a leading UK independent oil and gas
company operating in the North Sea, today announces a Chief
Executive Officer ("CEO")
change and Succession Plan. After some forty years in the industry,
including six years as CEO of Serica, Mitch Flegg will step down
from this role and as a director of the Company. This change is
expected to take place after publication of the Company's 2023 full
year financial results. Mitch Flegg will remain as an adviser to
Serica until after the Company's 2024 AGM, expected to be held in
June 2024. David Latin, the current Chairman of the Board, will
take on the role of Interim CEO until a long-term successor is
appointed.
Mitch Flegg has been highly
instrumental in growing the Company to be one of the UK's leading
independent oil and gas companies. Having successfully led Serica
through the integration of the Bruce/Keith/Rhum ("BKR") assets
acquired in 2018, and the acquisition and integration of Tailwind
Energy Limited in 2023, Mitch Flegg leaves the Company in its best
ever health, very well positioned to deliver full value from its
assets and exploit opportunities in the UK and beyond.
The Board has commenced the search
for a successor with the appropriate skillset to lead the Company
through the next phase of its development. The search for a new CEO
will be led by Malcolm Webb, Chairman of the Nominations Committee
and SID, supported by external advisers.
Serica will release an operational
trading update on 5th February and is hosting an event
for sell-side analysts in Edinburgh on 7th and
8th February with David Latin and Mitch Flegg attending
together with Martin Copeland, the incoming CFO, and members of the
management team who will be providing greater detail on the
Company's operations and planned activity program.
Mitch Flegg, Chief Executive Officer,
commented: "It has been a great privilege to lead Serica since 2017
and to be part of building a strong platform with a great team.
Serica is firmly established as a leading listed UK E&P Company
and in a strong position following the Tailwind acquisition and
planned changes to executive and Board positions. Now is the right
time for me to help support the handover to a CEO to lead the next
phase of Serica's growth and development and I believe there is an
exciting future ahead."
David Latin, Chairman, said: "Mitch
Flegg will leave with the profound thanks of the Board and our
employees for his outstanding services over two periods at the
Company, firstly between 2006 and 2015, and latterly as CEO at
Serica over the past six years. Mitch has helped build and lead the
Company through its recent evolution and has created a very strong
platform of significant scale with a solid balance sheet. Serica is
now well placed for further growth in service of increased
shareholder value, to which the Board is committed as its top
priority. With the executive team strengthened by the appointment
of Martin Copeland as CFO and a depth of talent both within the
management team and on the Board, we have an enviable platform for
growth and delivery of value to shareholders and all
stakeholders."
Malcolm Webb, SID and Chairman of the
Nominations Committee, said: "The Board is pleased that David Latin
has agreed to lead the Company as an interim CEO after the annual
results. He brings highly relevant experience, including having led
the original formation of BKR and its safe and reliable operations
for more than five years while at BP. While at OMV David led growth
of an international portfolio through major capital projects and
acquisitions in the UK, Norway and elsewhere, with more than 500
staff producing over 100 kboed."
Regulatory notices
The information contained within this
announcement is deemed by Serica to constitute inside information
as stipulated under the Market Abuse Regulation (EU) No.596/2014
(as it forms part of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018). By the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain. The
person responsible for arranging for the release of this
announcement on behalf of Serica is David Latin,
Chairman.
Enquiries:
Serica Energy
plc
|
+44 (0)20 7390
0230
|
Mitch Flegg
(CEO) / Andy Bell (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 portfolio of assets
includes several organic investment opportunities which are
currently being pursued or are under consideration.
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.