Serica Energy PLC Columbus Update (6495Q)
29 Octubre 2021 - 1:00AM
UK Regulatory
TIDMSQZ
RNS Number : 6495Q
Serica Energy PLC
29 October 2021
Serica Energy plc
("Serica" or the "Company")
Columbus Update
London, 29 October 2021 - Serica Energy plc (AIM: SQZ), a
British independent upstream oil and gas company with operations
centred on the UK North Sea and over 80% gas production, provides
the following update on its Columbus field located in the Central
North Sea.
To minimise environmental impact and associated processing
equipment, Columbus hydrocarbons will flow into the Arran subsea
system before processing on the Shell operated Shearwater platform.
Shell have informed us that the Shearwater platform is currently
operating at restricted capacity which will result in a delay to
the start-up of Columbus production although it is still expected
that first production will be achieved in Q4 this year.
As a result, Serica's full year net production is expected to be
slightly lower than the current guidance of 23,000 to 25,000
boe/d.
Further announcements will be made in due course.
Mitch Flegg, Chief Executive of Serica Energy, commented:
"There will be no significant long-term impact resulting from
this short delay to the Columbus start-up and I am pleased that the
well is ready to produce as soon as the export system allows.
The result of this delay is that it is now likely that our full
year production will be slightly lower than our previous production
guidance. Net Serica production has been strong during September
and October, averaging over 26,000boe/d from our BKR and Erskine
fields during a period of strong commodity prices.
The use of existing infrastructure to progress the development
of Columbus reinforces the benefit of Serica's approach to
providing much needed low carbon gas for the UK.
I would once again like to acknowledge the skill, hard-work and
dedication of our operational team who are working closely with the
Shearwater Operator to ensure that production begins at the
earliest opportunity. I would also like to recognise the support of
our joint venture partners Waldorf Production UK Ltd. and Tailwind
Energy Ltd."
Regulatory
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014, as retained in the UK
pursuant to S3 of the European Union (Withdrawal) Act 2018.
The technical information contained in the announcement has been
reviewed and approved by Fergus Jenkins, VP Technical at Serica
Energy plc. Mr. Jenkins (MEng in Petroleum Engineering from
Heriot-Watt University, Edinburgh) is a Chartered Engineer with
over 25 years of experience in oil & gas exploration,
development and production and is a member of the Institute of
Materials, Minerals and Mining (IOM3) and the Society of Petroleum
Engineers (SPE).
Enquiries:
+44 (0)20 7390
Serica Energy plc 0230
Tony Craven Walker, Executive Chairman
Mitch Flegg, CEO
+44 (0)20 7418
Peel Hunt (Nomad & Joint Broker) 8900
Richard Crichton / David McKeown /
Alexander Allen
+44 (0)20 7029
Jefferies (Joint Broker) 8000
Tony White / Will Soutar
+44 (0)20 7390
Vigo Consulting 0230
Patrick d'Ancona / Chris McMahon / serica@vigoconsulting.com
Claudia Cowan
NOTES TO EDITORS
Serica Energy is a British independent oil and gas exploration
and production company with a portfolio of exploration, development
and production assets.
Columbus lies 35km north east of the Shearwater production
facilities and is being produced by a single well tied into the
existing Arran to Shearwater pipeline. A recent Competent Person's
Report estimates the Columbus gross undeveloped 2P reserves to be
in excess of 14 million barrels of oil equivalent ("boe").
Following the recent drilling of the development well, it was
connected to the Arran pipeline, through which Columbus production
will be exported along with Arran Field production.
When the production reaches the Shearwater platform, the gas and
liquids will be separated, and the gas exported via the SEGAL line
to St Fergus and the liquids through the Forties Pipeline System to
Cruden Bay. Serica is Operator and has a 50% interest in the field;
its partners are Waldorf Production UK Ltd (25%) and Tailwind
Mistral Ltd. (25%).
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 80% 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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