Serica Energy PLC Columbus and R3 Operational Update (6482Z)
25 Mayo 2021 - 1:00AM
UK Regulatory
TIDMSQZ
RNS Number : 6482Z
Serica Energy PLC
25 May 2021
Serica Energy plc
("Serica" or the "Company")
Columbus and R3 Operational Update
London, 25 May 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 operations update.
The Columbus development well was spudded in mid-March and
drilled, as planned, to a total measured depth of 17,600ft. A
5,900ft horizontal section was drilled through the reservoir
formations of the upper Forties and encountered a sequence of sands
and shales, in line with pre-drill expectations. The well requires
sand screens to be installed to prevent fine particles being
produced; difficulties were encountered while running the screens
and it was ultimately not possible to install them. As a result,
the reservoir section of the well will be side-tracked and
re-drilled, using data collected during initial drilling to
optimise its trajectory and avoid the difficulties encountered
running the screens in the original well.
The additional operations are expected to take around 3-4 weeks
at a net cost to Serica of around GBP3 million. These operations
are not expected to affect the timing of production start-up which
is still expected during Q4 2021.
Separately, the R3 well has now been cleared of all equipment
installed when it was originally completed in 2005. Reservoir
access has been regained thus allowing new completion equipment to
be run in preparation for production. The new completion is
currently being installed prior to performing a flow test on the
well, which is expected to be carried out in June. A diving support
vessel ("DSV") has been contracted to install the subsea control
equipment required so the well can start producing in Q3 2021.
Further updates will be provided on each project when flow test
data is available.
Mitch Flegg, Chief Executive of Serica Energy, commented:
" Whilst frustrating, the additional operations on Columbus are
not expected to affect the timing of first production and the
economic returns of the project remain very attractive for the
Company ."
Regulatory
This announcement contains inside information.
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:
Serica Energy plc +44 (0)20 7390 0230
Tony Craven Walker, Executive Chairman
Mitch Flegg, CEO
Peel Hunt (Nomad & Joint Broker) +44 (0)20 7418 8900
Richard Crichton / David McKeown / Alexander
Allen
Jefferies (Joint Broker) +44 (0)20 7029 8000
Tony White / Will Soutar
Vigo Consulting +44 (0)20 7390 0230
Patrick d'Ancona / Chris McMahon / Simon serica@vigocomms.com
Woods
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.
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. Serica also holds an 18% non-operated
interest in the producing Erskine field in the UK Central North Sea
and a 50% operated interest in the Columbus Development.
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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