Serica Energy PLC First Production from Rhum R3 Well (5177K)
02 Septiembre 2021 - 01:00AM
UK Regulatory
TIDMSQZ
RNS Number : 5177K
Serica Energy PLC
02 September 2021
Serica Energy plc
("Serica" or the "Company")
First Production from Rhum R3 Well
London, 2 September 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, is pleased
to announce the commencement of production from the Rhum R3
well.
First production from the well was achieved on 23 August and
since then work has continued to optimise production rates from the
Bruce, Keith and Rhum fields.
In the last seven days, gross Rhum production has averaged over
190mmcsf/d of gas and 1,400bbl/d of condensate. This equates to an
average gross production in excess of 34,000boe/d for the Rhum
field. This compares to a maximum rate of 26,000boe/d immediately
prior to the commencement of R3 production. Further work will
continue in the coming weeks to optimise and stabilise production
and if necessary, we will update our production guidance at the
time of the publication of our half year results.
Serica has a 50% working interest in the Rhum field.
The successful recompletion of R3 has increased the Rhum
production capacity utilising the existing facilities located on
the Bruce platform. This is in line with Serica's stated objective
of reducing the carbon intensity (i.e. CO(2) per barrel of oil
equivalent) of its production operations. Further details on
Serica's commitment to ESG (Environment, Social & Governance)
can be found on our website at
https://www.serica-energy.com/downloads/ESG-Report-2020.pdf
Mitch Flegg, Chief Executive of Serica Energy, commented:
" I would like to congratulate everyone in the Company for the
incredible achievements required to overcome the technical
challenges involved in establishing first production from this well
some 16 years after it was originally drilled.
This is a significant result for Serica and the addition of a
third prolific Rhum well is excellent news. Despite the challenges
we faced, the additional production and accelerated cash flows will
lead to a rapid payback on the capital invested, particularly as we
are immediately benefitting from the current high gas prices. Not
only will this well enable enhanced production rates from the
field, but it will also provide redundancy to help maintain future
production.
The successful R3 project is a demonstration of Serica's ongoing
strategy of investment in capital growth projects designed to boost
our production levels whilst continuing to reduce our carbon
intensity. The next project will be Columbus where we expect first
production in Q4 this year."
Regulatory
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 which is part
of UK law by virtue 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 and 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 / Oliver serica@vigoconsulting.com
Clark
NOTES TO EDITORS
Serica Energy is a British independent oil and gas 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 where first
production is expected in Q4 2021.
Over 80% of Serica's production is natural gas, a key element in
the UK's energy transition.
The Rhum field is situated some 380 km NE of Aberdeen in a water
depth of 109 metres. Field development was sanctioned in 2003 and
production started in December 2005. Rhum has subsea completions
which are tied back to the Bruce platform complex which lies 44 km
south of Rhum. The original development plan consisted of three
wells but the third of these wells (R3) had not previously been put
into production.
The R3 work programme involved recovering equipment left in the
well by the previous operator and removing an obstruction that was
across parts of the downhole completion.
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. To receive Company news
releases via email, please subscribe via the Company website.
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