Serica Energy (SQZ)

Sector:

Energy Producers

Index:

FTSE AIM 100

188.50p
   
  • Change Today:
      3.90p
  • 52 Week High: 268.00
  • 52 Week Low: 172.00
  • Currency: UK Pounds
  • Shares Issued: 393.46m
  • Volume: 4,595,210
  • Market Cap: £741.66m
  • RiskGrade: 160

Serica Energy begins production from Rhum R3

By Josh White

Date: Thursday 02 Sep 2021

LONDON (ShareCast) - (Sharecast News) - UK North Sea-focussed upstream oil and gas company Serica Energy announced the start of production from the Rhum R3 well on Thursday.
The AIM-traded firm said first production from the well was achieved on 23 August, and since then, work had continued to optimise production rates from the Bruce, Keith and Rhum fields.

In the last seven days, gross Rhum production averaged more than 190 million standard cubic feet of gas and 1,400 barrels of condensate per day.

That equates to an average gross production of more than 34,000 barrels of oil equivalent per day for the Rhum field, which compared to a maximum rate of 26,000 barrels equivalent per day immediately prior to the start of R3 production.

Further work would continue in the coming weeks to optimise and stabilise production, and if necessary, Serica said it would update its production guidance at the time of its half year results.

Serica has a 50% working interest in the Rhum field.

The board explained that the successful recompletion of R3 increased the Rhum production capacity using the existing facilities on the Bruce platform.

That was in line with the company's stated objective of reducing the carbon intensity of its production operations.

"This is a significant result for Serica and the addition of a third prolific Rhum well is excellent news," said chief executive officer Mitch Flegg.

"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."

Flegg described the R3 project as a "demonstration" of Serica's ongoing strategy of investment in capital growth projects designed to boost its production levels, while continuing to reduce its carbon intensity.

"The next project will be Columbus, where we expect first production in the fourth quarter of this year."

At 0859 BST, shares in Serica Energy were up 2.2% at 167.6p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Serica Energy Market Data

Currency UK Pounds
Share Price 188.50p
Change Today 3.90p
% Change 2.11 %
52 Week High 268.00
52 Week Low 172.00
Volume 4,595,210
Shares Issued 393.46m
Market Cap £741.66m
RiskGrade 160

Serica Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
63.62% above the market average63.62% above the market average63.62% above the market average63.62% above the market average63.62% above the market average
63.16% below the sector average63.16% below the sector average63.16% below the sector average63.16% below the sector average63.16% below the sector average
Price Trend
55.2% below the market average55.2% below the market average55.2% below the market average55.2% below the market average55.2% below the market average
9.76% below the sector average9.76% below the sector average9.76% below the sector average9.76% below the sector average9.76% below the sector average
Income
99.75% above the market average99.75% above the market average99.75% above the market average99.75% above the market average99.75% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
98.58% above the market average98.58% above the market average98.58% above the market average98.58% above the market average98.58% above the market average
84.91% above the sector average84.91% above the sector average84.91% above the sector average84.91% above the sector average84.91% above the sector average

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Serica Energy Dividends

  Latest Previous
  Interim Final
Ex-Div 26-Oct-23 29-Jun-23
Paid 23-Nov-23 27-Jul-23
Amount 9.00p 14.00p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 176,487 @ 188.50p
16:35 788 @ 188.50p
16:35 479 @ 188.50p
16:35 209 @ 188.50p
16:35 269 @ 188.50p

Serica Energy Key Personnel

CEO Mitchell Robert Flegg
CFO Martin Copeland

Top of Page