Serica Energy lowers full-year production guidance
By Josh White
Date: Wednesday 30 Jul 2025
(Sharecast News) - Serica Energy lowered its full-year production guidance on Wednesday, after a slower-than-expected ramp-up at the Triton FPSO, where operational setbacks had pushed back the return to steady-state output.
The AIM-traded company said it now expected 2025 production to average between 33,000 and 35,000 barrels of oil equivalent per day (boepd), narrowing its previous guidance range of 33,000 to 37,000 equivalent daily barrels.
While production at Triton resumed in July, issues with the gas lift system and additional maintenance requirements had delayed the restart of several fields.
Output was now expected to stabilise in August.
Production at the Bittern field, where Serica holds 64.6%, resumed first, due to its role in supplying gas lift and fuel to the FPSO.
Following remedial work, output from the Evelyn and Gannet fields - both 100% owned - was expected to follow shortly, with new wells at Guillemot North West, where Serica holds 10%, and Evelyn also due online for the first time.
Once all Triton fields were fully operational, Serica said it expected to return to production levels close to the 25,000 barrels of oil equivalent per day net to the company achieved in January.
The BE01 well on the Belinda field - 100% owned - was expected to be tied in and commence production in early 2026.
"While teething issues with the resumption of production are not entirely unexpected after such a prolonged period of downtime, it doesn't make it any less frustrating to once again see things at the Triton FPSO progressing more slowly than we would expect," said chief executive Chris Cox.
"Our production from other assets is currently robust at almost 30,000 boepd and our portfolio has the potential to produce over 55,000 boepd once all Triton fields are back online, levels that we now expect in August rather than July."
Cox added that the company was in discussions with Dana Petroleum, the Triton operator, regarding the optimal management of the FPSO to minimise further delays and maximise output.
Serica said it would publish its half-year results on 5 August and host a live presentation for investors later that morning.
At 1417 BST, shares in Serica Energy were down 1.03% at 172.4p.
Reporting by Josh White for Sharecast.com.
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