Highlights
Estimated net production from Serica's interests in Bruce, Keith, Rhum ('BKR') and Erskine was 30,000 boe/d during 2019. This is around 13% higher than the production from the same assets in 2018 on a like-for-like basis and is towards the higher end of the 2019 guidance
Operating costs (including production, processing, transportation and insurance) before non-cash depletion charges were reduced from approximately
Realised sales income for 2019 was approximately
Unaudited
The company now has no borrowings having repaid in full during 2019 the
On
Over 80% of our production is natural gas, which has significant environmental advantages over other fossil fuels and so is a key element of the Energy Transition. Our Carbon Intensity is below UKCS average and our gas flaring has been reduced significantly in 2019
Serica received an Out of Round award of a 100% interest in the
Plans to workover the Rhum R3 well and bring it into production for the first time are expected to be carried out during the second half of 2020
Two further high-impact capital projects are scheduled for 2020
Columbus Development Well
North Eigg Exploration Well preparation
Serica expects to announce its maiden dividend at the time of the 2019 Annual Results in
We focus on generating value and on the delivery of total shareholder return. We continue to seek to grow our portfolio, concentrating on the addition of value rather than volume, identifying the right opportunities where Serica can utilize its multi-skilled operating team and strong financial position to maximum benefit. I believe that we will be successful in this aim but we will very disciplined in our approach with regard to both valuation and the assumptions of liabilities.
Operationally 2020 will bring new opportunities. We will strive to continue to improve our operating performance alongside planning and executing our three high-impact capital projects. The fact that we will operate production, development and exploration projects demonstrates the diversity in our portfolio.
With these opportunities, our balance sheet strength and our first-class operating team, we are exceptionally well-positioned to deliver sustainable value to all of our stakeholders through the successful implementation of our twin-track strategy of finding new growth opportunities whilst maximising production and minimising costs.'
Contact:
Tel: +44 (0)20 7457 2020
NOTES TO EDITORS
Serica is the operator of the producing Bruce, Keith and Rhum fields in the
Serica holds an 18% non-operated interest in the producing Erskine field in the
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