Business
Interim Results
Interim Results.
About this update from Serica Energy Plc
[{"type":"text","content":"\n\nSerica Energy plc\n(\"Serica\" or the \"Company\") \n \nResults for the six months ended 30 June 2023\nLondon, 19 September 2023 - Serica Energy plc (AIM: SQZ), a British independent upstream oil and gas company with operations in the UK North Sea today announces its financial results for the six months ended 30 June 2023. The results are included below and copies are available at www.serica-energy.com and www.sedar.com.\n \n \nCommenting on the results, Mitch Flegg, Serica's CEO stated:\n \n\"The completion of the Tailwind acquisition in March represented a step change in the scale and diversity of Serica, achieving a longstanding strategic goal. We have stated consistently our intention to continue investing in the enlarged portfolio, to add to it in a disciplined fashion if the right opportunities arise and to make further cash returns to shareholders. Accordingly, we look forward to near continuous well and drilling activity across the Bruce and Triton hubs during the next eighteen months and are pleased to announce today an interim dividend of 9 pence per share. This is up from 8 pence per share for the interim dividend in 2022, following the full year dividend of 22 pence per share last year.\n \nSerica's current circumstances and optimism reflected in its investment plans should not mask the fact that we share the widespread concerns within the sector about the health of the UK's offshore upstream industry given the current fiscal regime and future uncertainties. We welcome the UK government's recent Call for Evidence regarding long term fiscal policy. However, the problems we see need to be addressed urgently in order to restore confidence in the sector.\"\n \n \nFirst Half 2023 Highlights\n \n· Completed acquisition of Tailwind Energy Investments Limited on 23 March 2023 increasing 2P reserves to 130 million boe (pro forma as at 31 December 2022).\n· Combined portfolio produced 49,350 boe per day on a pro forma basis (1H 2022: 38,100 boe per day) balanced between gas (55%) and oil (45%). \n· Carbon intensity (kg of CO2 per boe) of production from Bruce and Triton hubs lower in 1H 2023 than 1H 2022.\n· Profitability maintained with higher sales volumes l...