Business
Operations and Organisation Update
Operations and Organisation Update.
About this update from Serica Energy Plc
[{"type":"text","content":"\n\nSerica Energy plc\n(\"Serica\" or the \"Company\")\nOperations and Organisation Update\nLondon, 6 December 2023 - Serica Energy plc (AIM: SQZ) provides the following updates on operations, production, licencing and organisation.\n \nMitch Flegg, Chief Executive of Serica, said:\n\"I am pleased to report the successful conclusion of the planned summer shutdowns on Serica's Bruce and Triton hubs and the re-establishment of strong levels of production at both. During the last month Serica has been consistently achieving production rates in excess of 50,000 boe per day. Overall production guidance for the year is unchanged reflecting delayed production restarts and slower than expected production ramp-ups after the summer shutdowns.\n \nI am also pleased to report successful well campaigns on the Bruce and Guillemot fields during 2023. These are further proof of the benefits to be had from low cost, short cycle investments in our existing asset portfolio. The full impact on production of the well work carried out this year is expected to be felt in 2024, aided by the work on the Bruce facilities deferring the need for another major shutdown until 2025.\n \nThe LWIV vessel used on Bruce is already booked for a third campaign in 2024, which will target wells on both the Bruce and Keith fields. We are also looking forward to the start of a four well drilling campaign in the Triton area, with the first well on the Bittern field scheduled to begin around the middle of the first quarter. 2024 is anticipated to be a very busy and impactful year of investments in Serica's North Sea portfolio. \n \nThe levels of production achieved and the range of organic investment projects undertaken underlines the attributes of the Tailwind acquisition. The Tailwind founders will substantially cease their involvement in Serica during the early part of next year. We are grateful for their openness and support during 2023. Each has made important contributions to Serica including pivotal roles in our Greater Buchan Area acquisition and achieving important milestones in the Triton area. Their achievement in creating and building Tailwind speaks for itself and we wish them further success in their various endeavours.\n \nI am very pleased to be announcing Mike Killeen's promotion to Chief Operating Off...