Serica Energy plc
("Serica" or the "Company")
First redetermination under US$525 million borrowing facility
London, 3 July 2024 - Serica Energy plc (AIM: SQZ), is pleased to announce that it has completed the first semi-annual redetermination under its reserve-based lending ("RBL") facility. Reflecting the increased reserves, together with the programme of hedging recently implemented, the borrowing base has been increased from US$463 million up to the full amount of the committed facility of US$525 million.
Following this redetermination, and reflecting the previously reported cash and cash equivalents of £301.6 million and debt drawings of US$231.0 million (£182.0 million) as at 26 June 2024, Serica's liquidity is now in excess of £500 million.
Martin Copeland, Chief Financial Officer of Serica, said:
"We are grateful for the support of our bank group in completing our first redetermination under the new RBL. Serica's robust liquidity supports our ability to deliver on the two-pronged strategy of investing in our assets and executing on attractive M&A opportunities."
Enquiries:
|
Serica Energy plc |
+44 (0)20 7390 0230 |
|
Chris Cox (CEO) / Martin Copeland (CFO) / Stephen Lambert (VP Legal and External Relations) |
|
|
Peel Hunt (Nomad & Joint Broker) |
+44 (0)20 7418 8900 |
|
Richard Crichton / David McKeown / Emily Bhasin |
|
|
Jefferies (Joint Broker) |
+44 (0)20 7029 8000 |
|
Sam Barnett / Will Soutar |
|
|
Vigo Consulting (PR Advisor) |
+44 (0)20 7390 0230 |
|
Patrick d'Ancona / Finlay Thomson |
serica@vigoconsulting.com |
NOTES TO EDITORS
Serica Energy is a British independent oil and gas exploration and production company with a portfolio of UKCS assets.
Serica has a balance of gas and oil production. The Company is responsible for about 5% of the natural gas produced in the UK, a key element in the UK's energy transition.
Serica's producing assets are focused around two main hubs: the Bruce, Keith and Rhum fields in the UK Northern North Sea, which it operates, and a mix of operated and non-operated fields tied back to the Triton FPSO. Serica also has operated interests in the producing Columbus (UK Central North Sea) and Orlando (UK Northern North Sea) fields and a non-operated interest in the producing Erskine field in the UK Central North Sea.
Serica has a two-pronged strategy for growth comprising investment in its existing portfolio and M&A.
Further information on the Company can be found at www.serica-energy.com. The Company's shares are traded on the AIM market of the London Stock Exchange under the ticker SQZ and the Company is a designated foreign issuer on the TSX. To receive Company news releases via email, please subscribe via the Company website.