AGM Operational & Financial Update

RNS Number : 5683D

Serica Energy plc

27 June 2019

 

Serica Energy plc ("Serica" or "the Company")

Operational and Financial Update to be Presented at Annual General Meeting

London, 27 June 2019 - Serica Energy plc (AIM: SQZ), announces that it will make an Operational and Financial Update presentation at its AGM to be held later today. A copy of the presentation can be found on the Company's website (www.serica-energy.com).

The operational and financial highlights are as follows:

·  Net Serica YTD (to end of May) 2019 production of 30,500 boe/d (vs. 2018 full year net production of 25,800 boe/d)

·    2019 Full Year production guidance of 26,000 - 30,700 boe/d

·  YTD (to end of May) realised sales price for production of approximately US$35/boe (vs. approximately US$45/boe for 2018 full year)

·    YTD (to end of May) operating costs of approximately US$15/boe (vs. approximately US$18/boe for 2018 full year)

·   Cash, cash equivalents and term deposits of US$112.3 million at 31 May 2019 (vs. US$54.9 million at 31 December 18)

Results of the votes on AGM resolutions will be published following the AGM.

Regulatory

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries

Serica Energy plc

Tony Craven Walker  [e-mail]     [phone]

Executive Chairman  

Mitch Flegg, CEO      [e-mail]                [phone]

Peel Hunt (Nomad & Joint Broker)

Richard Crichton       [e-mail]                [phone]

Ross Allister             [e-mail]                      [phone]

James Bavister         [e-mail]                 [phone]

Jefferies (Joint Broker)

Tony White             [e-mail]                            [phone]

Will Souter               [e-mail]                     [phone]                                                          

Instinctif

David Simonson       [e-mail]                 [phone]

Sarah Hourahane     [e-mail]               [phone]

Dinara Shikhametova [e-mail]        [phone]

NOTES TO EDITORS

Serica Energy is a British independent oil and gas exploration and production company with exploration, development and production assets in the UK and exploration interests in the Atlantic margins offshore Ireland and Namibia.

Towards the end of 2018, Serica completed transactions which resulted in Serica UK holding a 98% interest in the Bruce field, a 100% interest in the Keith field and a 50% interest in the Rhum field and being operator of all three fields and asset infrastructure.

Serica holds an 18% non-operated interest in the producing Erskine field in the UK Central North Sea and a 50% operated interest in the Columbus Development which has been approved by the OGA and has commenced development.

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.

 

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