Serica Energy
plc
("Serica" or the
"Company")
Approval of Belinda
Development
London, 20 May 2024 - Serica Energy plc (AIM: SQZ), a British independent upstream
oil and gas company, announces that it has received final approval
from the NSTA to develop the 100% owned and operated Belinda field.
The field will be tied back to the Triton FPSO following the
drilling of the development well which is scheduled to take place
in the first half of 2025. The Belinda well is the 5th
well in Serica's Triton area drilling campaign, which commenced in
April this year using the COSLInnovator drilling rig. All these
wells are designed to enhance production via the Triton
FPSO.
Proven and probable reserves in the
Belinda field are estimated at about 5 million barrels of oil
equivalent (80% oil). Production is scheduled to commence in 1Q2026
following the tie-back work to the Triton FPSO.
David Latin, Chairman and Interim CEO of Serica
commented:
"We are
delighted to have received approval to develop Belinda. This will
build on our strong track record of delivering growth and adding
value through investment in our assets. We have further potential
projects in our portfolio which we continue to assess, including
the possible re-development of the Kyle field, which could, like
Belinda, be another low emissions tie-back candidate to the Triton
FPSO. We look to the UK government to implement tax and licensing
arrangements that support investments like Belinda, thereby
creating UK jobs, earnings and tax receipts instead of increasing
reliance on energy imports."
Enquiries:
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Serica Energy plc
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+44
(0)20 7390 0230
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David Latin (Chairman and Interim
CEO) / Martin Copeland (CFO) / Stephen Lambert (VP Legal and
External Relations)
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Peel Hunt (Nomad & Joint Broker)
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+44
(0)20 7418 8900
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Richard Crichton / David McKeown /
Georgia Langoulant
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Jefferies (Joint Broker)
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+44
(0)20 7029 8000
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Sam Barnett / Will Soutar
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Vigo Consulting (PR Advisor)
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+44
(0)20 7390 0230
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Patrick d'Ancona / Finlay
Thomson
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serica@vigoconsulting.com
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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.