Serica Energy plc Erskine Operational Update (8349H)
23 August 2016 - 4:00PM
UK Regulatory
TIDMSQZ
RNS Number : 8349H
Serica Energy plc
23 August 2016
Serica Energy plc ("Serica" or the "Company")
Erskine Operational Update
London, 23 August 2016 - Serica Energy plc (AIM: SQZ) provides
the following operations update:
As previously announced, production from the Erskine field
(Serica 18%) restarted on 27th July following a prolonged period to
clear a blocked pipeline and undertake planned maintenance on the
Lomond platform which provides treatment and export facilities to
Erskine.
In line with earlier statements, Erskine production was built up
for a short period to flush the Lomond/Everest condensate export
line and establish full flow through the system before being
temporarily suspended for final clean-up operations and for
re-commissioning of Lomond platform facilities to be completed.
Initial field production rates of over 4,300 boepd net to Serica
were achieved in this period, supporting the capability of the
Erskine reservoir and Erskine wells to deliver at high rates.
Shell as operator of the Lomond platform, has now advised that
re-commissioning of the Lomond export facilities, which was
expected to take one week, has taken longer than projected and that
further work is required on the main Erskine condensate export
pump, located on Lomond, before it can be brought fully on-line. As
a result, re-commencement of full, continuous production of Erskine
has been delayed.
A further operational update will be released by the Company
when advice has been received from Shell that these
re-commissioning issues have been resolved. The Company has been
advised by Shell that this is likely to take several more days.
Regulatory
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Technical Information
The technical information contained in the announcement has been
reviewed and approved by Clara Altobell, Head of Operations at
Serica Energy plc. Clara Altobell (MSc in Petroleum Engineering
from Imperial College, London) has 20 years of experience in oil
& gas exploration, production and development and is a member
of the Society of Petroleum Engineers (SPE) and the Petroleum
Exploration Society of Great Britain (PESGB).
Enquiries:
Serica Energy plc
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+44 (0)20 7487
Tony Craven Walker tony.cravenwalker@serica-energy.com 7300
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Peel Hunt
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+44 (0)20 7418
Richard Crichton richard.crichton@peelhunt.com 8900
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+44 (0)20 7418
Ross Allister ross.allister@peelhunt.com 8900
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Instinctif
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+44 (0)7831
David Simonson david.simonson@instinctif.com 347222
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+44 (0)20 7457
George Yeomans george.yeomans@instinctif.com 2020
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Notes to Editors
Serica Energy is an 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 West Africa. The Company is in partnership with other
companies in its licences offshore UK, Ireland, Morocco and
Namibia. Further information on the Company can be found at
www.serica-energy.com.
The Company is listed on the AIM market of the London Stock
Exchange under the ticker SQZ and is a designated foreign issuer on
the TSX. To receive Company news releases via email, please contact
serica@instinctif.com and specify "Serica press releases" in the
subject line.
Forward looking statements
This disclosure contains certain forward looking statements that
involve substantial known and unknown risks and uncertainties, some
of which are beyond Serica Energy plc's control, including:
geological, geophysical and technical risk, the impact of general
economic conditions where Serica Energy plc operates, industry
conditions, changes in laws and regulations including the adoption
of new environmental laws and regulations and changes in how they
are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, fluctuations in
foreign exchange or interest rates, stock market volatility and
market valuations of companies with respect to announced
transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. Serica Energy plc's
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward looking
statements and, accordingly, no assurances can be given that any of
the events anticipated by the forward looking statements will
transpire or occur or, if any of them do so, what benefits,
including the amount of proceeds, that Serica Energy plc will
derive therefrom.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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