Serica Energy plc Update on OFAC License for Rhum (4328C)
01 October 2018 - 4:00PM
UK Regulatory
TIDMSQZ
RNS Number : 4328C
Serica Energy plc
01 October 2018
Serica Energy plc ("Serica" or the "Company")
Update on OFAC License for Rhum
London, 1 October 2018 - Serica Energy plc (AIM: SQZ) announces
that it has received notification from BP that the US Office of
Foreign Assets Control ("OFAC") has issued a new licence relating
to the Rhum Field. The licence authorises the provision of
essential goods, services and support by certain US persons and
businesses to the Rhum field until 4 November 2018, replacing an
existing authorisation which expired on 30 September 2018.
Discussions continue with OFAC regarding the conditions under
which authorisation may be given for the provision of goods,
services and support to allow Rhum production to continue beyond 4
November 2018.
Mitch Flegg, Chief Executive of Serica Energy, commented:
"Serica welcomes the new licence which ensures that production
from the Rhum field can continue. Discussions with OFAC and other
parties regarding longer term arrangements to protect this valuable
UK asset are continuing and all parties are working towards a
successful conclusion. The transaction between Serica and BP under
which Serica will acquire BP interests in the Bruce, Keith and Rhum
fields upon receipt of the appropriate licences is an important
part of this process and we are encouraged by the issuance of this
interim licence. Both BP and Serica remain committed to
completion."
Regulatory
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Enquiries
Serica Energy plc
Tony Craven Walker
Executive Chairman tony.cravenwalker@serica-energy.com +44 (0)20 7457 2020
Mitch Flegg
CEO mitch.flegg@serica-energy.com +44 (0)20 7457 2020
Peel Hunt
Richard Crichton richard.crichton@peelhunt.com +44 (0)20 7418 8900
Ross Allister ross.allister@peelhunt.com +44 (0)20 7418 8900
James Bavister james.bavister@peelhunt.com +44 (0)20 7418 8900
Instinctif
David Simonson david.simonson@instinctif.com +44 (0)20 7457 2020
Catherine Wickman catherine.wickman@instinctif.com +44 (0)20 7457 2020
George Yeomans george.yeomans@instinctif.com +44 (0)20 7457 2020
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 Namibia. Serica holds an 18% non-operated interest in
the Erskine field in the UK Central North Sea and a 50% operated
interest in the Columbus field scheduled to commence development in
2019.
In November 2017 Serica announced the BKR Transaction under
which Serica UK will acquire interests in the Bruce, Keith and Rhum
fields and associated infrastructure in the UK North Sea from BP.
Under the terms of the BKR Transaction Serica UK will acquire a 36%
interest in Bruce, a 34.83% interest in Keith and a 50% interest in
Rhum. The deal has an effective date of 1 January 2018.
In August 2018, Serica announced the acquisition of further
interests in the Bruce and Keith fields and associated
infrastructure in the UK North Sea from Total E&P UK Limited
("BK Acquisition"). Under the SPA, Serica will acquire a 42.25%
interest in the Bruce field and a 25% interest in the Keith field
and associated infrastructure. The BK Acquisition also has an
effective date of 1 January 2018 and completion will be subject to
completion of the BKR Transaction.
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
subscribe via the Company website.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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