Serica Energy (SQZ)

Sector:

Energy Producers

Index:

FTSE AIM 50

 122.40p
   
  • Change Today:
      0.000p
  • 52 Week High: 143.40
  • 52 Week Low: 61.50
  • Currency: UK Pounds
  • Shares Issued: 267.48m
  • Volume: 0
  • Market Cap: £327.39m
  • RiskGrade: 365

Serica Energy building new pipeline after Lomond suffers wax blockage

By Duncan Ferris

Date: Tuesday 24 Apr 2018

LONDON (ShareCast) - (WebFG News) - Oil and gas company Serica Energy announced on Tuesday that following the identification of a blockage in the Lomond to Everest pipeline it will construct a new pipeline at its Erskine oilfield project.
The decision to construct a new 26km bypassing pipeline follows news that pipeline operator Chrysaor Limited has been unable to clear the wax deposit blockage which was found during cleaning operations in January.

The pipeline is essential for the exporting of fluids from the Erskine field, which Serica has an 18% stake in.

Mitch Flegg, chief executive of Serica Energy, said: "While we are disappointed that efforts by the Lomond field operator to clear wax from the Lomond condensate export line have not been successful we are pleased that plans to achieve a permanent solution for this recurring problem are progressing well."

The approvals for the construction of a new pipeline is expected to be granted in July, with work following in August and production restarting in September.

The closure of the project in the meantime will afford Chrysaor and Serica time to work through a backlog of maintenance work.

"The operator is taking the opportunity to perform significant extra maintenance work during the planned 2018 Lomond shutdown. This should lead to improved performance later this year and in future years to the long-term benefit of the Erskine field. Although this is expected to extend the Erskine shut in to September, there was no certainty that the clearance work would have been successful but would have still incurred additional ongoing cost," said Flegg.

As of 0844 BST, Serica Energy's shares were down 3.49% at 83.00p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Serica Energy Market Data

Currency UK Pounds
Share Price 122.40p
Change Today 0.000p
% Change 0.00 %
52 Week High 143.40
52 Week Low 61.50
Volume 0
Shares Issued 267.48m
Market Cap £327.39m
RiskGrade 365

Serica Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
64.41% above the market average64.41% above the market average64.41% above the market average64.41% above the market average64.41% above the market average
2.22% below the sector average2.22% below the sector average2.22% below the sector average2.22% below the sector average2.22% below the sector average
Price Trend
70.54% above the market average70.54% above the market average70.54% above the market average70.54% above the market average70.54% above the market average
92.00% above the sector average92.00% above the sector average92.00% above the sector average92.00% above the sector average92.00% above the sector average
Income
97.15% above the market average97.15% above the market average97.15% above the market average97.15% above the market average97.15% above the market average
80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average
Growth
99.49% above the market average99.49% above the market average99.49% above the market average99.49% above the market average99.49% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Serica Energy Dividends

  Latest Previous
  Final Final
Ex-Div 25-Jun-20 n/a
Paid 24-Jul-20 n/a
Amount 3.00p 0.000¢

Trades for --2020

Time Volume / Share Price
0 @ 0.000p

Serica Energy Key Personnel

CEO Mitchell Robert Flegg

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