Serica Energy (SQZ)

Sector:

Energy Producers

Index:

FTSE AIM 50

117.00p
   
  • Change Today:
      2.80p
  • 52 Week High: 143.40p
  • 52 Week Low: 61.50p
  • Currency: UK Pounds
  • Shares Issued: 267.43m
  • Volume: 255,895
  • Market Cap: £312.90m
  • RiskGrade: 415

Serica halts production as it repairs issue at Bruce platform

By Josh White

Date: Thursday 30 Jan 2020

LONDON (ShareCast) - (Sharecast News) - Serica Energy updated the market on Bruce platform operations on Thursday, reporting that during a platform inspection, the condition of an unused seawater return caisson was seen to have deteriorated.
The AIM-traded firm said the caisson had been taken out of service in 2009, but confirmed production through the Bruce facility was halted while the problem was fully investigated.

A subsequent underwater inspection determined that the unused caisson had parted below the water line.

Both the upper and lower sections of the caisson are intact, the company said, with engineering work to ensure that the caisson was properly secured now having started.

Preliminary estimates were that the work would take about two months, following which production would be restored.

Serica said that during that period, there would be no production from the Bruce, Keith and Rhum fields.

The financial impact would be mitigated by the net cash flow sharing arrangements entered into by Serica with the sellers of interests in the fields in 2018, the board claimed.

It said the firm's other activities, including its share of production from the Erskine field, would be unaffected.

"Although this is a frustrating event, our skilled offshore team have reacted very efficiently," said chief executive officer Mitch Flegg.

"The underwater investigation quickly determined the cause of the problem and a solution is being planned to allow the resumption of full production."

At 1219 GMT, shares in Serica Energy were down 6.77% at 121.2p.

Email this article to a friend

or share it with one of these popular networks:


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 117.00p
Change Today 2.80p
% Change 2.45 %
52 Week High 143.40p
52 Week Low 61.50p
Volume 255,895
Shares Issued 267.43m
Market Cap £312.90m
RiskGrade 415

Serica Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
61.64% above the market average61.64% above the market average61.64% above the market average61.64% above the market average61.64% above the market average
8.70% above the sector average8.70% above the sector average8.70% above the sector average8.70% above the sector average8.70% above the sector average
Price Trend
53.49% above the market average53.49% above the market average53.49% above the market average53.49% above the market average53.49% above the market average
96.00% above the sector average96.00% above the sector average96.00% above the sector average96.00% above the sector average96.00% above the sector average
Income
95.54% above the market average95.54% above the market average95.54% above the market average95.54% above the market average95.54% 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 22-May-2020

Time Volume / Share Price
16:40 15,000 @ 115.00p
16:35 35,798 @ 117.00p
16:29 650 @ 115.00p
16:27 12,536 @ 115.00p
16:26 283 @ 114.30p

Serica Energy Key Personnel

CEO Mitchell Robert Flegg

Top of Page