Serica Energy (SQZ)

Sector:

Energy Producers

Index:

FTSE AIM 100

123.00p
   
  • Change Today:
    -3.20p
  • 52 Week High: 132.00
  • 52 Week Low: 92.70
  • Currency: UK Pounds
  • Shares Issued: 268.09m
  • Volume: 289,181
  • Market Cap: £329.75m
  • RiskGrade: 160

Serica Energy enters rig contract for work at Rhum-3

By Josh White

Date: Tuesday 12 May 2020

LONDON (ShareCast) - (Sharecast News) - Serica Energy has entered into a contract for the provision of a drilling rig for the intervention work on the Rhum-3 (R3) well, it announced on Tuesday, on behalf of the Rhum partners.
The AIM-traded firm said the work would be carried out using Awilco Drilling's 'WilPhoenix', which it described as a third generation, 'enhanced pacesetter', harsh-environment, mid-water, semi-submersible drilling rig.

It was expected that operations would start in the fourth quarter of 2020, and last about 70 days.

The work programme would involve recovering debris left in the well by the previous operator and removing an obstruction that is believed to be in place across parts of the downhole completion.

Serica said the well would then be re-completed, and put into production, with R3 already connected to the subsea production infrastructure.

The company added that it had assessed the potential for Covid-19 related matters to impact the availability of equipment and personnel, and determined that there were currently no related issues that would prevent the execution of the project.

"We are delighted that this work will proceed in 2020," said chief executive officer Mitch Flegg.

"With a strong balance sheet, no debt and limited decommissioning liabilities, Serica is well-placed to weather the wider industry downturn related to Covid-19 and low commodity prices.

"This resilient position is enabling us to also continue with our previously stated work programmes."

Flegg said bringing the R3 well into operation would increase the production capacity of the Rhum field, and would also improve the expected ultimate recovery of reserves.

"Having three rather than two wells will also provide more flexibility in the management of the field."

At 1120 BST, shares in Serica Energy were down 0.52% at 107.44p.

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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 123.00p
Change Today -3.20p
% Change -2.54 %
52 Week High 132.00
52 Week Low 92.70
Volume 289,181
Shares Issued 268.09m
Market Cap £329.75m
RiskGrade 160

Serica Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
88.72% above the market average88.72% above the market average88.72% above the market average88.72% above the market average88.72% above the market average
66.27% below the sector average66.27% below the sector average66.27% below the sector average66.27% below the sector average66.27% below the sector average
Price Trend
23.13% below the market average23.13% below the market average23.13% below the market average23.13% below the market average23.13% below the market average
12.09% above the sector average12.09% above the sector average12.09% above the sector average12.09% above the sector average12.09% above the sector average
Income
1.50% above the market average1.50% above the market average1.50% above the market average1.50% above the market average1.50% above the market average
77.78% below the sector average77.78% below the sector average77.78% below the sector average77.78% below the sector average77.78% below the sector average
Growth
16.24% above the market average16.24% above the market average16.24% above the market average16.24% above the market average16.24% above the market average
18.52% below the sector average18.52% below the sector average18.52% below the sector average18.52% below the sector average18.52% below the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 4
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 24-Jun-21 25-Jun-20
Paid 23-Jul-21 24-Jul-20
Amount 3.50p 3.00p

Trades for 18-Jun-2021

Time Volume / Share Price
16:35 86,720 @ 123.00p
16:29 2,025 @ 124.80p
16:28 2,008 @ 124.80p
16:26 141 @ 125.00p
16:25 72 @ 125.00p

Serica Energy Key Personnel

CEO Mitchell Robert Flegg

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