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 reports 'solid' production as it exits Namibia

By Josh White

Date: Tuesday 15 Dec 2020

LONDON (ShareCast) - (Sharecast News) - UK North Sea-focussed upstream oil and gas company Serica Energy updated the market on its operations on Tuesday, reporting "solid" production performance, delivering 26,300 barrels of oil equivalent per day total net production during the most recent three-month period.

The AIM-traded firm said a "significant" strengthening in gas prices also had an impact on its 80% gas production portfolio, adding that it also reached the milestone of its longest period without a recordable injury since March 2016.

It said work on the Rhum R3 intervention project was continuing, following delays due to poor weather and equipment repairs, as the company was also formally awarded four new blocks in the UK 32nd licensing round.

Serica also noted its decision to withdraw from Namibia to focus on its North Sea portfolio, and other opportunities.

"We are pleased with the performance of our offshore production operations over the past three months, which have also benefited from the significant strengthening of gas prices during that period," said chief executive officer Mitch Flegg.

"The delays to the Rhum R3 intervention project are frustrating, but do not affect its viability or long-term value.

"We are not prepared to take shortcuts, despite the slower than hoped progress, as we remain fully committed to a safe execution of the originally planned work scope."

Flegg said an update would be given once rig operations were completed.

"Serica is committed to protecting and increasing shareholder value against the current backdrop of lower oil prices and slowing industry commitment to deep-water exploration.

"We have therefore decided that the expense of maintaining the Namibian licence will be better redirected to lower-risk, nearer-term opportunities to build on our North Sea portfolio where we are currently engaged in an exciting period of value-adding operations."

At 1221 GMT, shares in Serica Energy were up 0.78% at 103.8p.

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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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