Serica Energy (SQZ)

Sector:

Energy Producers

Index:

FTSE AIM 100

156.40p
   
  • Change Today:
      2.40p
  • 52 Week High: 158.00
  • 52 Week Low: 92.70
  • Currency: UK Pounds
  • Shares Issued: 268.15m
  • Volume: 261,445
  • Market Cap: £419.39m
  • RiskGrade: 160

Serica Energy encounters 'difficulties' at Columbus well

By Josh White

Date: Tuesday 25 May 2021

LONDON (ShareCast) - (Sharecast News) - UK North Sea-focussed upstream oil and gas company Serica Energy updated the market on the Columbus development well on Tuesday, which was spudded in mid-March, and drilled as planned to a total measured depth of 17,600 feet.

The AIM-traded firm said a 5,900 foot horizontal section was drilled through the reservoir formations of the upper Forties, and encountered a sequence of sands and shales, in line with pre-drill expectations.

It said the well required sand screens to be installed to prevent fine particles being produced, but "difficulties" were encountered while running the screens, meaning it was ultimately not possible to install them.

As a result, the reservoir section of the well would now be side-tracked and re-drilled, using data collected during initial drilling to optimise its trajectory and avoid the difficulties encountered running the screens in the original well.

The additional operations were expected to take three to four weeks at a net cost to Serica of about £3m.

Serica said the operations were not expected to affect the timing of production start-up, which was still expected during the fourth quarter of 2021.

Separately, the company said the R3 well had now been cleared of all equipment installed when it was originally completed in 2005.

Reservoir access had been regained, thus allowing new completion equipment to be run in preparation for production.

The new completion was currently being installed prior to performing a flow test on the well, which was expected to be carried out in June.

A diving support vessel was contracted to install the subsea control equipment required, so the well could start producing in the third quarter of 2021.

"Whilst frustrating, the additional operations on Columbus are not expected to affect the timing of first production," said chief executive officer Mitch Flegg.

"The economic returns of the project remain very attractive for the company."

At 1216 BST, shares in Serica Energy were up 1.04% at 116.2p.

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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 156.40p
Change Today 2.40p
% Change 1.56 %
52 Week High 158.00
52 Week Low 92.70
Volume 261,445
Shares Issued 268.15m
Market Cap £419.39m
RiskGrade 160

Serica Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
45.10% above the market average45.10% above the market average45.10% above the market average45.10% above the market average45.10% above the market average
50.62% below the sector average50.62% below the sector average50.62% below the sector average50.62% below the sector average50.62% below the sector average
Price Trend
59.29% above the market average59.29% above the market average59.29% above the market average59.29% above the market average59.29% above the market average
78.26% above the sector average78.26% above the sector average78.26% above the sector average78.26% above the sector average78.26% above the sector average
Income
36.01% below the market average36.01% below the market average36.01% below the market average36.01% below the market average36.01% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
17.15% above the market average17.15% above the market average17.15% above the market average17.15% above the market average17.15% above the market average
21.57% below the sector average21.57% below the sector average21.57% below the sector average21.57% below the sector average21.57% below the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 0
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 29-Jul-2021

Time Volume / Share Price
16:37 3,793 @ 156.40p
16:35 49 @ 156.40p
16:35 20,438 @ 156.40p
16:29 57 @ 157.00p
16:29 86 @ 157.00p

Serica Energy Key Personnel

CEO Mitchell Robert Flegg

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