Serica Energy (SQZ)

Sector:

Energy Producers

Index:

FTSE AIM 100

155.00p
   
  • Change Today:
      1.80p
  • 52 Week High: 157.20
  • 52 Week Low: 92.70
  • Currency: UK Pounds
  • Shares Issued: 268.15m
  • Volume: 707,878
  • Market Cap: £415.64m
  • RiskGrade: 160

Serica Energy reports positive flow testing at Rhum R3

By Josh White

Date: Thursday 10 Jun 2021

LONDON (ShareCast) - (Sharecast News) - UK North Sea-focussed upstream oil and gas company Serica Energy updated the market on operations at the Rhum R3 well on Thursday, reporting that new completion equipment had been successfully installed, and a flow test performed.
The AIM-traded firm said a stabilised flow rate of 58.4 million standard cubic feet of gas and 135 barrels of condensate per day was achieved through a 60/64 inch choke.

That rate was constrained by the surface well test equipment on board the WilPhoenix semi-submersible drilling rig, with the company expecting the well to produce at higher rates when in production.

A diving support vessel had been contracted to install the subsea control equipment required for the well to start producing in the third quarter.

The company said the successful re-completion of R3 would increase Rhum's production capacity using the existing facilities located on the Bruce platform, and would thus not lead to "significant" additional carbon dioxide emissions.

That was in line with Serica's stated objective of reducing the carbon intensity of its production operations.

"Operations on R3 have proved more challenging than expected but the skill and dedication of our operational team has enabled us to achieve this welcome result," said chief executive officer Mitch Flegg.

"The volumes flowing during the test are equivalent to over 10,000 boe/d which demonstrates the quality of the Rhum asset."

Flegg said it was always expected for the flow test results to be constrained by the surface test equipment, but initial analysis of the data recovered indicated that the flow potential of the well was at the upper end of the company's range of expectations.

"The third Rhum well will enable enhanced production rates from the field and will provide redundancy to support production from the other two Rhum wells."

At 1043 BST, shares in Serica Energy were up 6/53% at 125.7p.

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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 155.00p
Change Today 1.80p
% Change 1.17 %
52 Week High 157.20
52 Week Low 92.70
Volume 707,878
Shares Issued 268.15m
Market Cap £415.64m
RiskGrade 160

Serica Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
45.19% above the market average45.19% above the market average45.19% above the market average45.19% above the market average45.19% above the market average
48.15% below the sector average48.15% below the sector average48.15% below the sector average48.15% below the sector average48.15% below the sector average
Price Trend
57.90% above the market average57.90% above the market average57.90% above the market average57.90% above the market average57.90% above the market average
80.43% above the sector average80.43% above the sector average80.43% above the sector average80.43% above the sector average80.43% above the sector average
Income
33.95% below the market average33.95% below the market average33.95% below the market average33.95% below the market average33.95% 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
17.21% above the market average17.21% above the market average17.21% above the market average17.21% above the market average17.21% 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 27-Jul-2021

Time Volume / Share Price
10:09 335,747 @ 154.00p
16:35 39,876 @ 155.00p
16:29 5,970 @ 154.60p
16:29 4,032 @ 154.60p
16:29 1,953 @ 154.60p

Serica Energy Key Personnel

CEO Mitchell Robert Flegg

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