21st Jan 2021 19:15
Serica Energy PLC - upstream oil & gas company - Receives a renewed license and secondary sanctions assurance from the US Office of Foreign Assets Control relating to the North Sea Rhum field, in which the company has a 50% interest. The license and assurance will allow to continue providing goods, services and support to Rhum beyond February 28, when the current license was due to expire. This will enable operations and production from the Rhum field to continue unaffected, the company says. The previous license was valid for a period of 16 months. In this case the US Office of Foreign Assets Control has issued the license for a period up to the end of January 2023.
On an operational front, Serica says estimated net production from its interests in Bruce, Keith, Rhum and Erskine averaged 23,800 barrels of oil equivalent per day during 2020. This was hurt by the 45-day shut down for caisson repairs on Bruce during the first quarter of 2020. Without this shutdown net production would have averaged around 27,000 barrels of oil equivalent per day.
Current stock price: 127.00 pence
Year-to-date change: up 10%
By Evelina Grecenko; [email protected]
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