27th Jun 2019 14:41
(Alliance News) - Serica Energy PLC at its annual general meeting on Thursday reported a steady operational performance for the first five months of 2019.
Net production for the five months to the end of May was 30,500 barrels of oil equivalent per day, up from 25,800 barrels produced in 2018.
The realised sales price for production dropped to USD35 per barrel from USD45; however operating costs were reduced to USD15 per barrel from USD18 for 2018.
Serica as at May 31 has total cash and term deposits of USD112.3 million, compared to USD54.9 million for the end of December.
Serica's 2019 production guidance stands in the range of 26,000 to 37,00 barrels of oil equivalent per day.
Shares in the oil & gas firm were up 0.9% at 130.20 pence on Thursday.
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