24th Jun 2024 10:41
(Alliance News) - Serica Energy PLC on Monday announced the completion of its inaugural share buy back programme.
The London-based upstream oil & gas company with operations in the UK North Sea acquired 8.4 million shares between April 24 and June 21 for a total consideration of GBP15 million.
On average, share was purchased for approximately 177.78 pence each.
Serica Energy shares were up 0.8% to 153.44p each in London on Monday morning.
Following this, the company has 393.5 million shares in issue, of which 3.0 million or 0.8%, are held in treasury.
In April, Chair David Latin said: "Over several years Serica has established cash returns as an important part of its overall strategy for delivering shareholder returns, alongside adding value through organic investment and mergers and acquisitions.
"It is planned to propose the renewal of the authority to carry out share buybacks at the next annual general meeting so that this option is available to the board as part of the future overall shareholder return policy."
By Elijah Dale, Alliance News reporter
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