Serica provides operations update

UK North Sea Erskine Field As announced on 22 January and 29 January a blockage occurred on the Lomond to Everest condensate export pipeline during routine cleaning operations. Following deployment of specialist pumping equipment, some communication across the blockage has been achieved and the plan is to continue with pressure pulsing until significant breakthrough. In parallel, a permanent solution to the pipeline wax problem is being advanced. Further updates will be made in due course. UK North Sea Bruce, Keith and Rhum Fields Since restart in January, following the shut-down of the Forties pipeline, Bruce, Keith and Rhum fields (BKR) have produced on average approximately 16,000 boe/d net to BP. Serica has agreed to acquire BP’s interests in these fields with an effective date of 1 January 2018. Subject to completion of the transaction, which is anticipated in the third quarter of 2018, Serica will receive 40% of the net cash flow for BKR in 2018, rising on a stepped basis to 100% in 2022. Commodity prices for the year to date have been stronger than seen in recent years, with NBP gas pricing averaging 52p/therm and Brent oil pricing averaging $67.50/barrel. Technical Information The technical information contained in the announcement has been reviewed and approved by Clara Altobell, VP Technical at Serica Energy plc. Clara Altobell (MSc in Petroleum Engineering from Imperial College, London) has over 20 years of experience in oil & gas exploration, production and development and is a member of the Society of Petroleum Engineers (SPE) and the Petroleum Exploration Society of Great Britain (PESGB). Regulatory This announcement is inside information for the purposes of Article 7 of Regulation 596/2014. Source / More: Serica Energy plc. oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Please email us your news for publication info@OilAndGasPress.com Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>

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