Serica Energy tips oil reserve rise after infill wells sanctioned

Serica Energy PLC on Wednesday reported higher said it estimated higher oil reserves following the sanction of four infill wells in the Triton area fields.

The London-based oil & gas company focused on the UK North Sea said for December 31 last year, it expected pro-forma proved plus probable reserves of 130.4 million barrels of oil equivalent, 25% higher than 104.0 million at the end of 2021. Estimated Serica reserves are 20% higher at 74.9 million boe from 62.2 million boe, while Tailwind estimates were up 33% to 55.5 million boe from 41.8 million boe.

Chief Executive Officer Mitch Flegg said: "These independent estimates are a testament to the activities undertaken by both Serica and Tailwind in recent years to enhance the recovery of hydrocarbons from their respective fields, to extend the productive lives of the Bruce and Triton production hubs and to meet the objectives of the North Sea Transition Deal. All the reserves additions reported today are associated with fields that are already producing and, therefore, do not depend on new field development consents or the installation of new infrastructure."

Serica Energy shares were 3.3% higher at 235.55 pence each in London on Wednesday at midday.

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