Serica CEO and director Mitch Flegg to leave

Serica Energy plc chief executive and director Mitch Flegg is to step down after six years in the post and 40 years in the oil and gas industry.

OUTSTANDING

He will leave after publication of the company’s 2023 full year results and remain an adviser to Serica until after the general meeting expected in June.

Current board chairman David Latin will become interim CEO until the appointment of a long-term successor.

Mr Flegg was instrumental in growing the company to become one of the UK’s leading independent oil and gas companies.

He led Serica through the integration of the Bruce/Keith/Rhum assets acquired in 2018, and the acquisition and integration of Tailwind Energy Ltd in 2023.

The company said that he was leaving the company in its “best ever health, very well positioned to deliver full value from its assets and exploit opportunities in the UK and beyond”.

Mr Flegg added: “It has been a great privilege to lead Serica since 2017 and to be part of building a strong platform with a great team.

“Serica is firmly established as a leading listed UK E&P company and in a strong position following the Tailwind acquisition and planned changes to executive and board positions.

“Now is the right time for me to help support the handover to a CEO to lead the next phase of Serica’s growth and development and I believe there is an exciting future ahead.”

Chairman Mr Latin said the company profoundly thanked Mr Flegg for his “outstanding” services, firstly between 2006 and 2015 and latterly as CEO.

“Mitch has helped build and lead the company through its recent evolution and has created a very strong platform of significant scale with a solid balance sheet.

“Serica is now well placed for further growth in service of increased shareholder value,
to which the board is committed as its top priority.

“With the executive team strengthened by the appointment of Martin Copeland as CFO and a depth of talent both within the management team and on the board, we have an enviable platform for growth and delivery of value to shareholders and all stakeholders.”

The search for a new CEO will be led by Malcolm Webb, chairman of the nominations committee and SID, supported by external advisers.