Serica Energy plc has quadrupled production from its 24-year-old well in the Bruce field while the Columbus well reached one million barrels of oil equivalent this month.
BRUCE
In an operations report, the company said that following Serica’s first light well intervention vessel (LWIV) campaign, the initial well (Bruce M1) was re-entered for the first time since 1998.
“After a successful scale removal and water shutoff, a significant reperforation and new perforation campaign was executed and the well returned to production.
“Production rates from the well have increased from around 400 boe/d before intervention to over 1,800 boe/d in July 2022.
“A similar programme was followed on the second well (Bruce M4) and production rates for the well have been increased from around 450 boe/d to over 2,400 boe/d.”
Serica added that the results from the two wells were at the upper end of the range of expectations.
“This programme has increased confidence that further uplift can be achieved from future well interventions.”
The company is accelerating plans to perform similar interventions on other Bruce and Keith wells, both subsea and from the platform.
COLUMBUS
Serica said that although production rates at Columbus were lower than anticipated, the field continued to benefit from strong commodity prices.
NORTH EIGG
Earlier this month, the company spud North Eigg gas prospect estimated to contain 60mmboe (P50) and potentially over 236 mmboe (P10) of recoverable resources (both unrisked).
Results are expected in October 2022.
PRODUCTION
Serica’s average net production in July has averaged over 29,150 boe/d and YTD average net production is 26,832 boe/d. Over 85% of our net production is gas.
Full year production guidance remains unchanged at between 26,000 and 30,000 boe/d.
Serica said that capital investment in the Bruce and Keith fields qualified for investment relief under the Energy Profits Levy.
POTENTIAL
Chief executive Mitch Flegg added that Serica had no debt, limited decommissioning liabilities and growing cash reserves for further investments.
“We have just completed a well intervention campaign on Bruce that has boosted net production by over 3,000 boe/d and provides further evidence of the value in Serica’s assets that can be realised through measured and expert operatorship.
“Operations have also commenced on the North Eigg exploration well with potential for transformational results, while we are now accelerating further well intervention work on Bruce and Keith following the success of the recently completed campaign.”