Serica Energy plc has started its inaugural share buyback programme of up to 38,322,063 ordinary shares of US$0.10 each in the company for up to a maximum £15 million.
STRATEGY
The company’s shareholders authorised the programme at the 2023 general meeting.
“The decision to initiate a buyback follows extensive discussions by the board,” said chairman and interim chef executive David Latin.
“It demonstrates our confidence in the company’s ability both to invest and return cash to shareholders as well as reflecting confidence in the long-term value of our existing assets.
“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 M&A.”
He added that the company planned to propose at the next general meeting further share buybacks.
Serica is responsible for about 5% of the natural gas produced in the UK. The company’s gas and oil portfolio includes two main hubs: operating the Bruce, Keith and Rhum fields in the
northern North Sea, and a mix of operated and non-operated fields tied back to
the Triton FPSO.
Serica also has operated interests in the producing fields of Columbus in the central North Sea and Orlando in the northern North Sea, and a non-operated interest in the producing Erskine field in the central North Sea.