Serica Energy plc faces a £3 million cost for an expected six-week delay in drilling due to equipment failure and mobilisation of a replacement at the North Eigg exploration well in the North Sea. TESTING The company said that operations had been progressing successfully despite some drilling delays in the top-hole sections. “During recent preparations […]
Tag: North Sea
Reabold-Corallian SPA valid for non-Victory licences
Reabold Resources plc said that the conditional sales and purchase agreement (SPA) remained valid for six North Sea licences owned by Corallian Energy Ltd which is engaged in potential sale negotiations. SALE PROCESS Upstream oil & gas investment company Reabold is a 49.99% shareholder in Corallian. In May 2022, Reabold announced that Corallian had received a […]
Deltic to take advantage of energy tax
Deltic Energy plc said it had during the first half of 2022 made considerable progress and is looking for additional partnerships for its Southern and Central North Sea portfolio. FINANCES The company added that its interim results for the six months to 30 June 2022 showed that its business model was a success. Deltic recorded […]
Orcadian signs farm-out for Carra prospect
Orcadian Energy plc has signed a farm-out agreement with Carrick Resources Ltd for a sub-area of licence P2320 which covers the Carra prospect, west of Aberdeen in the North Sea. TERMS The company will transfer the Carra interest to Carrick on completion of certain work milestones, not cash consideration. Carrick will review existing data, […]
Serica rejects second Kistos merger offer
Serica Energy plc has rejected a new revised cash and share merger offer from Kistos plc for its assets in the North Sea. OFFER Two weeks ago, the exploration and production company rejected the smaller company’s first offer. Kistos revised proposal offers 425 pence per Serica share and is an 11% increase to Serica shareholders […]
Serica Energy quadruples production from Bruce
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 […]