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 […]
Tag: North Sea
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 […]
Hurricane sees mixed fortunes from EPL
Hurricane Energy plc said investment allowances could offset its forecast £5 million bill under the new energy profits levy (EPL) from its operations at the Lancaster field, west of Shetland. ENERGY PROFITS LEVY In its monthly financial and operational report of 31 May 2022, the company added it was unable to determine the full impact […]
Orcadian signs data deal with TGS
Orcadian Energy plc has signed a seismic licensing deal with the energy data company TGS for its North Sea licences. AGREEMENT The agreement will give Orcadian high quality seismic data, revealing the reservoir structures and likely fluid type. Data will be used to evaluate the “multitude of development opportunities and prospects”. The company added that […]
Serica increases May 2022 production and cash reserves
Serica Energy plc announced strong production and cash position for May 2022 from its gas operations in the UK North Sea. OPERATIONS More than 85% of Serica’s production is gas and its operated North Sea assets provide more than 5% of the UK’s gas production. The month of May saw net production average in excess […]
Hurricane Energy exits Greater Warwick Area
Hurricane Energy plc has decided to relinquish its interests in the Greater Warwick Area (GWA) joint venture (JV) with Spirit Energy plc in the UK North Sea. DISCUSSIONS The company said that the JV had reassessed its understanding of the area and considered all options for further appraisal and routes to possible development. “Hurricane has […]