Serica Energy plc has signed a new US$525 million secured reserves based lending facility, with the potential to double the figure to more than $1 billion. QUALITY The new transaction simplifies the company’s financing arrangement by replacing the existing RBL and junior facilities with a single facility. The existing RBL facility has $271m drawn and […]
Tag: Serica Energy plc
JOG agrees 30% GBA farm-out with Serica
Jersey Oil & Gas plc has agreed to farm out a 30% non-operated interest in the Greater Buchan Area (GBA) licences to Serica Energy (UK) Ltd. PARTNERS The GBA contains several oil and gas accumulations, 150km northeast of Aberdeen, of which the largest is the Buchan field. Buchan prouced for 30 years before operations stopped […]
Serica Energy CFO Andy Bell to leave
Serica Energy plc chief financial officer Andy Bell will leave in the new year after nearly 20 years with the company. His replacement will be Martin Copeland. Mr Bell was initially a consultant to Serica and, since the Bruce, Keith and Rhum acquisitions, has been vice president finance and in September 2021 CFO. “The board […]
Serica Energy looks to redevelop Kyle oil field
Serica Energy plc has been awarded 100% of block 29/2a, containing the decommissioned Kyle oil field, in the UKCS 33rd offshore licensing round. STUDIES The North Sea Transition Authority made the award to the company’s subsidiary Tailwind Energy Chinook Ltd, subject to licence documentation. Serica said its internal preliminary mid-case estimate of recoverable resources after […]
Serica Energy publishes fourth annual ESG report
Serica Energy plc has published its 2022 environment, social and governance report, entitled ‘A People-led Approach’. COMPLIANCE The company’s fourth such report looks at emissions reductions, waste disposal, safety, training, charitable donations, and board level responsibilities with code of conduct training and an ESG policy and strategy. During 2022, Serica further increased its alignment to […]
Serica Energy’s profits boosted by investment in North Sea assets
Serica Energy plc said increased production from 2021 investment and higher gas prices had resulted in higher profits from its offshore oil and gas operations in the North Sea. FINANCES For the year ended 2022, the company generated profit before tax of £488.2 million for 2022 (2021: £135.1m). After current and deferred tax provisions of […]