Serica Energy plc 2017 AGM Announcement (5809J)
June 29 2017 - 5:06AM
UK Regulatory
TIDMSQZ
RNS Number : 5809J
Serica Energy plc
29 June 2017
Serica Energy plc
("Serica" or the "Company")
2017 Annual General Meeting
London, 29 June 2017 - Serica Energy plc (AIM: SQZ) announces
that the 2017 Annual General Meeting of shareholders is being held
today at 11:00am at Durrants Hotel, 26-32 George Street, London W1H
5BJ, United Kingdom.
At the meeting, the Company will give a presentation which is
being posted to the Company's website www.serica-energy.com
together with the full text of the Chairman's comments made at the
meeting. The following operational and financial information is
included in the presentation material:
Operations
-- Average daily production to the end of May 2017, net to Serica, of approximately 3,100 boe;
-- June volumes reduced to monitor wax build and allow four-day
pipeline wax soak giving H1 2017 average production of
approximately 2,800 boe per day net to Serica;
-- Full year production guidance of 2,500 to 2,750 barrels
equivalent per day net to Serica, reducing the top end of the range
to reflect increased wax management work;
-- Serica's estimated average H1 2017 operating costs approximately US$14 per boe.
Finances and Balance Sheet
-- Strong cashflow enabled early payment of the third tranche of
Erskine consideration of US$2.9 million, including interest;
-- US$16.8 million cash build during H1 2017, giving net cash
balance at 28 June of US$30.5 million after payment of Erskine
third tranche;
-- Steady income stream and low operating costs support cash build;
-- No borrowings and no material expenditure commitments;
-- Serica well-placed to fund future investment and acquisitions.
Commenting on the Company's performance, Serica's Executive
Chairman, Tony Craven Walker, said:
"I am very pleased to report a strong performance and a
corresponding strengthening of the Company's share price over the
past year, reflecting both the Company's increasing cash resources
and the Company's growth prospects. Our healthy cash position and
our solid underlying performance has raised Serica's industry
profile substantially, and gives us a very strong platform from
which we can add to our assets and build further value growth for
shareholders.
Erskine has clearly been a success for us and we expect it to
continue. Our prime focus now is to build on the momentum that our
Erskine interest has given us, and to seek further production where
we have some degree of control and believe we can add value for
shareholders, as well as spreading risk and achieving greater
scale. We are actively reviewing opportunities where we feel this
can be achieved and I am hopeful of a successful outcome which will
contribute to greater strength and increased opportunity for the
Company."
Enquiries:
Serica Energy
plc
Tony Craven
Walker,
Executive +44 (0)20
Chairman tony.cravenwalker@serica-energy.com 7487 7300
Peel Hunt
+44 (0)20
Richard Crichton richard.crichton@peelhunt.com 7418 8900
+44 (0)20
Ross Allister ross.allister@peelhunt.com 7418 8900
Instinctif
+44 (0)20
David Simonson david.simonson@instinctif.com 7457 2020
+44 (0)20
Laura Syrett laura.syrett@instinctif.com 7457 2020
+44 (0)20
George Yeomans george.yeomans@instinctif.com 7457 2020
NOTES TO EDITORS
Serica Energy is an oil and gas exploration and production
company with exploration, development and production assets in the
UK and exploration interests in the Atlantic margins offshore
Ireland and Namibia. Further information on the Company can be
found at www.serica-energy.com.
The Company is listed on the AIM market of the London Stock
Exchange under the ticker SQZ and is a designated foreign issuer on
the TSX. To receive Company news releases via email, please contact
serica@instinctif.com and specify "Serica press releases" in the
subject line.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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