Serica Energy PLC Flow Test Results from Columbus Development Well (9862E)
July 13 2021 - 01:00AM
UK Regulatory
TIDMSQZ
RNS Number : 9862E
Serica Energy PLC
13 July 2021
Serica Energy plc
("Serica" or the "Company")
Successful Flow Test Results from Columbus Development Well
London, 13 July 2021 - Serica Energy plc (AIM: SQZ), a British
independent upstream oil and gas company with operations centred on
the UK North Sea, is pleased to announce successful flow test
results from the Columbus development well.
The well was drilled to a measured depth of 17,600ft with a
horizontal section of over a mile in length in the Forties
Sandstone formation. The completion equipment has been successfully
installed into the well and a flow test has now been performed. A
stabilised flow rate of 38.0mmscf/d of gas and 1,560bbls/d of
condensate has been achieved through a 56/64ths inch choke. This
rate was at the upper end of the pre-drill range of expected
outcomes and was constrained by the surface well test equipment on
board the Maersk Resilient Heavy-Duty Jack-Up drilling rig.
A diving support vessel ("DSV") will tie the subsea wellhead
into the Arran Field export system directly after the rig leaves
location. It is anticipated that Columbus start-up will occur in Q4
2021 once initial flow from the Arran field has reached stable
conditions. Once it has been brought on stream it is anticipated
that the Columbus well will produce at around 7,000boe/d (gross) of
which at least 75% is expected to be gas.
Columbus was discovered by Serica in 2006. Serica has a 50%
interest and has been the operator throughout the exploration,
appraisal and field development stages and has developed the field
in conjunction with its partners Waldorf Production UK Ltd. and
Tailwind Energy Ltd.
Minimal subsea equipment has been installed to enable tie-in of
the Columbus well to adjacent infrastructure, thus minimising
environmental impact and CO(2) emissions. This is consistent with
Serica's stated objective of reducing the carbon intensity (i.e.
CO(2) per barrel of oil equivalent) of its production operations.
Further details on Serica's commitment to ESG (Environment, Social
& Governance) can be found on our website at
https://www.serica-energy.com/downloads/ESG-Report-2020.pdf
Mitch Flegg, Chief Executive of Serica Energy, commented:
"We are delighted to have achieved the objectives of this
challenging but ultimately very successful campaign.
This is a significant milestone for Serica, demonstrating our
ability to successfully lead a development project as well as being
a proven efficient production operator.
I would like to acknowledge the skill, hard-work and dedication
of our operational team who have made this outcome possible. I
would also like to recognise the input and support of our joint
venture partners Waldorf Production UK Ltd. and Tailwind Energy
Ltd.
Columbus is part of Serica's ongoing capital investment
programme which is aimed at boosting production in the second half
of this year and beyond. I look forward to updating the market when
we bring this Columbus well and the recently announced Rhum R3 well
into production."
Regulatory
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 which is part
of UK law by virtue of the European Union (Withdrawal) Act 2018
The technical information contained in the announcement has been
reviewed and approved by Fergus Jenkins, VP Technical at Serica
Energy plc. Mr. Jenkins (MEng in Petroleum Engineering from
Heriot-Watt University, Edinburgh) is a Chartered Engineer with
over 25 years of experience in oil and gas exploration, development
and production and is a member of the Institute of Materials,
Minerals and Mining (IOM3) and the Society of Petroleum Engineers
(SPE).
Enquiries:
Serica Energy plc +44 (0)20 7390 0230
Tony Craven Walker, Executive Chairman
Mitch Flegg, CEO
Peel Hunt (Nomad & Joint Broker) +44 (0)20 7418 8900
Richard Crichton / David McKeown / Alexander
Allen
Jefferies (Joint Broker) +44 (0)20 7029 8000
Tony White / Will Soutar
Vigo Consulting +44 (0)20 7390 0230
Patrick d'Ancona / Chris McMahon / Simon serica@vigoconsulting.com
Woods
NOTES TO EDITORS
Serica Energy is a British independent oil and gas company with
a portfolio of exploration, development and production assets.
Serica is the operator of the producing Bruce, Keith and Rhum
fields in the UK Northern North Sea, holding interests of 98%, 100%
and 50% respectively. Serica also holds an 18% non-operated
interest in the producing Erskine field in the UK Central North Sea
and a 50% operated interest in the Columbus Development.
Over 80% of Serica's production is natural gas, a key element in
the UK's energy transition.
Further information on the Company can be found at
www.serica-energy.com .
The Company's shares are traded on the AIM market of the London
Stock Exchange under the ticker SQZ. To receive Company news
releases via email, please subscribe via the Company website.
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