Serica Energy ( (GB:SQZ) ) has shared an announcement.
Serica Energy has announced a delay in the resumption of production from the Triton FPSO, now expected to restart in May instead of March, due to ongoing maintenance issues and the aftermath of Storm Éowyn. The company is working with Dana Petroleum to improve the operating performance of the FPSO, as the current situation is unsatisfactory for both Serica and its shareholders. This delay impacts Serica’s ability to convert successful drilling results into sustained production and cash flow, highlighting the need for a more predictable production performance.
More about Serica Energy
Serica Energy is a British independent oil and gas exploration and production company with a portfolio of UKCS assets. The company has a balanced production of gas and oil and is responsible for about 5% of the natural gas produced in the UK, contributing to the UK’s energy transition. Serica’s operations are centered around the Bruce, Keith, and Rhum fields in the UK Northern North Sea, as well as fields tied to the Triton FPSO. The company also has interests in the Columbus, Orlando, and Erskine fields. Serica pursues growth through investment in its existing portfolio and mergers and acquisitions.
YTD Price Performance: 2.44%
Average Trading Volume: 1,433,253
Technical Sentiment Consensus Rating: Hold
Current Market Cap: £541.6M
For an in-depth examination of SQZ stock, go to TipRanks’ Stock Analysis page.