Serica Energy plc
("Serica" or the "Company")
Forties Pipeline shutdown
London, 12 December 2017 - Serica Energy plc (AIM: SQZ) has been informed by the operator of the Erskine field that the Forties Pipeline System ("FPS"), the export route for Erskine condensate, will be unavailable, potentially for some weeks, while the FPS owner plans and implements repairs to a hairline crack in the onshore section of the pipeline.
During this period the Erskine field, along with the other fields that use the pipeline, which include the BKR Assets1, will be unable to produce. This will impact Serica's production guidance for the year to 31 December 2017, which has been revised to approximately 2,000 boe per day net to Serica from the Erskine field.
Further updates will be provided as and when more information becomes available.
Technical Information
The technical information contained in the announcement has been reviewed and approved by Clara Altobell, VP Technical at Serica Energy plc. Clara Altobell (MSc in Petroleum Engineering from Imperial College, London) has over 20 years of experience in oil & gas exploration, production and development and is a member of the Society of Petroleum Engineers (SPE) and the Petroleum Exploration Society of Great Britain (PESGB).
Regulatory
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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. Serica holds an 18% non-operated interest in the Erskine field in the UK Central North Sea.
Note (1): In November 2017 Serica announced the proposed acquisition of BP's interests in the Bruce, Keith and Rhum fields in the North Sea and associated infrastructure. Under the terms of proposed acquisition Serica will acquire a 36% interest in Bruce, a 34.83% interest in Keith and a 50% interest in Rhum (collectively the "BKR Assets"). The deal has an effective date of 1 January 2018 and completion of acquisition is expected to take place in mid-2018.
Further information on the Company and the proposed acquisition of the BKR Assets 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 [email protected] and specify "Serica press releases" in the subject line.
