Serica Energy plc ("Serica" or the "Company")
Bruce, Keith and Rhum Fields restart
London, 12 January 2018 - Serica Energy plc (AIM: SQZ) is pleased to report that it has been informed by BP Exploration Operating Company ("BPEOC"), as operator of Bruce, Keith and Rhum, that these fields have each resumed production, following the successful repair of the Forties Pipeline System.
The fields were shut in on 11 December 2017, along with all the other fields using the system and have been brought back into production as part of a phased restart of the whole Forties Pipeline System.
On 21 November 2017, Serica announced that it had signed a Sale and Purchase Agreement to acquire interests in the Bruce, Keith and Rhum fields from BP, subject to certain regulatory, government and partner consents. The deal has an effective date of 1 January 2018 and Completion of the Acquisition is expected to take place in mid-2018.
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.
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.
