Serica Energy plc, an independent oil and gas company with production, development and exploration licence interests in the UK North Sea and exploration licence interests in Ireland, Morocco and Namibia, is pleased to provide an operations update as follows:
Strong performance through end November and early December
Average production of 3,300boe per day net to Serica in October and November
Operating costs below US$20/boe at current production rates
Robust field net income: cash in excess of US$20 million at 30 November 2015, no borrowings
Maintaining careful control of G&A cost base
Tony Craven Walker, Serica's Chairman commented,'During this severe industry downturn Serica has managed to improve its asset mix and its financial resilience, creating a position of strength relative to many of its peers. The Company intends to use this as a platform for further growth, with a focus on development opportunities and extending the life, and therefore reserves, of existing fields in the area surrounding our core asset holdings in the Central North Sea as well as further afield in the UKCS.'