Backed by strong production from our interest in the Erskine field, Serica is at an exciting stage in its strategy to become a leading mid-tier UK oil and gas company.
Our acquisition of interests in the Bruce, Keith and Rhum assets from BP in a unique, profit-sharing deal, once complete, is expected to increase Serica’s production sevenfold, making it the third largest quoted European independent on the UKCS by production.
The revenue from our combined interests in the Erskine and Bruce, Keith and Rhum assets will put Serica in an excellent position to pursue additional partnerships, to further diversify our portfolio and deliver value for our shareholders.
As well as our producing assets, we are the development operator on the Columbus field in the UK North Sea and have a full carry on the Rowallan prospect, a UK North Sea exploration well.
This mix of exploration, development and production assets provide shareholders with exposure to potentially material upside.
Our global E&P experience enables us to manage our investment and expenditure to carefully spread risk and limit downside.
In 2018, Serica will be opening a new office and Centre of Excellence in Aberdeen.
* Based on ratios of 1H 2017 net production
** On the UKCS by production
All above assumes completion of Bruce, Keith and Rhum transaction, expected mid 2018