Serica Energy plc Announces Update on Triton FPSO

Serica Energy plc (AIM: SQZ) announces that, after a limited resumption of production at the Triton FPSO last week, an issue with one of the compressor seals has been discovered which has resulted in production being suspended. The FPSO operator, Dana Petroleum, is working to identify and execute the necessary repairs, which are expected to take two to four weeks to complete. Production for 2024 is now forecast to be approximately 35,000 to 36,000 boepd.

As previously stated, the operational vulnerability will remain until the ongoing works to restore two-compressor operations are completed, expected in Q1 2025.

With production at Triton suspended, current Serica production from the Bruce Hub and other assets totals around 28,000 boepd. Of this, around 22,000 boepd of production is gas, benefitting from the current gas price of around 115-120p/therm.