Serica is debt free with strong cash flows from production
Operating high-quality assets
Serica is a British independent upstream oil and gas company with operations centred on the UK North Sea with a range of exploration and production assets. At the start of 2022 Serica had approximately £218 million in cash, cash equivalents and hedging advances, no debt and limited decommissioning liabilities.
Serica operates the Bruce, Keith and Rhum fields in the UK Northern North Sea. Serica also operates the Columbus Field as well as holding an interest in the Erskine field in the Central North Sea. Net production for Serica in 2021 was around 22,200 boe/d. In 2022, Serica plans to drill its 100% owned and operated North Eigg exploration prospect, an analogue and close neighbour to the Rhum field.
Serica prides itself on being resilient, responsible and rewarding its stakeholders
- Invested in R3 and Columbus during low commodity price era
- Retained strong balance sheet, no debt and limited decommissioning liability
- 2P reserves increased to 62.2 million boe, more than replacing 2021 production
- Acted on environmental emissions tracking, benchmarking and reduction
- Delivered ESG performance improvements
- Actively working to be part of the UK energy transition
- Paid dividend of 3.5p per share in 2021 and plan to pay 9p per share in 2022, subject to shareholder approval
- Invested in future growth projects; R3, Columbus and planning North Eigg
- Increased share of BKR cashflow in 2022, rising from 60% to 100%
Over 85% of our production is natural gas, a key element of the UK's Energy Transition
Over 85% of our production is natural gas, which has significant environmental advantages over other fossil fuels. Gas is a key element of the UK’s Energy Transition, and we are committed to building a sustainable future, both through driving asset efficiency with technology and innovation, and by investing in the region, creating new job and training opportunities, and engaging actively with Aberdeen’s business community.
