Serica Energy PLC - London-based upstream oil & gas company with operations in the UK North Sea - Average net production for the year to June 23 is 43,781 barrels of oil equivalent per day, within its production guidance of 41,000 to 46,000 boe/d. Operating costs are about USD20 per barrel of oil equivalent. Chair & Interim CEO David Latin said: "Over just a few years Serica has been transformed from a small international exploration focussed company into one of the top 10 producers in the UK North Sea, safely and responsibly operating complex facilities offshore and growing its 2P reserves some 35 times since the beginning of 2015." He added: "We are rightly proud of our track record of growth and value creation, and we aim to repeat the same in the future. Unfortunately, recent and potential future increases in UK oil and gas taxes make that increasingly difficult. Consequently, while we remain watchful for opportunities in the UK that might be attractive despite this increasingly challenging context, we are also looking very actively overseas."
Current stock price: 137.63 pence each, down 9.5% on Thursday morning in London
12-month change: down 38%
By Tom Budszus, Alliance News slot editor
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Serica Energy (SQZ)