Serica Energy
plc
("Serica" or the
"Company")
First redetermination under
US$525 million borrowing facility
London, 3 July 2024 - Serica Energy plc (AIM:
SQZ), is pleased to announce that it has completed the first
semi-annual redetermination under its reserve-based lending ("RBL")
facility. Reflecting the increased reserves, together with the
programme of hedging recently implemented, the borrowing base has
been increased from US$463 million up to the full amount of the
committed facility of US$525 million.
Following this redetermination, and
reflecting the previously reported cash and cash equivalents of
£301.6 million and debt drawings of US$231.0 million (£182.0
million) as at 26 June 2024, Serica's liquidity is now in excess of
£500 million.
Martin Copeland, Chief Financial
Officer of Serica, said:
"We are grateful for the support of our bank group in
completing our first redetermination under the new RBL. Serica's
robust liquidity supports our ability to deliver on the two-pronged
strategy of investing in our assets and executing on attractive
M&A opportunities."
Enquiries:
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Serica Energy plc
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+44
(0)20 7390 0230
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Chris Cox (CEO) / Martin Copeland
(CFO) / Stephen Lambert (VP Legal and External
Relations)
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Peel Hunt (Nomad & Joint Broker)
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+44
(0)20 7418 8900
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Richard Crichton / David McKeown /
Emily Bhasin
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Jefferies (Joint Broker)
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+44
(0)20 7029 8000
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Sam Barnett / Will Soutar
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Vigo Consulting (PR Advisor)
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+44
(0)20 7390 0230
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Patrick d'Ancona / Finlay
Thomson
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serica@vigoconsulting.com
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NOTES TO EDITORS
Serica Energy is a British
independent oil and gas exploration and production company with a
portfolio of UKCS assets.
Serica has a balance of gas and oil
production. The Company is responsible for about 5% of the natural
gas produced in the UK, a key element in the UK's energy
transition.
Serica's producing assets are
focused around two main hubs: the Bruce, Keith and Rhum fields in
the UK Northern North Sea, which it operates, and a mix of operated
and non-operated fields tied back to the Triton FPSO. Serica also
has operated interests in the producing Columbus (UK Central North
Sea) and Orlando (UK Northern North Sea) fields and a non-operated
interest in the producing Erskine field in the UK Central North
Sea.
Serica has a two-pronged strategy
for growth comprising investment in its existing portfolio and
M&A.
Further information on the Company
can be found at www.serica-energy.com.
The Company's shares are traded on the AIM market of the London
Stock Exchange under the ticker SQZ and the Company is a designated
foreign issuer on the TSX. To receive Company news releases via
email, please subscribe via the Company website.