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Serica Energy cuts full-year production guidance, shares drop
(Sharecast News) - Shares in AIM-listed Serica Energy dropped on Wednesday after the British gas explorer announced a reduction in its full-year output guidance due to temporary production stoppages at the Triton floating production storage and offloading (FSPO) vessel. Serica, which is responsible for around 5% of the natural gas produced in the UK, said that the Triton FSPO operator Dana Petroleum had notified the company about a temporary reduction in production due to maintenance, which should finish at the end of September.
Meanwhile, subsea intervention work on the Bittern field has been scheduled for November, which will cause another stoppage.
The stoppages follow the successful ramp-up at the Triton FSPO - the infrastructure and export hub for the Triton Area Fields - in which Serica owns a 46% stake, Dana Petroleum owns 52% and Waldorf 2%.
The ramp-up, which reached 25,000 barrels of oil equivalents per day net to Serica in mid-August, helped Serica's wider portfolio production reach over 55,000 boepd.
However, the stoppages mean that Serica's production guidance for 2025 has now been cut to 29,000-32,000 boepd, down from 33,000-35,000 boepd previously.
Serica's shares were down 10% at 159.88p by 0822 BST.
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