Proactive Investors - Serica Energy PLC (LON:SQZ) said production from its portfolio of North Sea licences has risen to more than 50,000 barrels of oil equivalent (boe) daily following remedial work on wells in the Bruce and Guillemot fields.
Overall production during the last four weeks has averaged just over 52,000 boe per day, Sercia added, though guidance for the whole year remains at 40-45,000 boe per day.
A slower-than-planned ramp-up of production following the end of the planned summer shutdowns on the Bruce and Triton hubs is the cause, it added.
Serica added that the full impact of interventions to improve well performance will also be felt in the coming year, 2024.
The UK-listed group doubled in size with the acquisition of the assets of Tailwind at the end of 2022 and Mitch Flegg, Serica’s chief executive, hailed the impact of that deal.
“The levels of production achieved and the range of organic investment projects undertaken underline the attributes of the Tailwind acquisition,” he said.
A four-well drilling campaign in the Triton area starts with the first well on the Bittern field scheduled to begin around the middle of the first quarter of 2024.
The process of completing the acquisition of a 30% interest in the Greater Buchan Area from Jersey Oil & Gas, announced on 23 November 2023, is ongoing, Serica said.
Shares eased 1% to 212p.