The Press and Journal (Inverness, Highlands, and Islands)
Serica Energy back on track
Serica Energy said production is now back on track after its North Sea Erskine field was interrupted by a blockage earlier this year.
The company said it had strong production in January andFebruary averaging over 3,200 barrels of oil equivalent per day.
After production was interrupted by a blockage it came back online and is now performing at more than 2,700 barrels of oil equivalent per day.
Ch ai r m a n Tony Craven Walker said in a
“Strong production in January and February”
statement:“We also welcome the plans of Shell, the newLomond facility operator, to target further cost reductions and improve offtake route reliability.”
Work is also continuing on optimising the Columbus development plan in conjunction with other asset owners in the area.
Serican, listed in the Alternative Investment Market saw its shares fall after it reported a wider pretax loss in the first half of 2016.
The exploration and production company said its pretax loss in the six months to the end of Ju n e wi d e n e d to $3.9million (£3million) from $639 ,000 (£493,000) in the first half of2015, as the costof sales outpaced the rise in revenue.
Cash at the end of this month was $13.1million (£10million).