Serica Energy says production at Bittern B6 has stabilised

Serica Energy announced on Wednesday that production from the B6 well on the Bittern field, in which it holds a 64.6% interest, had stabilised at around 8,000 barrels of oil equivalent per day.

The AIM-traded firm said that equated to about 5,200 daily equivalent barrels net to Serica.

It said the well began initial flowback to the Triton FPSO on 11 September, and had since reached a steady production rate.

Drilling and completion activities on the Gannet GE-05 well, fully owned by Serica, had also been completed.

Data collected during drilling indicated positive results, with production expected to begin in early November.

Meanwhile, the COSL Innovator rig was moving to the Guillemot NW field, where Serica holds a 10% interest, to drill the next well in its campaign.

Serica said its total portfolio production was currently exceeding 50,000 barrels of oil equivalent per day.

If the production level was maintained, the company said it expected to close 2024 in line with the updated guidance provided during its half-year results in September.

At 1231 BST, shares in Serica Energy were up 4.09% at 140.73p.

Reporting by Josh White for Sharecast.com.