Serica Energy sees production rise in first five months of year

Serica Energy updated shareholders and the market on its operations and finances on Thursday, as investors gathered for its annual general meeting.

The AIM-traded firm said net year-to-date production to the end of May was 30,500 barrels of oil equivalent per day, compared to full-year production of 25,800 boe per day in 2018.

It said its 2019 full-year production guidance stood at between 26,000 and 30,700 boe per day.

Year-to-date realised sales prices for production to the end of May stood at around $35 per barrel of oil equivalent, down from $45 per boe for the 2018 full year.

Operating costs to the end of May stood at approximately $15 per barrel of oil equivalent, down from $18 per boe for 2018.

Cash, cash equivalents and term deposits stood at $112.3m as at 31 May, rising from $54.9m as at 31 December.