Update on production at Triton FPSO
Summary by AI BETAClose X
10 September 2025
Serica Energy plc
('Serica' or 'the Company')
Update on production at Triton FPSO
Serica Energy plc (AIM: SQZ) announces that, following a successful ramp up which helped wider portfolio production reach over 55,000 boepd in mid-August, the operator of the Triton FPSO, Dana Petroleum, has notified Serica of a temporary reduction in production while further maintenance takes place. In addition, Dana has also notified the Company that subsea intervention work on the Bittern field has been scheduled for November 2025. The resultant production deferrals mean that Serica's production guidance for 2025 has been reduced to 29,000 to 32,000 boepd (previously 33,000 to 35,000 boepd).
Due to a vibration issue within the compression trains on the Triton FPSO, production is currently running at a significantly reduced rate. Following the required repairs, normal production operations are expected to resume around the end of September. Work is currently continuing to deliver two compressor operations, which will facilitate the full ramp up of production at the FPSO. Production net to Serica from the Triton FPSO reached over 25,000 boepd in August, and running with two compressors can deliver an increase from this figure through the addition of production from the EV-02 well on the Evelyn field.
Work on the Bittern field subsea infrastructure, which is scheduled to take three weeks to complete, is to address an emerging vulnerability. The work scope had previously been removed from the outage in summer 2025 and was expected by Serica to be completed in 2026, but the operator has now confirmed that it will take place in November this year. Given the location of the pipework, in addition to the Bittern field this will also halt production from the Evelyn and Gannet fields, resulting in a temporary reduction of over 20,000 boepd net to Serica.
The technical information contained in the announcement has been reviewed and approved by Fergus Jenkins, VP Technical at Serica Energy plc. Mr. Jenkins (MEng in Petroleum Engineering from Heriot-Watt University, Edinburgh) is a Chartered Engineer with over 25 years of experience in oil & gas exploration, development and production and is a member of the Institute of Materials, Minerals and Mining (IOM3) and the Society of Petroleum Engineers (SPE).
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
-end-
Enquiries:
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Serica Energy plc |
+44 (0)20 7487 7300 |
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Martin Copeland (CFO) / Andrew Benbow (Group Investor Relations Manager) |
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Peel Hunt (Nomad & Joint Broker) |
+44 (0)20 7418 8900 |
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Richard Crichton / David McKeown / Emily Bhasin |
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Jefferies (Joint Broker) |
+44 (0)20 7029 8000 |
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Sam Barnett |
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Vigo Consulting (PR Advisor) |
+44 (0)20 7390 0230 |
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Patrick d'Ancona / Finlay Thomson |
serica@vigoconsulting.com |
NOTES TO EDITORS
Serica Energy is a British independent oil and gas exploration and production company with a portfolio of UKCS assets. Serica has a balance of gas and oil production. The Company is responsible for about 5% of the natural gas produced in the UK, a key element in the UK's energy transition.
Serica's producing assets are focused around two main hubs: the Bruce, Keith and Rhum fields in the UK Northern North Sea, which it operates, and a mix of operated and non-operated fields tied back to the Triton FPSO. Serica also has operated interests in the producing Columbus (UK Central North Sea) and Orlando (UK Northern North Sea) fields and a non-operated interest in the producing Erskine field in the UK Central North Sea.
Serica has a two-pronged strategy for growth comprising investment in its existing portfolio and M&A. Further information on the Company can be found at www.serica-energy.com. The Company's shares are traded on the AIM market of the London Stock Exchange under the ticker SQZ. To receive news releases via email, please subscribe via the Company website.
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