Serica Energy plc Receipt of OFAC License and Assurance for Rhum (9302Q)
24 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMSQZ
RNS Number : 9302Q
Serica Energy plc
24 October 2019
Serica Energy plc
("Serica" or the "Company")
Receipt of OFAC License and Assurance for Rhum
London, 24 October 2019 - Serica Energy plc (AIM: SQZ) is
pleased to announce that it has received a renewed License and
secondary sanctions assurance from the US Office of Foreign Assets
Control ("OFAC") relating to the North Sea Rhum field, in which
Serica has a 50% interest. The License and assurance will allow
certain U.S. and U.S.-owned or controlled entities and also
non-U.S. entities to continue providing goods, services and support
to Rhum beyond 31 October 2019; when the current License expires.
This will enable operations and production from the Rhum field to
continue unaffected. Previously OFAC Licenses have been valid for a
period of one year, but in this case OFAC has issued the License
for an extended period up to 28 February 2021. The License may be
renewed on application by Serica assuming the conditions continue
to be met.
Mitch Flegg, Chief Executive of Serica Energy, commented:
"In production terms during Q2 2019 Rhum was the third largest
gas field on the UKCS*. The receipt of the renewed and extended
License and assurance is an excellent outcome which protects this
valuable British asset.
Serica appreciates the support of the UK Oil and Gas Authority
(OGA) and the relevant departments of the UK Government for its
application."
*OGA Statistics for the most recent quarter available
ENDS
Enquiries:
Serica Energy plc +44 (0)20 7457 2020
Tony Craven Walker, Executive Chairman
Mitch Flegg, CEO
Peel Hunt (Nomad & Joint Broker) +44 (0)20 7418 8900
Richard Crichton / Ross Allister / James
Bavister
Jefferies (Joint Broker) +44 (0)20 7029 8000
Tony White / Will Soutar
Instinctif Partners +44 (0)20 7457 2020
David Simonson / Sarah Hourahane / Dinara serica@instinctif.com
Shikhametova
NOTES TO EDITORS
Serica Energy is a British independent oil and gas exploration
and production company with exploration, development and production
assets in the UK and exploration interests offshore Namibia.
Towards the end of 2018, Serica completed transactions which
resulted in Serica UK holding a 98% interest in the Bruce field, a
100% interest in the Keith field and a 50% interest in the Rhum
field and being operator of all three fields and asset
infrastructure.
Serica holds an 18% non-operated interest in the producing
Erskine field in the UK Central North Sea and a 50% operated
interest in the Columbus Development which has been approved by the
OGA and has commenced development.
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 and the Company is a designated
foreign issuer on the TSX. To receive Company news releases via
email, please subscribe via the Company website.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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