Serica Energy (AIM: SQZ) - “Creating a position of strength relative to peers”
AimZine microcap comment
Serica Energy (AIM:SQZ) issued an Operations Update on Monday (14 December) in which it reported strong production results from its North Sea Operations. The Company reported that production (net to Serica) had averaged 3,300 Barrels of Oil Equivalent (boe) per day during September and October with operating costs below $20/boe at current production rates.
Serica reported that cash resources had risen to over $20 million at the 30 November 2015. With minimal expenditure commitments and no borrowings the Company is in a strong position. Furthermore, Serica, which has a market capitalisation of just over £20 million, indicated that it expects its cash pile to continue to grow during 2016.
Serica Energy (AIM:SQZ) http://www.serica-energy.com/ Serica describes itself as an independent oil and gas company with production, development and exploration licence interests in the UK North Sea and exploration licence interests in Ireland, Morocco and Namibia. The Company has made good progress since its last update at the end of September. It reported that its Erskine field and associated infrastructure have continued to perform strongly, averaging over 3,300 barrels of oil equivalent (boe) per day net to Serica for October and November compared to 3,100 boe per day reported for the period from mid-year to end September. The Company is encouraged…