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  • Serica Energy plc: Acquisition of Total E&P’s Interests in Bruce and Keith
    édité le 03/08/2018 - Plus de news de "Serica Energy" - Voir la fiche entreprise de "Serica Energy"

Serica Energy plc: Acquisition of Total E&P’s Interests in Bruce and Keith
Serica Energy plc is pleased to announce that Serica Energy (UK) Limited (“Serica UK”) has signed a Sale and Purchase Agreement (“SPA”) to acquire further interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea from Total E&P UK Limited (“Total E&P”) (“BK Acquisition”). Under the SPA, Serica UK will acquire a 42.25% interest in the Bruce field and a 25% interest in the Keith field and associated infrastructure (“BK Assets”). The BK Acquisition has an effective date of 1 January 2018 and completion will be subject to completion of the previously announced acquisition of interests in the Bruce, Keith and Rhum fields from BP (“BKR Transaction”). The BK Acquisition is also subject to inter alia certain regulatory, government and partner consents with completion targeted for the end of Q3 2018.

About the BK Assets

The net 2P Reserves attributable to the BK Assets as at 1 July 2018 are estimated to amount to approximately 11mmboe. These reserves will provide a significant addition to the estimated 2P Reserves of approximately 49mmboe attributable to Serica (assuming completion of the BKR Transaction) reported at the time of the BKR announcement.

The Bruce field was discovered in June 1974 and is located in the UK Northern North Sea, 350 km northeast of Aberdeen at a water depth of 122 metres and with an area of approximately 75 km². Field development was approved in 1990 and production started in 1993. Production is primarily gas with associated condensate and NGLs. The field produces from 11 reservoir units, separated by faulting and has had a cumulative production since 1993 of over 3tcf. To date there are over 60 well penetrations in the field with 21 producing wells.

The Keith field lies 6.8 km to the southwest of the Bruce field in a water depth of 120 meters and has been developed as a subsea tie-back to the Bruce complex. The Keith field was confirmed as a separate field to Bruce after drilling in 1987 and first came on production in 2000, with a second phase of development in 2002.

No further capital programmes are planned on Keith as the field is in the final stages of its producing life.

Subject to completion of the BK Acquisition, Serica UK intends to continue production from its single well as long as economically viable, but the well is currently scheduled to cease production in 2019.

Wet gas from the Bruce and Keith fields is processed at the Bruce complex and then transported via a 6 km spur line through the Frigg pipeline to St. Fergus for Natural Gas Liquids extraction. Dry gas is delivered as part of a commingled gas stream at St. Fergus into the National Transmission System. NGLs are extracted at St. Fergus and transported via a 12-inch diameter, 22 km pipeline to Cruden Bay. The condensate is separated
at the Bruce complex then exported via a 24-inch diameter line, 254 km to the Forties Unity platform. The liquids are then transported via the 36-inch diameter Forties pipeline 240 km to Cruden Bay, then overland to Grangemouth.

The BK Assets include the Bruce field facilities which comprise three bridge-linked platforms. There is a production platform housing a crew of up to 168 with production and utilities equipment. The second platform is a drilling platform, with the third platform hosting reception and compression facilities.

The BK Assets being acquired generated an operating profit before interest, taxation, depletion and amortisation of US$33.8 million for the year ended 31 December 2017 based on unaudited financial information extracted from the Total E&P accounting records.

About Serica Energy

Serica Energy (AIM: SQZ) is an oil and gas exploration and production company with exploration, development and production assets in the UK and exploration interests in the Atlantic margins offshore Ireland and Namibia.

Serica holds an 18% non-operated interest in the Erskine field in the UK Central North Sea and a 50% operated interest in the Columbus field scheduled to commence development in 2019.

In November 2017 Serica announced the BKR Transaction under which Serica UK will acquire interests in the Bruce, Keith and Rhum fields in the North Sea and associated infrastructure from BP. Under the terms of the BKR Transaction Serica UK will acquire a 36% interest in Bruce, a 34.83% interest in Keith and a 50% interest in Rhum. The deal has an effective date of 1 January 2018. Completion of the BKR Transaction is targeted to take place at the end of Q3 2018.

The Rhum field is owned under a 50:50 unincorporated joint arrangement between BP and Iranian Oil Company (U.K.) Limited (IOC). In 2015, the US and the EU implemented temporary, limited and reversible relief of certain sanctions related to Iran pursuant to a Joint Comprehensive Plan of Action (“JCPOA”). On 29 September 2017, BP obtained a specific OFAC Licence relating to the ongoing operation of the Rhum field, such licence expiring on 30 September 2018. In May 2018, the U.S. government announced its planned withdrawal from the JCPOA, and tasked the US Office of Foreign Assets Control (“OFAC”) with implementing the full re-imposition of both primary and secondary sanctions in respect of Iran by the end of a wind-down period, which, for Rhum, expires on 4 November 2018. BP and Serica are actively engaged in discussions with both UK and US governments with the aim that the Rhum field can continue to operate during this wind-down period and thereafter.

The Company is listed on the AIM market of the London Stock Exchange under the ticker SQZ and is a designated foreign issuer on the TSX.

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.

Origine : Communiqué Serica Energy

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