Serica Energy has announced its maiden dividend to “reward shareholders” despite the challenges of Covid-19.
At its Annual General Meeting on Thursday, the board approved the payout of three pence per share, praising the firm’s “robust” financial position.
In its full-year results, published in April, Serica Energy celebrated a three-fold increase in pre-tax profits, adding that Covid-19 had not brought any disruption to production.
During the AGM, the firm said it remains in “growth mode as it looks for new investment opportunities,” however it still has “room for a measured distribution policy to reward shareholders for their continuing support”.
While daily production has not been hit, future projects such as the Columbus development have been delayed due to the virus.
Bruce, Keith and Rhum are the firm’s main operating assets which it acquired from a range of operators including BP in 2018.