The head of Serica Energy has downplayed the chances of success at its North Eigg exploration well due to be spudded later this summer, but maintains the prospect is a good one.
Serica Energy enjoyed an “outstanding year” in 2021 as gross profits surged to £386.8 million, reversing £2.9m losses the prior year, amid a huge bump to commodity prices.
“A really opportune moment” beckons for Serica Energy, according to chief executive Mitch Flegg, with gas prices strong, new production online and, since the turn of the year, reaching a major milestone for its North Sea business.
Serica Energy has issued an update on export flows from its 14million-barrel Columbus field following the start-up of production last month.
Serica Energy is on track to drill the North Eigg exploration well in summer next year, its CEO has said.
Serica Energy has confirmed preparations are underway to drill the North Eigg gas prospect after strengthening its “financial and operational foundations” in 2020.
Serica energy has started drilling the development well for its 14million-barrel Columbus project in the North Sea, which was delayed by Covid.