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Serica Energy PLC - London-based oil & gas company - Says the North Eigg exploration well in the Northern North Sea spudded on Monday. If successful, Serica says the reservoir will be gas filled and provide low emissions gas to the UK domestic market during 2025 to 2035. ‘It is anticipated that a discovery at North Eigg would be developed utilising Serica's nearby 98% owned and operated infrastructure on the Bruce platform,’ the company notes.
Chief Executive Mitch Flegg says: ‘In a success case, this means that any development could utilise the existing production facilities on the Bruce platform, thereby reducing the need for extensive investment in new facilities and reducing the carbon footprint of the development and subsequent production period. Our internal estimates indicate that the field could contain unrisked prospective resources (P50 recoverable) of 60 million barrels of oil equivalent. Not only are the prospective resources valuable but we anticipate that the development could add significant life to the existing Bruce facilities.’
Serica says the results of the North Eigg well are expected in mid-October.
Current stock price: 308.50 pence, up 2,8%
12-month change: up 107%
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