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Serica Energy PLC - London-based oil & gas company - Says commodity prices have been ‘exceptionally strong’ since the start of 2022 with a resulting positive impact on income. July gas price to date stands at 191.8 pence per therm, up compared to 124.8 pence in June. ‘The 2022 year-to-date gas price has averaged 177p/therm which is significantly higher than the 2021 full year average of around 113p/therm,’ it notes.
It also announces that results from two wells from Light Well Intervention Vessel campaign on Bruce in the UK northern North Sea are at the upper end of expectations. ‘It is expected that there will be an uplift to our independently assessed reserves,’ Serica notes.
Average net production in July is over 29,150 barrels of oil equivalent per day and year-to-date average net production is 26,832 barrels per day. Serica says its full year production guidance remains unchanged at between 26,000 and 30,000 barrels per day.
Current stock price: 351.39 pence, up 3.8% in London on Wednesday
12-month change: up sharply from 144.8p on July 20, 2021
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