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Serica Energy PLC on Monday said Tailwind Energy Investments Ltd reported strong first production at the Gannet GE-04 well. Serica, a UK North Sea-focused oil & gas exploration and production company noted that the final commissioning of the well is now complete. The well was first drilled late last year, and was completed in January. It belongs to Tailwind Energy, which Serica is in the process of acquiring. The £367 million purchase is expected to be completed in March. Production from the well via the Triton floating production storage and offloading unit has begun. The results were better than expected, with initial production rates over 10,000 barrels of oil per day. Shares in Serica were up 4.3% to 265.97 pence each in London on Monday morning. Chief Executive Officer Mitch Flegg said the firm was ‘delighted’ with the initial results. Deep Discoverer, a diving support vessel, was mobilised to the Triton area early this month to carry out the subsea tie-in of the well. ‘Including the Tailwind Acquisition assets, we have an exciting investment programme of value-adding activities throughout 2023 and 2024 which has started with the Gannet GE-04 well being brought onto production,’ Flegg said. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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