Serica production guidance hit by Triton FPSO suspension

(Sharecast News) - Serica Energy announced a suspension of production at the Triton floating production, storage and offloading (FPSO) vessel on Thursday, following the discovery of an issue with a compressor seal. The AIM-traded firm said the repairs, managed by the FPSO operator Dana Petroleum, were expected to take two to four weeks, with production forecast for 2024 adjusted to approximately between 35,000and 36,000 barrels of oil equivalent per day.

It said the operational vulnerability at Triton was expected to persist until two-compressor operations were fully restored, which was expected to be completed in the first quarter of next year.

During the suspension, Serica's production from other assets, including the Bruce Hub, totalled around 28,000 equivalent daily barrels.

Of that output, 22,000 barrels per day equivalent was gas, benefitting from current elevated gas prices of 115p to 120p per therm.

At 1157 GMT, shares in Serica Energy were down 5.85% at 123.52p.

Reporting by Josh White for Sharecast.com.