UK's Serica Energy lowers annual production forecast on Triton delays

Serica Energy Cuts Annual Production Forecast After Triton Delay Extends

Serica Energy's Updated Production Outlook and Operational Highlights

Oct 19 (Reuters) - Britain's Serica Energy flagged a further delay to the restart of its Triton production vessel on Monday, prompting the oil and gas firm to lower its annual production forecast.

Company Statement and Key Updates

Here are details from the company:

Triton Production Timeline

• Triton production is expected to resume around the end of November. The planned maintenance began at the end of July and was set to end in about two months

Annual and Future Production Forecasts

• Serica expects 2026 production to average just below 40,000 barrels of oil equivalent per day (boepd), compared with its previous forecast of above that level

• The company expects production rates of around 65,000 boepd by the end of the year once production resumes at Triton

Financial Guidance and Strategic Initiatives

Cash Flow and Capital Expenditure

• It reaffirmed its annual post-tax cash flow from operations and capital expenditure guidance, strengthened by current gas prices and expansion in the North Sea

Mergers and Acquisitions Activity

• The company, which recently walked away from an offer for rival Pharos Energy, continues to look for merger and acquisition opportunities in the UK North Sea and overseas

Recent Production Performance

• Third-quarter production was 22,100 boepd, down around 56% from the previous quarter due to maintenance at its Bruce and Triton hubs

(Reporting by Simone Lobo in Bengaluru; Editing by Subhranshu Sahu)