Serica jumps on UK offshore licence awards
Serica Energy, the oil and gas explorer, put on a spurtafter announcing it had been offered two production licences in the UK government's offshore licensing programme.
Serica Energy, the oil and gas explorer, put on a spurtafter announcing it had been offered two production licences in the UK government's offshore licensing programme.
Block 110/8b in the East Irish Sea has been offered to Serica as operator with a 100% interest while a collection of other blocks near Centrica's York field have been offered to a consortium in which Serica has a 37.5% stake.
Serica's Chief Executive Tony Craven Walker said of the awards:
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We intend to seek a partner to join us in East Irish Sea Block 110/8b with a view to extending the exploration programme in this block and have already commenced discussions."
In a separate announcement Serica says that the Namibian Minister for Mines and Energy, Isak Katali, has signed a so called "petroleum agreement" which will allow Serica to begin exploration operations at the central Luderitz Basin.
To secure the approval, Serica had to pay $1m in cash to the state oil company NAMCOR and hand over $2m in shares.
At 9.19am Serica shares were 8.19% up on yesterday's close. In the last 12 months the stock is down 50%.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Hargreaves Lansdown slashes fees for ISA and SIPP investors - how does it compare to other providers?
Hargreaves Lansdown, the UK’s biggest investment platform, has dropped its fees by 40%, to their lowest ever level, for certain customers. Is it a good deal, and how does it compare to other providers?
By Ruth Emery
-
BP's 'long, painful decline' – and why next year could be even tougher
Opinion Long-suffering shareholders in oil giant BP have been pushing for change. It won’t come soon enough, says Matthew Lynn
By Matthew Lynn