Upstream oil and gas company Serica Energy PLC expects net production this year to range between 40,000 and 47,000 of barrels of oil per day (boe/d).
That is almost double the output for 2022, which averaged 26,182 boe/d.
The company said early production in 2023 was slightly lower than the average due to maintenance work on a gas compressor, but it has now been returned to service.
At 9.07 am, the shares were trading sideways at 242.17p.
City broker Peel Hunt reiterated its ‘buy’ advice and 437p a share price target following Serica’s update.
“The near-term tie-in of the GE-04 [well] will boost this further and underpin a meaningful increase to [more than] 45,000 boe/d,” it told investors.