Serica Energy PLC (AIM:SQZ) told investors that its outlook for 2025 is “promising”, highlighting ongoing work to “increase asset reliability”.
The North Sea oil and gas producer reported its performance for 2024, in which amounted to 34,600 barrels of oil equivalent per day (boepd), down from 40,100 boepd, due to unplanned downtime for the Triton floating production facilities.
Revenue was $726 million, versus $920 million, meanwhile spending at Triton, including new drilling saw group capex rise to $260 million.
Serica said it ended 2024 with $148 million of cash, and its net debt stood at $71 million.
"The outlook for 2025 is promising, with ongoing work to increase asset reliability and further positive results from the Triton drilling programme expected to boost production and help deliver material free cash flow,” chief executive Chris Cox said in a statement.
“We demonstrated our commitment to shareholder distributions in 2024 and we expect substantial cash generation in 2025 to allow us to continue delivering material direct returns to our shareholders, while simultaneously continuing investment in our portfolio to unlock further value.”
Cox added: “The five-well drilling campaign at Triton is now half-way through and delivering excellent results, with the Gannet GE05 well performing ahead of expectations.”
“This is a further example of the opportunities that our subsurface team are able to find on mature fields, offsetting natural decline.”