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Oil & Gas

Serica Energy's Triton FPSO hit by further frustrations

Serica Energy PLC (AIM:SQZ) shares dropped in Wednesday's early trade after it reported more problems at the Triton FPSO, in the North Sea, where there's an issue with a flaring system.

This latest interruption began on 30 September, though according to the operator, Dana Petroleum, production is likely to restart shortly.

Production rates are expected to be severely limited, however, until the root cause of the problem is identified and resolved.

"It is incredibly frustrating to once again be reporting on a non-operated asset that should be performing better than it is," chief executive Chris Cox said.

"We are stepping up talks with the operator regarding the future running of the Triton FPSO, aiming to deliver a more robust performance for all stakeholders with production levels that match the subsurface potential."

Previously, earlier in September, operations were hindered by other mechanical issues involving a compressor system.

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