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LONDON - Serica Energy plc (AIM:LON:SQZ) shares jumped 4.4% on Thursday after the company provided an upbeat trading and operations update ahead of its Annual General Meeting.
The oil and gas producer reported strong production and highlighted progress on key projects despite recent operational challenges.
Serica said production averaged 26,500 barrels of oil equivalent per day (boepd) in the first four months of 2025.
The company expects to restart production at its Triton Hub around the end of June following maintenance work, with potential for output to exceed 25,000 boepd net to Serica once new wells come online.
CEO Chris Cox stated: "Maintenance work at Triton remains on track to restart production around the end of June, with the addition of new wells from the Guillemot North West and Evelyn fields providing the potential for production from the Triton Hub alone to surpass the 25,000 boepd net to Serica delivered earlier in the year."
The company reported cash of $129 million as of April 30, down from $148 million at the end of 2024.
Serica attributed the $19 million cash outflow to the lack of production from Triton since January, a $10 million payment for an acquisition, and $80 million in capital expenditures primarily for the Triton well program.
Serica maintained its 2025 production guidance of 33,000-37,000 boepd. The company also announced plans to move from AIM to the Main Market of the London Stock Exchange (LON:LSEG) in Q4 2025 to enhance its corporate profile and broaden access to investors.
"As we continue to focus on creating shareholder value both organically and through accretive M&A, our subsurface team is now focused on converting Kyle and future Bruce well volumes from resources to reserves," Cox added.
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