Serica Energy ( (GB:SQZ) ) just unveiled an update.
Serica Energy announced its audited financial results for 2024, highlighting challenges and strategic adjustments. Despite positive drilling results at the Triton field, production and cash flow have been impacted by issues at the Triton FPSO. The company is addressing these by advancing maintenance work, which should enhance uptime and production reliability. Serica’s subsurface analysis has led to a decrease in 2P reserves but a significant increase in 2C resources, indicating strong potential for future resource conversion. The company is rebalancing its capital allocation to focus on high-value projects and maintain competitive shareholder returns. Financially, Serica remains profitable and cash-generative, despite a decrease in profit before tax due to lower volumes and prices. The company maintains a robust balance sheet, with significant tax loss shelters supporting ongoing investment and growth strategies.
More about Serica Energy
Serica Energy plc is a British independent upstream oil and gas company operating in the UK North Sea. The company focuses on the exploration, development, and production of oil and gas resources, with a significant emphasis on maximizing shareholder value through strategic capital allocation and operational efficiency.
YTD Price Performance: 2.07%
Average Trading Volume: 1,550,041
Technical Sentiment Signal: Hold
Current Market Cap: £539.6M
See more data about SQZ stock on TipRanks’ Stock Analysis page.