SQZ Biotechnologies (SQZ) Stock

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.

Serica Energy PLC (AIM:SQZ) described its second-half production as clearly disappointing and below the potential of its assets. The North Sea oiler, in a statement, said that production in 2024 averaged 34,600 barrels of oil equivalent per day (boepd) for 2024, with contributions of 19,800 boepd from the Bruce Hub, 9,000 boepd from the Triton Hub, and 5,800 boepd from other assets.

Serica Energy PLC (AIM:SQZ) has reported a temporary production halt on the Triton Floating Production Storage and Offloading (FPSO) facility, due to a potential gas seal failure. The issue, which was identified on October 26, did not result in any hydrocarbon leak, and the facility's operator, Dana Petroleum, is actively working to diagnose and execute the required repairs, Serica told investors.

Serica Energy PLC (AIM:SQZ) told investors its Bittern B6 well, in the UK North Sea, is now producing oil and gas at a combined gross rate of approximately 8,000 barrels of oil equivalent per day (boepd). The well, a side-track drilled from an existing well in the Triton field earlier this year, is flowing back to the Triton floating production vessel (FPSO).

Serica Energy PLC (AIM:SQZ) chief executive Chris Cox described the North Sea fiscal regime as “unjustifiably punitive” and said it may make future investment on the UK continental shelf challenging. “What is clear is that, thanks to our investment in our assets and our lean operating model, our producing assets remain cash generative, even after paying taxes at a rate of 75% today and due to rise to 78% from 1 November.