Serica Energy Plc (LSE: SER) has announced that it has signed a contract for an Odfjell Drilling operated rig, the Beacon Pacific, to execute a multi-well UK Continental Shelf (UKCS) drilling campaign. The campaign targets high-return, near-field opportunities across Serica's portfolio.

The opportunities targeted by the campaign have the potential to add up to 30,000 barrels of oil equivalent per day (boepd) of incremental production for Serica, helping sustain portfolio production of 50,000 boepd into the next decade.

A sixth-generation semi-submersible

The Beacon Pacific is a sixth-generation semi-submersible rig, upgraded for operations to a depth of 620 metres.

According to Serica, it is capable of addressing the full range of the company's identified drilling opportunities, with the option to also use the rig to undertake required plugging and abandonment activity.

The contract encompasses a firm scope of six wells, along with further options for additional activity. Drilling is expected to commence in Q3 2027.

Bruce field returns to drilling after more than a decade

The first wells of the campaign will be drilled at the Bruce field, the first drilling there since 2012, targeting more than 10,000 boepd of incremental production. Potential first production from the Bruce wells is approximately 12 months from drilling commencing.

Chris Cox, Serica's CEO, described the rig contract as an important milestone in delivering the company's organic growth programme.

"Our first campaign will be at Bruce, the field's first drilling programme in almost fifteen years, where we are targeting high-return infill wells with the potential for rapid payback," he said.

Cox added that utilising the Beacon Pacific also gives Serica the operational flexibility to progress additional opportunities across Kyla and the Greater Laggan Area, following partner and regulatory approval, maintaining momentum in the company's wider UKCS portfolio.

What the campaign is targeting

Serica's announcement set out the drilling opportunities in scope, together with the reserves and resources targeted, the initial production potential net to Serica, and the time to production from the start of drilling:

The Bruce infill drilling programme targets 18.6 million barrels of oil equivalent of 2P reserves, with an initial production potential of more than 10,000 boepd net to Serica and a time to production of 12 months from the start of drilling.

The Kyla redevelopment targets 10.1 million boe of 2P reserves, with initial production potential of more than 5,000 boepd and a time to production of five months.

The Edradour, Royal Sovereign, and Spinnaker opportunities, with Edradour formerly referred to as Glendronach, target 5 million boe of 2C resources, with an initial production potential of more than 5,000 boepd and a time to production of six months.

The Tormore opportunity, for which reserves and resources are yet to be confirmed, has an initial production potential of 4,000 boepd and a time to production of six months.

Serica's UKCS portfolio

Serica Energy is an independent British oil and gas company with a broad portfolio of assets located in the UK Continental Shelf.

The company operates assets that deliver around 10% of the UK's gas production and has invested over USD 1.12 billion in the UK supply chain since 2020. Serica maintains a broadly balanced output of oil and gas across its operations.

The company's key producing assets are grouped around two major hubs: the Bruce, Keith, and Rhum fields in the Northern North Sea, where Serica is the operator; and a mix of operated and non-operated fields connected to the Triton FPSO in the Central North Sea.

Serica also holds a significant position in the Southern North Sea, including a 15% stake in the Cygnus field and 25% in Clipper South, and a notable position west of Shetland, including a 40% operated stake in the Greater Laggan Area offshore fields and the associated Shetland Gas Plant.

Serica aims to create shareholder value through a mix of production from existing oil and gas fields, organic investment, and M&A. The company's shares trade on the Main Market of the London Stock Exchange under the ticker SER.

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