Serica Energy flags production hit after Triton FPSO flare issue
Upstream oil and gas firm Serica Energy Plc said on Wednesday that production from the Dana Petroleum-operated Triton FPSO was temporarily suspended from 30 September due to a flare system issue.
Serica said Dana Petroleum expects output to resume shortly, but warned that rates would be severely restricted until the root cause has been identified and resolved.
As a result, Serica now expects production to fall below its previously guided range of 29,000 to 32,000 barrels of oil per day.
The AIM-listed firm had previously reported a vibration issue in the FPSO's compression trains, with remedial work on the A compressor completed on 23 September.
Chief executive Chris Cox said: "It is incredibly frustrating to once again be reporting on a non-operated asset that should be performing better than it is. 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."
As of 1005 BST, Serica shares had sunk 13.44% to 184.80p.
Reporting by Iain Gilbert at Sharecast.com
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