Serica's share price drops after North Eigg disappointment
North Eigg scrambles Serica’s share price
One of the North Sea’s most anticipated exploration wells comes up short
UK independent Serica Energy’s share price dropped from just shy of 320p/share to under 280p/share by Wednesday’s close after it disclosed disappointing results from its North Eigg exploration probe close to its Rhum field in the Northern North Sea. While the well encountered hydrocarbons, commercial quantities have not yet been established, the firm said on Monday. At the well location, the objective sands were thinner than had been predicted but a total of 16ft of hydrocarbons-bearing sands were encountered, confirming the presence of hydrocarbons at a greater depth than at Rhum. Serica will now aim to determine if a future sidetrack location can be designed to better evaluate the volumes
Also in this section
28 May 2025
The country may have the resources, but sanctions and a lack of market access make its gas ambitions look very questionable
28 May 2025
Saudi Arabia and US relations can construct a new ‘field of dreams’, but opportunism may be the new rules of the game
28 May 2025
A shortage of options for the development of port infrastructure to service oil and gas majors is a stumbling block the country needs to overcome to fulfil its potential
27 May 2025
Country is boosting domestic energy production while targeting development of oil and gas reserves in Africa and Asia
