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
11 August 2025
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
