StockMarketWire.com - Serica Energy posted a large rise in annual profit after it booked a one-off accounting gain associated with its acquisition of the Bruce, Keith and Rhum fields in the North Sea.

Operating earnings, however, fell due to transition costs associated with the deal.

Pre-tax profit for the year through December jumped to $59.2m, up from $10.8m on-year.

Operating earnings fell 36% to $9.1m, but gross profit rose 30.1% to $25.2m.

'Serica has established itself as one of the leading independent UKCS operating companies and has assembled a talented and motivated operating team,' chief executive Mitch Flegg said.

'We intend to use these skills to continue to optimise the value of all of our assets.'

'In particular we aim to extend the field life of the BKR assets by concentrating on enhancing recovery and reducing costs through eliminating unnecessary complexity.'

'The multi-disciplinary team is already delivering exceptional results as demonstrated by the continued strong production during the first four months of Serica BKR operatorship.'


At 9:51am: [LON:SQZ] Serica Energy PLC share price was +14.3p at 128.3p



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