Serica Energy Says North Eigg Well Costs to Rise GBP3 Mln After Drilling Delayed

Serica Energy PLC said Wednesday that drilling at the North Eigg exploration well has been delayed and that net well cost after tax is expected to rise by around 3 million pounds ($3.4 million).

The U.K. gas producer said operations at the site in the North Sea should take six weeks longer than previously planned to complete and results from the well should now be available in December 2022.

The program was delayed by an equipment failure, it said.

"The technical delays encountered on this project are extremely frustrating but do not impact either the chance of success or the significant prospective volumes of this exploration prospect," Chief Executive Mitch Flegg said.

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