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Highlights
- Serica Energy PLC (LSE:SQZ) is an FTSE AIM UK 50 index-listed oil and gas company based in the United Kingdom.
- The company secured a revenue of 460.10 GBP million in FY22, nearly 52.65% up on pcp.
- For FY23, SQZ is expecting the production to be between 40,000 boe/d and 47,000 boe/d on a full-year basis.
FTSE AIM UK 50 index-listed Serica Energy PLC (LSE:SQZ) is a UK-based oil and gas company with exploration and development activities spanning across the United Kingdom, Ireland, Morocco, Namibia. It also holds economic interest in an oilfield offshore Norway. The company has its focus centered on building a diverse and balanced production portfolio.
For fiscal year 2022, the revenue of the company was registered at 460.10 GBP million, marking a growth of about 52.65% against 301.40 GBP million in FY21. Furthermore, there has been 60.98% surge in the profit for the year FY22, due to the revenue growth, which partially offset the increase in cost of sales and other expenses. The average net production increased by 18% to 26,200 boe/d from 22,200 boe/d in 2021.
SQG FY23 Outlook
For FY23, the company is expecting the production to be between 40,000 boe/d and 47,000 boe/d on a full-year basis. The combined operating cost is expected to remain below US$20 per boe, on account of 2023 hedging for 11,000 bbl/d at an average USD 58/ bbl and for 2024 close to 4,000 bbl/d hedged at an average USD 74/ bbl.
The management is working towards the plan to become net zero on carbon emission in the energy industry by 2050.
Stock Price Performance
The stock has witnessed a fall of ~8.31% in the last three months and over the last six months, it has fallen by ~24.98%. The stock has a 52-week high and 52-week low of GBX 454 & 200, respectively.
Data Source: EODHD/Others, Analysis done by Kalkine Group
Please note markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 30 June 2023. The reference data in this report has been partly sourced from EODHD/Others.
