Serica Energy (AIM:SER) told investors it has signed a contract for the Odfjell Drilling-operated rig Beacon Pacific to run a multi-well North Sea drilling campaign targeting production growth across its UK Continental Shelf portfolio.
The London-listed oil and gas producer said the campaign could add up to 30,000 barrels of oil equivalent per day (boepd) of incremental production, helping sustain portfolio output of 50,000 boepd into the next decade. The contract covers six wells, with options for further activity.
Drilling is slated to start in the third quarter of 2027.
"Securing the rig is an important milestone in delivering our organic growth programme," said chief executive Chris Cox, noting the Bruce campaign is the field's first drilling programme in almost fifteen years, targeting "high-return infill wells with the potential for rapid payback."
The first wells will target the Bruce field, marking the first drilling there since 2012, with potential to add more than 10,000 boepd and first production around 12 months after drilling begins.
Serica has also identified the Kyla redevelopment, targeting more than 5,000 boepd from 10.1 million barrels of oil equivalent (mmboe) of 2P reserves, and the Edradour Royal Sovereign Spinnaker prospect (formerly referred to as Glendronach), targeting 4,000 boepd from 5 mmboe of 2C resources.
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The rig, a sixth-generation semi-submersible upgraded for operations to a depth of 620 metres, can also be used for plugging and abandonment work across the portfolio.
The Beacon Pacific contract follows Serica's finalisation of its Bruce drilling sequence in October, when the company first flagged plans for a multi-well campaign targeting up to 30,000 boepd of incremental production, with drilling set to begin in the third quarter of 2027 and first production expected within 12 months of spud.
