A pair of production updates and a completed acquisition shaped Thursday's oil and gas small-cap session. Serica Energy (LON:SQZ) closed its North Sea bolt-on deal, while Zephyr Energy (AIM:ZPHR) reported first-quarter output ahead of guidance, leaving Predator Oil & Gas (AIM:PRD) as the session's outlier after a pre-drill update failed to lift its shares.
Serica completes Catcher and Golden Eagle stake acquisitions for US$6.75m
Serica Energy (LON:SQZ) completed its acquisition from ONE-Dyas of a 10% interest in the Catcher field and a 5.21% interest in the Golden Eagle Area Development, with the settled consideration coming in at $6.75m. The deal adds established North Sea producing assets to Serica's portfolio at a modest headline price, reinforcing the company's strategy of growing output through targeted, low-cost acquisitions. Serica shares rose 3.03% to 279.0p on the news.
Zephyr Energy's Q1 non-operated output beats guidance at 918 boepd
Zephyr Energy (AIM:ZPHR) reported that its non-operated production averaged 918 barrels of oil equivalent per day across the first quarter, coming in above management's own forecast. The beat supports stronger cash flow generation from the non-operated portfolio and provides a positive operational backdrop as the company continues to develop its Utah acreage. The shares edged up 1.67% to 3.05p.
Predator sets 500 bopd target at Snowcap-3 with $52/bl pre-drill net-back
Predator Oil & Gas (AIM:PRD) outlined its commercial case for the Snowcap-3 well, targeting a production rate of 500 barrels per day against a pre-drill net-back of US$52 per barrel. Chief Executive Paul Griffiths said the company was keen to exploit the current window of positive sentiment before conditions shift. Despite the upbeat framing, the shares fell 5.84% to 3.225p, suggesting the market remained cautious ahead of the drill.
