UK independent explorer Serica welcomed the clarity on investment allowances in the Autumn Budget in a November 26 trading update. It said its portfolio would generate material cash to shareholders.
“The remainder of the Triton well campaign will continue to benefit from full tax relief, and the retention of allowances opens up opportunities in the wider portfolio. Our subsurface team are continuing to work up options for the untapped potential around the Bruce Hub,” it said in a November 26 stock exchange notice.
“With the successful results from the B-6 well on Bittern expected to be followed shortly by the Gannet GE-05 well, our key focus is now working to translate these results into more robust production performance than we have seen in recent months,” it said. The Autumn Budget said that there would be no further changes to the Energy Profit Levy or to associated reliefs.
https://www.serica-energy.com/
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