Serica gets two-year extension to waivers on US sanctions at Rhum

(Sharecast News) - Serica Energy announced on Thursday that it has secured a two-year renewal of its US Office of Foreign Assets Control (OFAC) licence and secondary sanctions assurance for the Rhum gas field, extending the licence until 28 February 2027. The AIM-traded firm said the previous extension had been set to expire on 31 March this year.

It said the licence allows US and US-owned or controlled entities, as well as all non-US entities, to continue providing goods, services, and support to the Rhum field, in which Serica holds a 50% interest.

The field had operated under an OFAC license continuously since 2013, ensuring compliance with US regulations while enabling continued production and development activities.

Rhum field, located offshore 205 miles northeast of Aberdeen, has been under US sanctions since 2013, as Iranian Oil UK - a subsidiary of the National Iranian Oil Company (NIOC) - holds a 50% interest in the field.

A series of waivers have allowed US entities to be involved in the field's operation and its product after ownership of NIOC's shares were reportedly transferred to a Jersey trust, allegedly preventing the Iranian state from benefiting from Rhum economically.

At 1457 GMT, shares in Serica Energy were up 1.52% at 127.3p.

Reporting by Josh White for Sharecast.com.