Serica Energy hoping to secure new long-term license for Rhum field

(Sharecast News) - UK Continental Shelf-focused oil explorer Serica Energy has announced that its license to operate the part-owned Rhum field has been extended by two months. The AIM-listed firm, which is responsible about 5% of the natural gas produced in the UK, said that the OFAC License and secondary sanctions assurance relating to its 50%-owned Rhum asset have been extended to 31 March 2025.

This extension is to allow the processing of the company's application "for a new long-term license to be completed following the transition in US Administrations", Serica said.

Until then, the license and assurance permit certain entities to continue providing goods, services and support to the Rhum field.

Serica operates the neighbouring Bruce, Keith and Rhum fields in the UK Northern North Sea, with the license for the latter having been held continuously since 2013.