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April 15, 2021, 3:06 a.m. EDT

Serica Energy profit plunges on production, prices

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By Jaime Llinares Taboada

Serica Energy PLC on Thursday reported a significantly lower profit for 2020, reflecting lower prices and the 45-day shut-in of BKR production in the first half.

The independent oil-and-gas producer made a pretax profit of 12.5 million pounds ($17.2 million) last year, down from GBP108.8 million in 2019.

Revenue halved to GBP125.6 million from GBP250.3 million, as production fell 21% and prices were down around 33%.

The board recommended a dividend of 3.5 pence a share, up from 3.0 pence a share a year earlier.

The company said commodity prices have recovered since the fourth quarter, with gas prices reaching levels not seen since 2018.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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