Serica Energy, the North Sea oil and gas producer, expects to more than double its current output rate to around 65,000 barrels of oil equivalent per day (boepd) once a stalled production vessel returns to service.
And in its update, it told investors it is on track to move to the London Stock Exchange's Main Market this week, making it eligible for the FTSE 250 at the December index review.
The company maintained its full-year cash flow guidance of $450-475 million post-tax despite a mechanical fault at the Triton floating production vessel that has delayed its restart until around the end of November.
An engine in one of the power generation units requires replacing, but Serica said current production from the rest of its portfolio stood at over 40,000 boepd, bolstered by a Southern North Sea gas business acquired from Spirit Energy earlier this year.
Revenues reached $905 million in the nine months to September, more than double the $439 million recorded in the same period last year, with production up 44% at 37,100 boepd.
Chief executive Chris Cox said drilling at the Bruce hub in the northern North Sea was set to begin in the third quarter of 2027, with the operated drilling campaign alone capable of adding up to 30,000 boepd of incremental production.
Exploration drilling at the Skerryvore prospect, which targets gross unrisked resources of 135 million barrels of oil equivalent, is also planned for next year.
Serica said it continued to assess acquisition opportunities in the UK North Sea and internationally.
