London - Serica Energy plc (AIM: SQZ) is delighted to announce that it has received a renewed License and secondary sanctions assurance from the US Office of Foreign Assets Control relating to the North Sea Rhum field, in which the company has a 50% interest.

The License and assurance will allow certain U.S. and U.S.-owned or controlled entities and also non-U.S. entities to continue providing goods, services and support to Rhum beyond 28 February 2021; when the current License was due to expire. This will enable operations and production from the Rhum field to continue unaffected.

The previous OFAC License was valid for a period of 16 months. In this case OFAC has issued the License for a period up to 31 January 2023. The License may be renewed on application by Serica assuming the conditions continue to be met.

Serica today also releases a Corporate Update presentation for the year ended 31 December 2020 which can be found on the Company's website at www.serica-energy.com

Contact:

Tel: +44 (0)20 7390 0230

NOTES TO EDITORS

Serica Energy is a British independent oil and gas exploration and production company with a portfolio of exploration, development and production assets.

Serica is the operator of the producing Bruce, Keith and Rhum fields in the UK Northern North Sea, holding interests of 98%, 100% and 50% respectively. Serica also holds an 18% non-operated interest in the producing Erskine field in the UK Central North Sea and a 50% operated interest in the Columbus Development.

Rhum is a gas condensate field producing from two subsea wells, R1 and R2, tied into the Bruce facilities through a 44km pipeline. Rhum production is predominantly gas which is exported to St Fergus for delivery into the National Transmission System. Small quantities of associated condensate are exported onshore via the Forties Pipeline System.

The Company's shares are traded on the AIM market of the London Stock Exchange under the ticker SQZ and the Company is a designated foreign issuer on the TSX. To receive Company news releases via email, please subscribe via the Company website.

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