LONDON, UK: Serica Energy plc, a leading UK oil and gas company in the North Sea, today announced that its CEO Mitch Flegg will step down after six years in charge. He will be replaced by the current Chairman David Latin on an interim basis until a permanent successor is found.

Flegg, who has been in the industry for 40 years, will remain as an adviser to Serica until June 2024. He led the company through the acquisition and integration of two major assets, BKR and Tailwind, which boosted Serica’s production and profitability.

The Board has started the search for a new CEO with the help of external advisers. The company will also host an event for analysts in Edinburgh on 7th and 8th February to provide more details on its operations and activities.

Mitch Flegg, Chief Executive Officer, commented: “It has been a great privilege to lead Serica since 2017 and to be part of building a strong platform with a great team. Serica is firmly established as a leading listed UK E&P Company and in a strong position following the Tailwind acquisition and planned changes to executive and Board positions. Now is the right time for me to help support the handover to a CEO to lead the next phase of Serica’s growth and development and I believe there is an exciting future ahead.”

David Latin, Chairman, said: “Mitch Flegg will leave with the profound thanks of the Board and our employees for his outstanding services over two periods at the Company, firstly between 2006 and 2015, and latterly as CEO at Serica over the past six years. Mitch has helped build and lead the Company through its recent evolution and has created a very strong platform of significant scale with a solid balance sheet. Serica is now well placed for further growth in service of increased shareholder value, to which the Board is committed as its top priority. With the executive team strengthened by the appointment of Martin Copeland as CFO and a depth of talent both within the management team and on the Board, we have an enviable platform for growth and delivery of value to shareholders and all stakeholders.”

Malcolm Webb, SID and Chairman of the Nominations Committee, said: “The Board is pleased that David Latin has agreed to lead the Company as an interim CEO after the annual results. He brings highly relevant experience, including having led the original formation of BKR and its safe and reliable operations for more than five years while at BP. While at OMV David led growth of an international portfolio through major capital projects and acquisitions in the UK, Norway and elsewhere, with more than 500 staff producing over 100 kboed.”