As its CEO heads for the exit, Serica hand-picks interim one to step in his shoes

UK-based oil and gas company Serica Energy has disclosed the appointment of an interim Chief Executive Officer (CEO), who will succeed its current CEO after he steps down from the role.

Mitch Flegg, who has some forty years of experience in the industry, including six years as CEO of Serica, will step down from this role and as a director of the company after the publication of the firm’s 2023 full-year financial results. However, Flegg will remain as an adviser to Serica until after the UK player’s 2024 AGM, which is expected to be held in June 2024.

Commenting on this, Flegg underlined: “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.”

According to Serica, Flegg has been highly instrumental in growing the firm to be one of the UK’s leading independent oil and gas companies. Having led Serica through the integration of the Bruce/Keith/Rhum (BKR), assets acquired in 2018, and the acquisition and integration of Tailwind Energy Limited in 2023, he leaves the UK firm well-positioned to deliver full value from its assets and exploit opportunities in the UK and beyond.

Furthermore, David Latin, the current Chairman of the board, will take on the role of Interim CEO at Serica until a long-term successor is appointed. The company’s board has embarked on a search for a successor with the appropriate skill set to lead it through the next phase of its development. The search for a new CEO will be led by Malcolm Webb, Chairman of the Nominations Committee and SID, supported by external advisers.  

Latin highlighted: “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.”

Serica is scheduled to release an operational trading update on February 5, 2024, and will host an event for sell-side analysts in Edinburgh on February 7-8 with both Latin and Flegg in attendance together with Copeland and members of the management team, who will be providing greater detail on the firm’s operations and planned activity program.

Webb stated: “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.”

Recently, Serica agreed with Jersey Oil & Gas to buy a partial stake in an asset on the UK Continental Shelf (UKCS), which would enable it to participate in the HitecVision-backed NEO Energy’s redevelopment project and other potential developments.