THE boss of Serica Energy is stepping down with the company in “its best ever health”.

North Sea-focused Serica told the City yesterday that Mitch Flegg will depart after 40 years in the industry and six years as its chief executive. He will leave after the publication of its results for 2023. It is due to release an operational update on February 5.

Serica has appointed chairman David Latin as interim chief executive until a long-term successor is brought on board.

It said Mr Flegg will leave the company in a strong position, declaring that he been “highly instrumental” in growing Serica into a leading independent oil and gas producer. He led Serica through the integration of the Bruce, Keith and Rhum assets in the North Sea in 2018, and the acquisition of Tailwind Energy in 2023, noting that he “leaves the company in its best ever health, very well positioned to deliver full value from its assets and exploit opportunities in the UK and beyond”.

Mr Flegg said: "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 (exploration and production) 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."

Mr Latin 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.”

Shares in Serica closed down 2.65% at 206p.