Serica Energy Expands its North Sea Footprint with Major Acquisition

Serica Energy announced it will acquire exploration and production assets from Parkmead Group Plc for 5 million pounds. This deal includes stakes in key North Sea projects, enhancing Serica's position. Additional payments depend on development approvals. The acquisition positions Serica as the operator for Skerryvore.

In a strategic move, Serica Energy has agreed to purchase key exploration and production assets from Parkmead Group Plc. The initial investment is valued at 5 million pounds, marking a significant step for Serica's expansion efforts in the North Sea.

This agreement involves Serica acquiring all shares of Parkmead (E&P) Ltd, including stakes in two critical North Sea licenses: a 50% share in the Skerryvore project and another 50% in the Fynn Beauly license.

Additional payments, amounting to 9 million pounds, will be made over the next three years, contingent on achieving specific development milestones. This deal not only increases Serica's stake but also solidifies its role as the operator for Skerryvore, with completion expected in early 2025.

(With inputs from agencies.)