Serica Energy
plc
("Serica" or the
"Company")
Acquisition of Interest in
Greater Buchan Area
London, 26 February 2024 - Further to the RNS
issued on 23 November 2023, Serica Energy plc (AIM: SQZ) announces
the completion of the acquisition by its wholly owned subsidiary,
Serica Energy (UK) Limited, of 30% non-operated interests in the
P2498 and P2170 licences (together the Greater Buchan Area ("GBA"))
from Jersey Oil & Gas ("JOG") (the "Transaction"). The partners
in the GBA are Serica Energy (UK) Limited (30%), NEO Energy (50%
and operator) and JOG (20%).
The Transaction provides Serica with
the option of participating in the re-development of the Buchan
field (formally re-named "Buchan Horst") and other potential
projects in the GBA, such as the development of the J2 and Verbier
discoveries. Subject to project sanction and regulatory approval,
the target for first production from Buchan is Q4 2026.
On completion, Serica made a cash
payment to JOG of US$7.5 million being US$6.8 million adjusted to
reflect an economic date of 1 April 2023 as previously reported.
The remainder of the potential consideration is in the form of a
Buchan development cost carry and contingent amounts linked to
certain future events as also reported in the RNS on 23 November
2023.
Mitch Flegg, Chief Executive of
Serica, commented:
"We are pleased to have completed this transaction which
creates the possibility of adding a third production hub to
Serica's North Sea portfolio. As a potential domestic source of oil
and gas with a low level of production emissions, a provider of
quality jobs for UK workers and a generator of much needed future
tax revenues, Buchan is the sort of project the UK needs as part of
the energy transition."
Enquiries:
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Serica Energy plc
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+44
(0)20 7390 0230
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Mitch Flegg (CEO) / Martin Copeland
(CFO) / Stephen Lambert (VP Legal and External
Relations)
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Peel Hunt (Nomad & Joint Broker)
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+44
(0)20 7418 8900
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Richard Crichton / David McKeown /
Georgia Langoulant
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Jefferies (Joint Broker)
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+44
(0)20 7029 8000
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Sam Barnett / Will Soutar
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Vigo Consulting (PR Advisor)
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+44
(0)20 7390 0230
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Patrick d'Ancona / Finlay
Thomson
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serica@vigoconsulting.com
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NOTES TO EDITORS
Serica Energy is a British
independent oil and gas exploration and production company with a
portfolio of UKCS assets.
Serica has a balance of gas and oil
production. The Company is responsible for about 5% of the natural
gas produced in the UK, a key element in the UK's energy
transition.
Serica's producing assets are
focused around two main hubs: the Bruce, Keith and Rhum fields in
the UK Northern North Sea, which it operates, and a mix of operated
and non-operated fields tied back to the Triton FPSO. Serica also
has operated interests in the producing Columbus (UK Central North
Sea) and Orlando (UK Northern North Sea) fields and a non-operated
interest in the producing Erskine field in the UK Central North
Sea.
Serica's portfolio of assets
includes several organic investment opportunities which are
currently being pursued or are under consideration.
Further information on the Company
can be found at www.serica-energy.com.
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.