Serica Energy wraps up acquisitions of North Sea fields

Serica Energy completed its acquisition of the Bruce, Keith and Rhum fields and associated infrastructure in the UK North Sea from BP, leading to the readmission of its shares to AIM after the reverse takeover necessitated their suspension.

The exploration and development outfit also snapped up interests in the same three fields from Billiton, Total and Marubeni Oil and Gas.

As a result of the acquisitions, Serica became the operator of the three fields and holds a 98% interest in Bruce, a 100% interest in Keith and a 50% interest in Rhum.

Serica will make an initial payment of $22m to receive a 40% share of the net cash flow from the fields' year-to-date activities.

Chairman Tony Craven-Walker, said: "The acquisitions, once complete, are transformational for Serica firmly placing us as one of the leading 'mid-tier' independent exploration and production companies operating in the UK North Sea."

As of 1510 GMT, Serica shares had dipped 1.78% to 131.61p.