Serica Energy buys 18% stake in North Sea project from BP subsidiaries

Oil and gas explorer Serica Energy has acquired a stake in the North Sea Erskine Field from BP Exploration Operating Company Limited and Britoil Limited, two subsidiaries of oil giant BP.

The group said that it now holds an 18% stake in UK blocks 23/26a and 23/26b containing the Erskine Field, located in the UK Central North Sea.

Serica said it has received $9m upon completion of the deal, while BP has been issued with 13.5m of Serica shares, which represent approximately 5% of the group’s enlarged issued share capital.

The London-listed group said the transaction would provide it with an immediate and long-term cash flow stream and approximately 3.3m barrels of oil equivalent of producing, proven and probable reserves added at completion at a cost per barrel of $4.

Serica shares were up 3.03% to 5.28p at 11:41 on Friday.