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.

Serica Energy

131.00p

15:45 15/11/24

4.80%

6.00p

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.