Serica Energy plc has announced the signing of an agreement to acquire the entirety of BP’s stake in the P111 and P2544 licenses, located in the UK Central North Sea. Completion is subject, inter alia, to the waiver of applicable preemption rights.
The Proposed Acquisition comprises a 32% non-operated working interest in the P111 license, containing the Culzean gas condensate field (‘Culzean’), and P2544, an exploration license adjacent to the P111 license. The Culzean field, operated by TotalEnergies, is currently the largest single producing gas field in the UK North Sea.
Chris Cox, Serica’s CEO, stated: “Should this transaction complete, it would deliver a step-change for Serica, adding material production and cash flows from the largest producing gas field in the UK. Culzean is a world-class asset, delivering gas from a modern platform with exceptionally high uptime and low emissions.”
As per the terms of the joint operating agreement between the Culzean field partners, the Proposed Acquisition announced today is subject to a pre-emption period which runs for 30 days, with each of the Culzean field partners (TotalEnergies, 49.99%, and NEO NEXT, 18.01%) having the option to acquire BP’s stake in the licences on the same terms as those agreed by Serica. The Company will update the market further as and when appropriate.
