Serica acquires additional interests in offshore UK assets

LONDON -- Serica Energy has signed an agreement to acquire further interests in the Bruce and Keith fields, UK North Sea, from Total E&P. Under the agreement, Serica will acquire a 42.25% interest in the Bruce field and a 25% interest in the Keith field and associated infrastructure. The acquisition has an effective date of Jan. 1, 2018.

The initial cash consideration for the BK Acquisition is $5 million, to be adjusted for working capital, with further cash consideration of $15 million to be paid in three $5 million instalments.

Mitch Flegg, Serica Energy CEO said, “We are delighted to have reached agreement with Total E&P to increase our stakes in the Bruce and Keith fields to 78.25% and 59.83% respectively. This further acquisition, following on from another transaction and coupled with the transfer of operatorship of the Bruce, Keith and Rhum fields to Serica UK, places us in a strong position to unlock increased value from the assets and benefit from economy of scale.”