Serica Completes Acquisition of 18% Stake in North Sea Erskine Field

Junior energy firm Serica Energy announced Friday that the company has completed a transaction to purchase an 18 percent interest in the producing North Sea Erskine Field from BP.

As part of the deal, Serica has acquired an 18 percent stake in UK blocks 23/26a and 23/26b, located in the UK central North Sea. The effective date of the transaction was marked as January 1, 2014. Adjustments for net revenue, associated liabilities and partial deferment of consideration have resulted in Serica receiving approximately $9 million cash on completion of the deal.

Serica Chairman Tony Craven Walker commented in a company statement:

“The acquisition of an interest in the producing Erskine field from BP is an important step for Serica. In addition to improving our immediate cash resources and bringing cash flow to the company, the purchase of an interest in Erskine brings us production from a field where there is significant room for improved productivity.”

The Erskine Field is a producing gas and gas condensate field operated by Chevron, which holds a 50 percent interest. BG also has a 32 percent interest in the project.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)
 -  OGA Awards 25 Licences for 111 UKCS Bl... (Mar 23)
 -  UK Minister Brands Oil Worker Discrimi... (Mar 23)
 -  Analyst Sees Possible Crest for US Gas... (Mar 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
United States Odessa: Engineer - Frac/Acid
Expertise: Petroleum Engineering
Location: Odessa, TX
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours