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.
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