Serica Boosts Stake in North Sea Assets



Serica Boosts Stake in North Sea Assets
Serica UK signs a deal to buy additional interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea.

Serica Energy plc announced Tuesday that Serica Energy (UK) Limited has signed a deal to acquire additional interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea.

Under the deal, Serica UK will acquire the 3.75 percent interest in the Bruce field and the 8.33 percent interest in the Keith field and associated infrastructure owned by Marubeni Oil & Gas (UK) Limited.

The transaction has an effective date of January 1, 2018 and completion is subject to completion of a previously announced acquisition of interests in the Bruce, Keith and Rhum fields from BP.

Serica UK’s latest deal will result in the company consolidating its ownership of the Bruce and Keith fields to 98 percent and 100 percent, respectively, post-completion.

On Monday Serica Energy announced that Serica UK signed a deal to acquire a 16 percent interest in the Bruce field and a 31.83 percent interest in the Keith field and associated infrastructure from BHP Billiton Petroleum Great Britain Limited. This transaction also has an effective date of January 1, 2018 and completion is also subject to completion of the BP deal.

Serica Energy announced in November last year that Serica UK had signed a deal to buy BP’s interests in the Bruce, Keith and Rhum fields in the North Sea and associated infrastructure.

Back in August 2018, Serica UK signed an agreement to acquire a 42.25 percent interest in the Bruce field and a 25 percent interest in the Keith field and associated infrastructure from Total E&P UK Limited. This deal is also subject to completion of the BP deal.

Serica Energy was formed in 2004 but, including the activities of its predecessor company, has been involved in UK exploration since 2001. The company has drilled 22 wells since its inception, 17 of which as operator.



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