Completion of acquisition of Prax Upstream Limited
Summary by AI BETAClose X
11 December 2025
Serica Energy Plc.
('Serica' or 'the Company')
Completion of acquisition of Prax Upstream Limited ('PUL')
Serica Energy Plc (AIM: SQZ) is pleased to announce that, following receipt of NSTA consent for change of control, the acquisition of PUL from Prax Exploration & Production has now completed.
Serica has settled the consideration of £14.5 million ($18.9 million) for the acquisition, and has assumed the cash balance held by PUL on completion amounting to the equivalent of $34 million (of which $12 million is currently restricted to cover expected Serica commitments on FPSO demobilisation).
The Lancaster field is currently producing around 5,900 boepd, with this production now added to the Serica portfolio total going forward. It is expected that the Lancaster field will cease production by the middle of 2026, when the Aoka Mizu FPSO leaves the area.
Completion of the TotalEnergies and ONE-Dyas acquisitions, signed by PUL which is now a wholly owned subsidiary of Serica, continue to be expected in H1 2026.
Serica is pleased to welcome employees from PUL into the business, with Alessandro Agostini joining the Executive Leadership Team as Chief Non-operated Joint Ventures Officer, overseeing Serica's interests in the Triton area and other non-operated assets. Alessandro led the expansion of Edison from Italy into the UK and managed its UKCS portfolio of production and exploration assets, before joining Prax Upstream and leading its development via the acquisition of Hurricane Energy and subsequent Greater Laggan Area and Catcher and GEAD transactions.
In addition the previously announced farm-in for a 40% interest in the P2530 Licence from Finder Energy has also completed. The P2530 licence contains the Wagtail oil discovery and the low-risk Marsh and Bancroft exploration prospects.
-end-
Contacts:
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Serica Energy plc |
+44 (0)20 7487 7300 |
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Martin Copeland (CFO) / Andrew Benbow (Group Investor Relations Manager) |
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Peel Hunt (Nomad & Joint Broker) |
+44 (0)20 7418 8900 |
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Richard Crichton / David McKeown / Emily Bhasin |
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Jefferies (Joint Broker) |
+44 (0)20 7029 8000 |
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Sam Barnett / Cameron Jones |
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Vigo Consulting (PR Advisor) |
+44 (0)20 7390 0230 |
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Patrick d'Ancona |
serica@vigoconsulting.com |
Notes to Editors
Serica Energy is an independent British oil and gas company with a broad portfolio of assets located in the UK Continental Shelf (UKCS). The Company is responsible for about 5% of the UK's natural gas, which plays a significant role in supporting the country's energy transition, and has invested over £1 billion in the UK supply chain since 2020. Serica maintains a balanced output of oil and gas across its operations.
The Company's key producing assets are grouped around two major hubs: the Bruce, Keith, and Rhum fields in the Northern North Sea, where Serica is the operator; and a mix of operated and non-operated fields connected to the Triton FPSO in the Central North Sea.
Serica aims to create shareholder value through a mix of production from existing oil and gas fields, organic investment and M&A.
Having now completed on the acquisition of PUL, in H1 2026, Serica is also set to complete the acquisition of a 40% operated stake in the Greater Laggan Area offshore fields and associated Shetland Gas Plant from TotalEnergies and non-operated interests in the Catcher and Golden Eagle Area Development fields from ONE-Dyas.
Serica's shares trade on the AIM market of the London Stock Exchange (ticker: SQZ). More information about Serica is available on the Company's website (www.serica-energy.com). To receive news updates by email, interested parties can subscribe through the website.
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