Completion of acquisition of TotalEnergies assets
Summary by AI BETAClose X
26 March 2026
Serica Energy plc
('Serica' or 'the Company')
Completion of acquisition of assets from TotalEnergies
Further to its announcement on 30 September 2025, Serica Energy Plc (AIM: SQZ) is pleased to announce that the acquisition of a 40% operated interest in the Greater Laggan Area ('GLA') and associated infrastructure, and operated licence interests in four near field exploration blocks, from TotalEnergies, has now completed.
The acquisition delivers a new operated hub for Serica in the West of Shetland basin with current net production of just over 5,000 boepd, multiple sources of organic growth potential, and a strategic position as the key gas processing infrastructure host for one of the most prospective basins on the UK Continental Shelf. The growth opportunities include the Glendronach tie-back, infill potential on the Tormore field, four exploration licences, and third-party business at the Shetland Gas Plant.
The GLA is estimated to contain net 2P reserves of 4.0 mmboe and 2C resources of 5.4 mmboe as at 31 December 2025[1].
Serica has settled the consideration of £1, and has received a payment of $55.7 million, reflecting interim post-tax cashflows between the Economic Date of 1 January 2024 and the date of completion.
-end-
Contacts:
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Serica Energy plc |
+44 (0)20 7487 7300 |
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Martin Copeland (CFO) / Andrew Benbow (Head of Investor Relations) |
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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 operates assets that deliver around 10% of the UK's gas production, a key component of the UK energy system, and has invested over £1 billion in the UK supply chain since 2020. Serica maintains a broadly balanced output of oil and gas across its operations.
The Company's key producing assets are currently 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. The Company also holds a notable position West of Shetland, including a 40% operated stake in the Greater Laggan Area offshore fields and associated Shetland Gas Plant.
In the second half of 2026 Serica also intends to complete the acquisition of non-operated interests in the Catcher and Golden Eagle Area Development fields from ONE-Dyas, and the acquisition of a package of operated and non-operated assets from Spirit Energy in Q3 2026, including a 15% stake in the Cygnus field and 25% in Clipper South as well as the operated Greater Markham Area.
Serica aims to create shareholder value through a mix of production from existing oil and gas fields, organic investment and M&A.
Serica's shares trade on the AIM market of the London Stock Exchange (ticker: SQZ), and the Company has announced its intention to move its listing to the Main Market of the LSE in 2026. 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.
[1] Unaudited Serica estimate based on an independent evaluation by Sproule ERCE, effective 30 June 2025, adjusted for 2025 production
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