Completion of BK Acquisitions

RNS Number : 9767I

Serica Energy plc

30 November 2018

 

Serica Energy plc ("Serica" or the "Company")

Completion of the acquisition of Total E&P, BHP and Marubeni interests in Bruce and Keith fields

London, 30 November 2018 - Serica Energy plc (AIM: SQZ) is pleased to announce that, subsequent to the Company's announcement earlier today relating to completion of Serica Energy (UK) Limited's ("Serica UK") acquisition of BP's interests in the Bruce, Keith and Rhum fields ("the BKR Acquisition"), the related acquisitions by Serica UK of interests in Bruce and Keith and associated infrastructure from Total E&P UK Limited ("Total E&P UK"), BHP Billiton Petroleum Great Britain Limited ("BHP ") and Marubeni Oil & Gas (UK) Limited ("Marubeni") (the "BK Transactions") have now also completed.

Analyst Conference Call

A conference call for institutional analysts and investors will be held today at 10:00am GMT. If you are an institutional analyst or investor and wish to participate in this call, please contact [e-mail] for registration details.

Regulatory

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries

Serica Energy plc
Tony Craven Walker Executive Chairman	[e-mail]	[phone]
Mitch Flegg CEO	[e-mail]	[phone]
Peel Hunt
Richard Crichton	[e-mail]	[phone]
Ross Allister	[e-mail]	[phone]
James Bavister	[e-mail]	[phone]
Instinctif
David Simonson	[e-mail]	[phone]
Catherine Wickman	[e-mail]	[phone]
George Yeomans	[e-mail]	[phone]

Definitions

Save where otherwise provided, defined terms in this announcement have the same meanings as those terms have in the Admission Document and Supplementary Admission Document, both of which can be found on the Company's website - www.serica-energy.com

Notes to Editors

Serica Energy is an oil and gas exploration and production company with exploration, development and production assets in the UK and exploration interests in the Atlantic margins offshore Ireland and Namibia. Serica holds an 18% non-operated interest in the Erskine field in the UK Central North Sea and a 50% operated interest in the Columbus field scheduled to commence development in 2019.

In November 2017 Serica announced the BKR Transaction under which Serica UK has today acquired interests in the Bruce, Keith and Rhum fields and associated infrastructure in the UK North Sea from BP. This transaction, through which Serica UK is acquiring a 36% interest in Bruce, a 34.83% interest in Keith and a 50% interest in Rhum, and which has an effective date of 1 January has now completed as of 30 November 2018.

In August and November 2018, Serica announced the acquisition of further interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea from Total E&P UK (August) and BHP and Marubeni (November). Through these acquisitions, Serica UK has acquired an additional 62% and 65.17% interests in the Bruce field and Keith field respectively and associated infrastructure. The BK Transactions also have an effective date of 1 January 2018 and have now completed as of 30 November 2018.

Together, the BKR Acquisition and the BK Transactions have resulted in Serica UK holding a 98% interest in the Bruce field, a 100% interest in the Keith field and a 50% interest in the Rhum field and being operator of all three fields.

Further information on the Company can be found at www.serica-energy.com.

The Company's shares are traded on the AIM market of the London Stock Exchange under the ticker SQZ and the Company is a designated foreign issuer on the TSX. To receive Company news releases via email, please subscribe via the Company website.

 

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