Serica Energy expands its North Sea operations with the acquisition of assets from Parkmead Group

Serica Energy, a North Sea-focused company, announced on Thursday that it will purchase exploration and production assets of Parkmead Group Plc at an initial cost of 6 million pounds (5 million pounds).

Serica acquired all shares of Parkmead Ltd., including a 50% stake on the Skerryvore license in central North Sea, and a working interest of 50% in Fynn Beauly, an undeveloped UK oilfield.

Serica stated that an additional 9 million pounds deferred will be paid in the next three-year period, as well as contingent payments based upon certain development milestones.

The payments will be made after Serica receives the approval of the North Sea Transition Authority for a Field Development Plan (FDP) at Skerryvore and Fynn Beauly.

Serica stated that the deal provides flexibility for future projects, and strengthens its position in Skerryvore through increasing its stake in licence. After the deal, the company will have 70% ownership and assume the role of operator. Currently, the company owns 20% and will now own 70%.

The deal should close by the first half 2025. Reporting by Arunima in Bengaluru, editing by Eileen Soreng.

(source: Reuters)