EnQuest plc and Serica Energy plc have exited plans for an all-share merger because “current market volatility” made it impossible to reach an agreement on terms.
OPPORTUNITIES
“The board remains very confident in Serica’s standalone ability to generate significant cash flow and deliver shareholder value and highly competitive shareholder returns from its balanced portfolio of oil and gas assets,” said Serica.
“Delivering sustainable operational improvement remains paramount.
“In parallel, the company continues to pursue its clear growth strategy, as detailed in the 2024 full-year results, progressing numerous organic growth opportunities across the portfolio as well as actively screening a number of cash-generative and value accretive M&A opportunities in both the UK North Sea and other geographies.”
EnQuest made its offer for Serica in March. Serica extended the deadline for a firm offer from 4 April to 2 May 2025.