Serica Energy plc has acquired the Lancaster field following its completed £14.5 million acquisition of Prax Upstream Ltd from Prax Exploration & Production.
COMPANY MOVES
The company also assumed PUL’s cash balance, equivalent of $34m (£25.4m), of which $12m (£9m) is restricted to cover demobilisation of the Aoka Mizu floating production, storage and offloading vessel.
Serica said that the Lancaster field, west of Shetland, was currently producing around 5,900 boepd, and will end production by mid-2026.
The company also now holds a 40% operated interest in the Greater Laggan Area, 10% in the Catcher field and 5.21% in the Golden Eagle area development.
Alessandro Agostini joins Serica as chief non-operated joint ventures officer, and will oversee the company’s interests in the Triton area and other non-operated assets.
Mr Agostini previously worked for Italian energy company Edison SpA, where he managed its UK Continental Shelf production and exploration assets, before joining Prax.
WAGTAIL
Serica also reported completion of the 40% farm-in on central North Sea licence P2530 owned by Australian-listed Finder Energy.
The licence contains the Wagtail oil discovery and the Marsh and Bancroft exploration prospects.