Serica Energy plc has completed its acquisition of a 40% operated interest in the Greater Laggan Area and associated infrastructure, along with operated licence interests in four near-field exploration blocks.
GROWTH
The purchase from TotalEnergies gives the company a new operated hub in the West of Shetland basin.
Serica said that current net production is of just over 5,000 barrels of oil equivalent per day with “multiple sources of organic growth potential”.
The transaction also provides a strategic position in 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,” added the company.
“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.”
Serica said it had settled the payment of £1 and received a payment of $55.7 million for interim post-tax cashflows between the economic date of 1 January 2024 and the date of completion.
During the second half of 2026 the company aims to complete the acquisition of non-operated interests in the Catcher and Golden Eagle Area development fields from ONE-Dyas, and a package of operated and non-operated assets from Spirit Energy.
The transaction with Spirit includes a 15% stake in the Cygnus field and 25% in Clipper South as well as the operated Greater Markham Area.