Serica Energy plc has lost its bid to acquire all of BP’s stake in the Culzean gas condensate field after project partner NEO NEXT exercised its pre-emption rights.
DISAPPOINTING
The 13 October purchase agreement covered a 32% non-operated working interest in UK central North Sea licences P111 and the adjacent P2544, for $232 million cash.
TotalEnergies holds 49.99% and NEO currently has 18.01%.
“While this outcome is of course disappointing, it was always known to be a possibility,” said Serica chief executive officer Chris Cox.
“Serica continues to actively pursue further M&A opportunities, as well as progress our attractive organic growth options, with a goal of diversifying the company’s portfolio of assets, increasing production, and creating value for shareholders.”