Serica Energy plc has signed a new six-year, senior secured reserves based lending facilities for an aggregate $750 million (£562m).
FLEXIBILITY
The total sum comprises $500m (£375m) secured revolving loan facility and a $250m (£187m) secured revolving letter of credit facility.
The company said that the new facilities were oversubscribed and replace its current $525m RBL facility, on extended maturity and improved pricing terms.
The new banking syndicate consists of 11 leading international banks, including all lenders under the previous facility.
As of 30 June 2026, Serica held $326m cash and net cash of $26m, following “robust” production and higher commodity prices during the first half of the year.
On completion of the RBL, the company has a liquidity position pro forma for the agreed borrowing base under the new RBL of $784 million, at the same date.
Chief financial officer Martin Copeland added: “We are very pleased with the support received, with our existing banks having renewed their support and new banking relationships being welcomed into our bank group.
“Taken together with the [from 29 April] Nordic bond, Serica now has substantial liquidity and no amortisation until June 2029, putting us in a very strong position as we pursue growth opportunities.
“The new facilities give us the flexibility to continue allocating capital in a way that will support the delivery of our growth ambitions and maximise shareholder value creation, both from our existing portfolio and through potential M&A opportunities.”
Serica holds gas and oil interests in the UK North Sea.