Serica Energy plc has said it will not increase its £145.7 million offer for Pharos Energy plc after a rival potential buyer raised its own bid.
The offer, made at the end of July 2026, would expand the UK North Sea-focused company’s footprint to Egypt and Vietnam.
Pharos’ initial suitor, Israel-based Ratio Petroleum Energy LP, which previously offered £124.3m, increased its bid on 7 August to £146.4m.
Ratio already has irrevocable undertakings from Pharos directors and investors, holding a combined 41.76% of Pharos’ issued share capital, to vote in favour of the acquisition.
Serica added it would only increase its offer if another party made a bid or if the Takeover Panel gave its approval.
“Serica continues to rigorously evaluate a pipeline of opportunities, both in the UK North Sea and other areas in which the company can successfully deliver its strategy,” said the company.