Serica Energy plc has agreed a $25.6 million purchase of Prax Upstream Ltd and Prax Exploration & Production plc, owner of the Lancaster field, west of Shetland in the North Sea.
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The acquisition also includes Prax Upstream’s sale and purchase agreements with TotalEnergies and ONE-Dyas.
On completion, Serica will own a 40% operated interest in the Greater Laggan Area (GLA), 10% interest in the Catcher field, 5.21% in the Golden Eagle area development (GEAD), and 100% of Lancaster.
The company said that the additional assets would add H1 2025 production of 7,900 barrels of oil equivalent per day associated with the existing SPAs, and 5,900 boepd from Lancaster.
The field, expected to stop production in H2 2026, was acquired by Prax in an all-share purchase in June 2023 of Hurricane Energy plc.
Prax Group Ltd, owned by Winston Soosaipillai and Arani Kumar Soosaipillai, went into administration in June 2025 after accumulating debts.
Serica chief executive officer Chris Cox today said that the new assets diversified the company’s portfolio and increased near-term cashflows at an “attractive valuation”.
“The addition of GLA brings Serica a new production hub, with operatorship of the Shetland gas plant.
“There is an immediate boost to production and reserves, plus the scope to create significant value for shareholders through multiple subsurface, commercial, and further M&A opportunities.
“This transaction illustrates Serica’s ability to move quickly, utilising our strong balance sheet and skill sets to make an acquisition with strategic potential on attractive terms.”
The transaction is expected to complete during the final quarter of 2025 and the existing SPAs in the first quarter of 2026.