Serica Energy plc said the effect of its recently proposed acquisitions made it unlikely to complete its planned 2025 move from AIM to the main market of the London Stock Exchange.
PROSPECTUS
The company plans to buy BP’s 32% non-operated working interest in UK central North Sea licences P111, containing the Culzean gas condensate field, and the adjacent P2544, for $232 million.
Serica has also agreed the $25.6m purchase of Prax Upstream Ltd and Prax Exploration & Production plc, owner of the Lancaster field which lies west of Shetland.
Before the move to the main market, the company needs to meet regulatory requirements, including a competent person’s report of the new reserves and resources, for the prospectus.
“The company remains committed to moving to the Main Market at the earliest viable opportunity,” said the company in a statement.
“Given much of the preparatory work has been completed, the move up is now expected to occur at the earliest opportunity following publication of Serica’s audited FY 2025 accounts and consolidated year end CPR information on the company’s existing assets and recent acquisitions.”
Serica’s current portfolio comprises operated and non-operated oil and gas interests in the UK north and central North Sea.