Serica Energy plc has acquired the Lancaster field following its completed £14.5 million acquisition of Prax Upstream Ltd from Prax Exploration & Production. COMPANY MOVES The company also assumed PUL’s cash balance, equivalent of $34m (£25.4m), of which $12m (£9m) is restricted to cover demobilisation of the Aoka Mizu floating production, storage and offloading vessel. […]
Tag: Prax Upstream Ltd
Serica to buy Lancaster field owner, Prax
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. BOOST 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 […]