Serica Energy plc has exited its offer to buy Pharos Energy plc after the Pharos board withdrew its recommendation of acceptance in favour of a third party’s higher bid. Serica’s £145.7m offer at the end of July followed Israel-based Ratio Petroleum Energy LP’s bid of £124.3m, which it subsequently increased to £146.4m. The UK North […]
Tag: Serica Energy plc
Serica stands firm on Pharos offer after rival raises bid
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, […]
Serica to expand globally with £145.7m offer for Pharos
Serica Energy plc has agreed to buy Pharos Energy plc for approximately £145.7 million. COMPELLING Pharos’ assets include interests in two production fields holds, TGT and CNV, with potential from two additional exploration blocks, 125 and 126, in Vietnam, where is has been since 1997. The company additionally has interests in the El Fayum and […]
Serica secures new $750m RBL
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 […]
Serica completes Catcher-GEAD acquisition
Serica Energy plc has completed its purchase of a 10% interest in the Catcher field and 5.21% in the Golden Eagle Area Development in the UK central North Sea. RESOURCE The acquisition from ONE-Dyas adds combined net 2P reserves of three million barrels of oil equivalent and 2C resources of 0.5 Mmboe, as at 31 […]
JOG frustrated by slow progress at Buchan
Jersey Oil & Gas plc reported slow progress at Buchan Horst as it awaits proven compliance with government policy regarding scope 3 emissions for UK North Sea projects. TAX In its audited 2025 financial results, the company said it had yet to complete the effect of downstream, or end-use, emissions from its upstream operations in […]