EnQuest plc and Serica Energy plc have exited plans for an all-share merger because “current market volatility” made it impossible to reach an agreement on terms. OPPORTUNITIES “The board remains very confident in Serica’s standalone ability to generate significant cash flow and deliver shareholder value and highly competitive shareholder returns from its balanced portfolio of […]
Tag: Serica Energy plc
Serica extends deadline for EnQuest’s offer
Serica Energy plc has secured an extension to EnQuest plc’s possible all-share offer by way of a reverse takeover for the UK North Sea-focused company. DISCUSSIONS EnQuest was due to state its firm intention to make an offer for Serica by 5pm on 4 April 2025 in accordance with the Panel on Takeovers and Mergers […]
Serica frustrated by protracted repairs to Triton
Serica Energy plc faces further delays from repairs to the Triton FPSO due to take longer than originally anticipated. SUPPORT The company said that following conversations with operator, Dana Petroleum, production from Triton is now not expected to restart before May. Critical repairs were needed following Storm Éowyn in January with production set to resume […]
EnQuest offers to merge with Serica
Serica Energy plc said it was in negotiations for a possible merger with EnQuest plc which has made an all-share offer by way of a reverse takeover. ASSETS Serica added that the proposed deal had “substantial potential benefits” including “increasing scale and diversification, unlocking significant synergies and providing a stronger platform for further growth”. The […]
JOG extends Buchan licence to 2027
Jersey Oil & Gas plc’s joint venture has secured a further 24 months to the second term of its North Sea licence P2498 to complete the field development plan for the Buchan field. CASH The company estimates the Buchan field contains gross discovered oil and gas resources of approximately 70 MMboe (95% oil). Project partners, […]
Serica extends OFAC licence for Rhum
Serica Energy plc has secured a two-year extension to its OFAC licence and secondary sanctions assurance relating to the Rhum field in the UK Northern North Sea. BENEFIT The licence and assurance permit certain US and US-owned or controlled entities, and all non-US entities, to continue providing goods, services and support to the field. Issued […]