REG - Serica Energy PLC EnQuest PLC - Response to Statement by EnQuest plc

EnquestAnnouncement

Yesterday 15:15

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RNS Number : 2999H  Serica Energy PLC  02 May 2025

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VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

 

FOR IMMEDIATE RELEASE

 

2 May 2025

 

 

Serica Energy plc

('Serica' or 'the Company')

 

Response to Rule 2.8 announcement from EnQuest

 

Serica Energy Plc ('Serica') notes the announcement by EnQuest Plc ('EnQuest')
confirming that EnQuest does not intend to make a firm offer for Serica. As a
result of the announcement, EnQuest is bound by the restrictions contained in
Rule 2.8 of the City Code on Takeovers and Mergers.

 

While there would have been strategic and financial benefits to the
combination, in light of current market volitility an agreement on terms that
would have been in the best interests of shareholders was not possible at this
time.

 

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 oil and gas assets.
Delivering sustainable operational improvement remains paramount. In parallel,
the Company continues to pursue its clear growth strategy, as detailed in the
2024 full-year results, progressing numerous organic growth opportunities
across the portfolio as well as actively screening a number of cash-generative
and value accretive M&A opportunities in both the UK North Sea and other
geographies.

 

-end-

 

Enquiries:

 

 Serica Energy plc                                                         +44 (0)20 7487 7300
 Martin Copeland (CFO) / Andrew Benbow (Group Investor Relations Manager)

 Peel Hunt (Nomad & Joint Broker)                                          +44 (0)20 7418 8900
 Richard Crichton / David McKeown / Emily Bhasin

 Jefferies (Joint Broker)                                                  +44 (0)20 7029 8000
 Sam Barnett

 Vigo Consulting (PR Advisor)                                              +44 (0)20 7390 0230
 Patrick d'Ancona / Finlay Thomson                                         serica@vigoconsulting.com

 

 

NOTES TO EDITORS

Serica Energy is a British independent oil and gas exploration and production
company with a portfolio of UKCS assets. Serica has a balance of gas and oil
production. The Company is responsible for about 5% of the natural gas
produced in the UK, a key element in the UK's energy transition.

 

Serica's producing assets are focused around two main hubs: the Bruce, Keith
and Rhum fields in the UK Northern North Sea, which it operates, and a mix of
operated and non-operated fields tied back to the Triton FPSO. Serica also has
operated interests in the producing Columbus (UK Central North Sea) and
Orlando (UK Northern North Sea) fields and a non-operated interest in the
producing Erskine field in the UK Central North Sea.

 

Serica has a two-pronged strategy for growth comprising investment in its
existing portfolio and M&A. Further information on the Company can be
found at www.serica-energy.com (http://www.serica-energy.com/) . The
Company's shares are traded on the AIM market of the London Stock Exchange
under the ticker SQZ and the Company is a designated foreign issuer on the
TSX. To receive Company news releases via email, please subscribe via the
Company website.

 

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