REG - Serica Energy PLC - Completion of acquisition of Prax Upstream Limited

Serica EnergyAnnouncement

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RNS Number : 0888L  Serica Energy PLC  11 December 2025

11 December 2025

Serica Energy Plc.

('Serica' or 'the Company')

 

Completion of acquisition of Prax Upstream Limited ('PUL')

 

Serica Energy Plc (AIM: SQZ) is pleased to announce that, following receipt of
NSTA consent for change of control, the acquisition of PUL from Prax
Exploration & Production has now completed.

 

Serica has settled the consideration of £14.5 million ($18.9 million) for the
acquisition, and has assumed the cash balance held by PUL on completion
amounting to the equivalent of $34 million (of which $12 million is currently
restricted to cover expected Serica commitments on FPSO demobilisation).

 

The Lancaster field is currently producing around 5,900 boepd, with this
production now added to the Serica portfolio total going forward. It is
expected that the Lancaster field will cease production by the middle of 2026,
when the Aoka Mizu FPSO leaves the area.

 

Completion of the TotalEnergies and ONE-Dyas acquisitions, signed by PUL which
is now a wholly owned subsidiary of Serica, continue to be expected in H1
2026.

 

Serica is pleased to welcome employees from PUL into the business, with
Alessandro Agostini joining the Executive Leadership Team as Chief
Non-operated Joint Ventures Officer, overseeing Serica's interests in the
Triton area and other non-operated assets. Alessandro led the expansion of
Edison from Italy into the UK and managed its UKCS portfolio of production and
exploration assets, before joining Prax Upstream and leading its development
via the acquisition of Hurricane Energy and subsequent Greater Laggan Area and
Catcher and GEAD transactions.

 

In addition the previously announced farm-in for a 40% interest in the P2530
Licence from Finder Energy has also completed. The P2530 licence contains the
Wagtail oil discovery and the low-risk Marsh and Bancroft exploration
prospects.

 

-end-

 

Contacts:

 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 / Cameron Jones

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

 

 

 

Notes to Editors

Serica Energy is an independent British oil and gas company with a broad
portfolio of assets located in the UK Continental Shelf (UKCS). The Company is
responsible for about 5% of the UK's natural gas, which plays a significant
role in supporting the country's energy transition, and has invested over £1
billion in the UK supply chain since 2020. Serica maintains a balanced output
of oil and gas across its operations.

 

The Company's key producing assets are grouped around two major hubs: the
Bruce, Keith, and Rhum fields in the Northern North Sea, where Serica is the
operator; and a mix of operated and non-operated fields connected to the
Triton FPSO in the Central North Sea.

 

Serica aims to create shareholder value through a mix of production from
existing oil and gas fields, organic investment and M&A.

 

Having now completed on the acquisition of PUL, in H1 2026, Serica is also set
to complete the acquisition of a 40% operated stake in the Greater Laggan Area
offshore fields and associated Shetland Gas Plant from TotalEnergies and
non-operated interests in the Catcher and Golden Eagle Area Development fields
from ONE-Dyas.

 

Serica's shares trade on the AIM market of the London Stock Exchange (ticker:
SQZ). More information about Serica is available on the Company's website
(www.serica-energy.com (http://www.serica-energy.com) ). To receive news
updates by email, interested parties can subscribe through the website.

 

 

 

 

 

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