REG - Serica Energy PLC - Completion of acquisition of TotalEnergies assets

Serica EnergyAnnouncement

26/03/2026 07:00

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RNS Number : 1728Y  Serica Energy PLC  26 March 2026

 

26 March 2026

 

Serica Energy plc
('Serica' or 'the Company')

 

Completion of acquisition of assets from TotalEnergies

 

Further to its announcement on 30 September 2025, Serica Energy Plc (AIM:
SQZ) is pleased to announce that the acquisition of a 40% operated interest in
the Greater Laggan Area ('GLA') and associated infrastructure, and operated
licence interests in four near field exploration blocks, from TotalEnergies,
has now completed.

 

The acquisition delivers a new operated hub for Serica in the West of Shetland
basin with current net production of just over 5,000 boepd, multiple sources
of organic growth potential, and a strategic position as the key gas
processing infrastructure host for one of the most prospective basins on the
UK Continental Shelf. The growth opportunities include the Glendronach
tie-back, infill potential on the Tormore field, four exploration licences,
and third-party business at the Shetland Gas Plant.

 

The GLA is estimated to contain net 2P reserves of 4.0 mmboe and 2C resources
of 5.4 mmboe as at 31 December 2025(( 1 )).

 

Serica has settled the consideration of £1, and has received a payment of
$55.7 million, reflecting interim post-tax cashflows between the Economic Date
of 1 January 2024 and the date of completion.

 

-end-

 

Contacts:

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

 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
operates assets that deliver around 10% of the UK's gas production, a key
component of the UK energy system, and has invested over £1 billion in the UK
supply chain since 2020. Serica maintains a broadly balanced output of oil and
gas across its operations.

 

The Company's key producing assets are currently 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. The Company also holds
a notable position West of Shetland, including a 40% operated stake in the
Greater Laggan Area offshore fields and associated Shetland Gas Plant.

 

In the second half of 2026 Serica also intends to complete the acquisition of
non-operated interests in the Catcher and Golden Eagle Area Development fields
from ONE-Dyas, and the acquisition of a package of operated and non-operated
assets from Spirit Energy in Q3 2026, including a 15% stake in the Cygnus
field and 25% in Clipper South as well as the operated Greater Markham Area.

 

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

 

Serica's shares trade on the AIM market of the London Stock Exchange (ticker:
SQZ), and the Company has announced its intention to move its listing to the
Main Market of the LSE in 2026. 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.

 

 

 1  Unaudited Serica estimate based on an independent evaluation by Sproule
ERCE, effective 30 June 2025, adjusted for 2025 production

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