Serica Energy PLC (AIM:SQZ) said it has agreed to acquire BP’s entire interest in two UK North Sea licences, including a 32% stake in the Culzean condensate field, under a proposed $232 million transaction.
The deal also includes BP’s interest in the P2544 exploration licence adjacent to Culzean, and remains subject to the waiver of pre-emption rights by joint venture partners.
“Should this transaction complete, it would deliver a step-change for Serica, adding material production and cash flows from the largest producing gas field in the UK," said chief executive Chris Cox.
"Culzean is a world-class asset, delivering gas from a modern platform with exceptionally high uptime and low emissions.”
Serica said it plans to fund the acquisition using cash flow from Culzean and existing financial resources, including its $525 million reserve-based lending facility, while also considering a new acquisition facility to reflect its larger and more diversified portfolio.
The transaction has an economic date of 1 September 2025, with completion expected by year-end.
In London, Serica Energy shares rose by 7% changing hands at 192.15p.