Serica Energy PLC (AIM:SQZ) has agreed to acquire a portfolio of Southern North Sea assets from Spirit Energy for £57 million.
It marks the second piece of North Sea consolidation in as many days, following Harbour Energy's deal to increase its stake in the Catcher field.
The assets being acquired by Serica include non-operated interests in the Cygnus and Clipper South gas fields and operated positions across the Greater Markham Area.
The deal is expected to add around 13,500 barrels of oil equivalent per day of pro-forma production and increase Serica’s 2P reserves by 16%.
"This transaction is a further step towards delivering on our strategy and diversifying our asset base through the addition of high-quality assets," said Serica CEO Chris Cox. He added that the assets are expected to generate material cash flows while limiting decommissioning exposure.
The transaction has an effective economic date of 1 January 2025 and is expected to be completed in the second half of 2026.
In London, Serica shares moved up, gaining around 2.6% changing hands at 166.47p.