12th Dec 2025 17:48
Serica Energy PLC - London-based oil and gas producer - Completes the USD18.9 million acquisition of Prax Upstream Ltd from Prax Exploration & Production PLC. Serica assumes PUL's cash balance of USD34 million, USD12 million of which is restricted to cover expected Serica commitments on floating production, storage and offloading demobilisation. Prax Upstream's Lancaster field adds 5,900 barrels of oil equivalent per day to Serica's portfolio. It is expected to cease production by mid-2026 when the Aoka Mizu FPSO leaves the area. Also, completes the announced farm-in agreement for a 40% interest in the P2530 Licence from Finder Energy Holdings Ltd. The P2530 licence contains the Wagtail oil discovery and the low-risk Marsh and Bancroft exploration prospects.
Current share price: 163.20 pence, closed down 0.4% in London on Friday
12-month change: up 18%
By Aidan Lane, Alliance News reporter
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