23rd Jul 2026 13:08
Serica Energy PLC - offshore oil and gas producer in UK continental shelf - Signs new six-year reserves-based lending facilities totalling USD750 million, including a USD500 million secured revolving loan facility and a USD250 million secured revolving letter of credit facility. The new arrangements replace Serica's previous USD525 million reserves-based lending facility. They are with a consortium of 11 banks, which include all of the banks involved in the previous facility.
Serica said the new facility will be undrawn initially, as its recent placement of USD300 million in five-year senior unsecured Nordic bonds was used to repay all outstanding debt. Serica has USD26 million in net cash as of June 30, swung from USD200 million in net debt on December 31. "We have a range of attractive organic growth prospects that are competing for capital allocation," says Chief Financial Officer Martin Copeland, "and we are in the process of contracting a rig to drill certain of those projects."
Current stock price: 255.15 pence, up 2.1% in London on Thursday
12-month change: up 52%
By Tom Waite, Alliance News editor
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