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Serica Energy Plc mentioned Nov. 5 it should develop its presence within the U.Ok. North Sea with an settlement to amass additional pursuits within the Bruce and Keith fields from BHP Billiton Ltd. (NYSE: BHP).

As a part of the settlement, Serica Energy (UK) Ltd. will purchase a 16% curiosity within the Bruce Field and a 31.83% curiosity within the Keith Field plus related infrastructure from BHP Billiton Petroleum Great Britain Ltd. for an undisclosed quantity.

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In complete, Serica is anticipated to have 94.25% possession within the Bruce Field and 91.67% within the Keith Field following completion of the corporate’s current acquisitions, which additionally contains pending purchases within the area from BP Plc (NYSE: BP) and Total SA (NYSE: TOT).

“This acquisition, along with the beforehand introduced transactions with BP and Total, place us in an excellent higher place to unlock elevated worth from the belongings and profit from economies of scale,” Serica CEO Mitch Flegg mentioned in a press release.

In November 2017, Serica introduced the BP transaction beneath which Serica UK will purchase pursuits within the Bruce, Keith and Rhum fields within the U.Ok. North Sea and related infrastructure from BP. Then, in August, Serica introduced the Total E&P transaction with the acquisition of additional pursuits within the Bruce and Keith fields within the U.Ok. North Sea from Total.

Under the phrases of the BP transaction, Serica UK will purchase a 36% curiosity in Bruce, a 34.83% curiosity in Keith and a 50% curiosity in Rhum. The deal has an efficient date of Jan. 1, 2018, and completion is focused on Nov. 30.

In its acquisition from Total, Serica UK will purchase a 42.25% curiosity within the Bruce Field and a 25% curiosity within the Keith Field and related infrastructure. The Total transaction additionally has an efficient date of Jan. 1, 2018, and completion shall be topic to completion of the BP transaction.

Additionally, completion of the acquisition from BHP is anticipated to happen instantly after the respective completion of the BP and Total transactions.

Flegg mentioned the closing of the corporate’s pending acquisitions will symbolize a “main transformation for Serica in turning into one of many main U.Ok. impartial offshore operators and producers within the North Sea.”

Net manufacturing in first-half 2018 from the BHP belongings was roughly 1,760 barrels of oil equal per day (boe/d), of which 81% was gasoline.

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Serica’s pro-forma internet proved and possible (2P) reserves are anticipated to extend by roughly four million boe to about 62.7 million boe publish completion of its acquisition from BHP.

Source: www.oilandgasinvestor.com

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