What did Serica Energy acquire from Prax Upstream?

Serica Energy acquired Prax Upstream, including the Lancaster field and its production assets.

How much did Serica Energy pay for Prax Upstream?

Serica Energy paid £14.5 million ($18.9 million) for the acquisition of Prax Upstream.

What are Serica Energy's future plans after acquiring PUL?

Serica Energy plans to integrate PUL's employees and acquire stakes in Greater Laggan Area fields and other North Sea assets.

Home / Business and Economy / Serica Energy Seals Deal, Boosts Oil Output

Serica Energy Seals Deal, Boosts Oil Output

13 Dec

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Summary

Serica Energy acquired Prax Upstream for £14.5 million.
Acquisition adds the Lancaster field with 5,900 boepd production.
Future deals include stakes in Greater Laggan Area fields.

Serica Energy Seals Deal, Boosts Oil Output

Serica Energy has finalized its acquisition of Prax Upstream (PUL) following regulatory approval, marking a significant expansion for the UK-based oil and gas company. The transaction, valued at £14.5 million, includes PUL's existing cash balance and integrates the productive Lancaster field into Serica's operational assets. The Lancaster field is currently contributing around 5,900 barrels of oil equivalent per day, with production expected to continue until mid-2026.

The integration of Prax Upstream is a strategic move that also positions Serica for substantial future growth. PUL's existing agreements include forthcoming acquisitions of a 40% operated stake in the Greater Laggan Area offshore fields and the associated Shetland Gas Plant from TotalEnergies. Additionally, Serica will gain non-operated interests in the Catcher and Golden Eagle Area Development fields.