IN BRIEF: Serica closes Prax acquisition, Finder Energy farm-in

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Serica Energy PLC - London-based oil and gas producer - Completes the $18.9 million acquisition of Prax Upstream Ltd from Prax Exploration & Production PLC. Serica assumes PUL’s cash balance of $34 million, $12 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%

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