Serica Energy acquires North Sea assets from Spirit Energy
Serica Energy PLC on Thursday announced the completion of the acquisition of Southern North Sea assets from Spirit Energy Ltd and certain affiliates.
The North Sea-focused UK oil and gas company said it paid a net £33 million to Spirit Energy, comprising £57 million of upfront consideration, reduced by interim post-tax cash flows.
The acquired assets, which add around 10,000 barrels of oil equivalent per day to Serica's production, comprise a Southern North Sea gas portfolio with 18.7 million boe of 2P reserves and 3.4 million boe of 2C resources as at the January 2025 effective economic date.
Serica said the acquisition delivered an "immediate and meaningful contribution" to production and forecast free cash flow from the acquired assets to exceed USD200 million by the end of 2028, more than double its expectation when the deal was announced in December 2025. It attributed the increase primarily to a stronger gas price outlook, robust production and the rephasing of some interim-period production and cash flows into the post-completion period.
Chief Executive Officer Chris Cox said: "We are delighted to complete this acquisition of high-quality assets which materially boost our production and reserves while increasing our commodity weighting towards gas. This is an excellent transaction for Serica: it is immediately cash generative, strengthens our position in the UK gas market and adds a significant new Southern North Sea hub to our portfolio."
Separately, Centrica PLC noted the sale, commenting that the Morecambe Hub would be Spirit Energy's principal producing asset, with total retained reserves of 9 million barrels of oil equivalent.
The London-based international energy and services company said Spirit Energy would focus on maximising value from Morecambe while progressing the Morecambe Net Zero carbon storage project and decommissioning its facilities and wells with minimal environmental impact.
Shares in Serica Energy were down 0.2% to 252.55 pence per share on Thursday morning in London.
Shares in Centrica were down 1.2% to 146.00 pence per share on Thursday morning in London.
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