Serica Energy (LSE:SQZ) has completed the acquisition of a portfolio of Southern North Sea gas assets from Spirit Energy for net consideration of £33 million after adjustments for interim cash flows.
The acquired portfolio includes a 15% interest in the Cygnus gas field and a 25% interest in Clipper South, alongside operated interests in assets within the Greater Markham Area.
Serica plans to group the acquired properties into a Southern North Sea hub within its existing UK portfolio.
Acquired Assets Add Around 10,000 Boepd
The assets currently contribute approximately 10,000 barrels of oil equivalent per day to Serica’s production and add 18.7 million barrels of oil equivalent of proved and probable, or 2P, reserves.
Serica forecasts that the acquired portfolio will generate more than $200 million of free cash flow by the end of 2028.
Spirit Energy will retain more than three-quarters of the decommissioning liabilities associated with the acquired assets.
Serica Expands Southern North Sea Portfolio
The transaction increases Serica’s exposure to natural gas production on the UK Continental Shelf and adds a further operating hub to its portfolio.
Serica Energy is an independent British oil and gas producer with assets across the UK Continental Shelf. Its portfolio includes operations in the Northern and Central North Sea, the Southern North Sea gas basin and West of Shetland.
The company’s activities combine production from existing assets, investment in its portfolio and acquisitions.









