Serica Energy is acquiring a portfolio of Southern North Sea assets from Spirit Energy for an initial £57 million, with completion expected in the second half of 2026.
The acquisition includes a 15% interest in the Cygnus field, a 25% interest in Clipper South, operated positions in the Greater Markham Area, and further interests in Eris, Ceres, and Galleon gas fields.
The transaction is expected to be immediately cash generative, adding approximately 13,500 boepd of production and 18.7 mmboe of 2P reserves, while the seller will retain over 75% of the total estimated decommissioning liabilities.
Chris Cox, Serica’s CEO, stated: “This transaction is a further step towards delivering on our strategy and diversifying our asset base through the addition of high-quality assets, adding over 15% to our reserves and significantly boosting production.
“These are also assets I personally know well, and the Cygnus field in particular is an attractive addition to our portfolio given its high uptime, low emissions, and low operating costs. There is also the potential for further infill drilling opportunities across the portfolio, most significantly at Cygnus, where drilling is ongoing.
“The transaction will require only modest cash outflow on completion and is set to generate material cash flows, while also limiting our exposure to future decommissioning costs, enhancing Serica’s ability to create further value for shareholders through investing in growth and delivering attractive cash returns.”
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