Britain’s Serica Energy has agreed to acquire a portfolio of Southern North Sea gas assets from Spirit Energy and affiliates for $74 million, expanding its U.K.…
Britain’s Serica Energy has agreed to acquire a portfolio of Southern North Sea gas assets from Spirit Energy and affiliates for $74 million, expanding its U.K. upstream footprint and lifting reserves and production.
The deal, signed through two subsidiaries acquired following Serica’s Prax Upstream transaction, has an effective economic date of January 1, 2025, with completion expected in the second half of 2026.
The acquisition includes a 15% non-operated interest in the Cygnus gas field, one of the UK Continental Shelf’s largest producing gas assets.
Cygnus field, operated by Ithaca Energy which owns the remaining 85%, is a mid-life field, having started production in 2016. There are 11 wells, which produced a total of 4,000 boepd net to the acquired Spirit Energy stake in the first half of 2025, with an infill drilling campaign ongoing.
The first of the four firm wells in the campaign is now on production, and the second well underway. Two further wells are set to follow, with the potential for further development drilling beyond the currently approved wells.
Aside from Cygnus, Serica will acquire a 25% non-operated stake in Clipper South, and operated interests across assets in the Greater Markham Area.
As part of the
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