Serica Energy to acquire E&P assets from Parkmead Group

(Sharecast News) - Independent oil and gas firm Serica Energy has agreed to acquire exploration and production assets from Parkmead Group for an initial consideration of £5.0m. Serica said on Thursday that the acquisition, which includes a 50% working interest in licence P2400 and a 50% working interest in licence P2634, provided it with optionality, simplified decision making, and provided strategic flexibility relating to its existing position in Skerryvore through consolidating interests in the P2400 licence, in which it already holds a 20% interest.

An additional deferred consideration of £9.0m will be paid in stages over the next three years, as will contingent payments linked to certain developmental milestones.

The AIM-listed group added that the transaction was expected to close during H125, subject to customary completion adjustments and the carve-out of Parkmead's Dutch assets to a Parkmead affiliate and North Sea Transition Authority change of control consent.

As of 1055 GMT, Serica shares were up 3.81% at 136.40p.







Reporting by Iain Gilbert at Sharecast.com