Serica Energy Completes Acquisition of Prax Upstream

(Credit: Prax Group)

Following receipt of North Sea Transition Authority (NSTA) consent for change of control, Serica Energy has completed the acquisition of Prax Upstream (PUL) from Prax Exploration & Production.

Serica has settled the consideration of £14.5 million ($18.9 million) for the acquisition, and has assumed the cash balance held by PUL on completion amounting to the equivalent of $34 million, of which $12 million is currently restricted to cover expected Serica commitments on FPSO demobilization.

The Lancaster field is currently producing around 5,900 boepd, with this production now added to the Serica portfolio total going forward. It is expected that the Lancaster field will cease production by the middle of 2026, when the Aoka Mizu FPSO leaves the area.

Completion of the TotalEnergies and ONE-Dyas acquisitions, signed by PUL which is now a wholly owned subsidiary of Serica, continue to be expected in the first half of 2026.

Serica is pleased to welcome employees from PUL into the business, with Alessandro Agostini joining the Executive Leadership Team as Chief Non-operated Joint Ventures Officer, overseeing Serica's interests in the Triton area and other non-operated assets.

Agostini led the expansion of Edison from Italy into the UK and managed its UKCS portfolio of production and exploration assets, before joining Prax Upstream and leading its development via the acquisition of Hurricane Energy and subsequent Greater Laggan Area and Catcher and GEAD transactions.

In addition, Serica said the previously announced farm-in for a 40% interest in the P2530 Licence from Finder Energy had also been completed. The P2530 license contains the Wagtail oil discovery and the low-risk Marsh and Bancroft exploration prospects.