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  • Serica Energy plc: Acquisition of Marubeni Interests in Bruce and Keith
    édité le 06/11/2018 - Plus de news de "Serica Energy" - Voir la fiche entreprise de "Serica Energy"


Serica Energy plc: Acquisition of Marubeni Interests in Bruce and Keith
Serica Energy plc is pleased to announce that Serica Energy (UK) Limited (“Serica UK”) has signed a further sale and purchase agreement (“SPA”) to acquire additional interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea (the “Transaction”).

Under the SPA, Serica UK will acquire the 3.75% interest in the Bruce field and the 8.33% interest in the Keith field and associated infrastructure (“Marubeni Assets”) owned by Marubeni Oil & Gas (UK) Limited (“Marubeni”). The structure of the Transaction differs from the other deals that Serica has entered into with BP, Total E&P and BHP, in that Serica will acquire the decommissioning obligations of Marubeni, but will receive in turn a cash consideration from Marubeni, and there will be no deferred or contingent consideration. This reflects in part the small interest in Bruce being acquired.

The Transaction has an effective date of 1 January 2018 and completion is subject to completion of the previously announced acquisition of interests in the Bruce, Keith and Rhum fields from BP (“BP Transaction”).

The Transaction is also subject to inter alia certain regulatory, government and partner consents with completion targeted for 30 November 2018.

The Transaction together with the previously announced purchases from BP, Total E&P and BHP will result in Serica consolidating its ownership of the Bruce and Keith fields to 98% and 100% respectively post-completion.

About Serica Energy

Serica Energy (AIM: SQZ) is an oil and gas exploration and production company with exploration, development and production assets in the UK and exploration interests in the Atlantic margins offshore Ireland and Namibia.

Serica holds an 18% non-operated interest in the Erskine field in the UK Central North Sea and a 50% operated interest in the Columbus field scheduled to commence development in 2019. OGA approval of the Columbus FDP was granted in October 2018.

In November 2017 Serica announced the BP Transaction under which Serica UK will acquire interests in the Bruce, Keith and Rhum fields in the North Sea and associated infrastructure from BP. Under the terms of the BP Transaction Serica UK will acquire a 36% interest in Bruce, a 34.83% interest in Keith and a 50% interest in Rhum. The deal has an effective date of 1 January 2018. Completion of the BP Transaction is targeted to take place on 30 November 2018.

In August 2018, Serica announced the Total E&P Transaction under which further interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea are to be acquired from Total. Under the terms of the Total E&P Transaction, Serica UK will acquire a 42.25% interest in the Bruce field and a 25% interest in the Keith field and associated infrastructure. The Total E&P Transaction also has an effective date of 1 January 2018 and completion will be subject to completion of the BP Transaction.

Most recently, Serica announced the BHP Transaction under which further interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea are to be acquired from BHP. Under the terms of the BHP Transaction, Serica UK will acquire a 16.0% interest in the Bruce field and a 31.83% interest in the Keith field and associated infrastructure. The BHP Transaction also has an effective date of 1 January 2018 and completion will be subject to completion of the BP Transaction.

The BP Transaction was deemed a reverse takeover, an admission document was published and shareholders approved the BP Transaction at a General Meeting of the Company on 18 December 2017. There are still a number of conditions precedent which need to be satisfied ahead of completion of the BP Transaction. As part of the BP Transaction, operatorship of the Bruce, Keith and Rhum fields will be transferred from BP to Serica, along with approximately 110 BP staff.

The Transaction presents Serica with an opportunity to further increase its reserve and production base by assuming a greater interest in assets already well known to the Company and without any dilution for shareholders.

The Company is listed on the AIM market of the London Stock Exchange under the ticker SQZ and is a designated foreign issuer on the TSX.

About Marubeni

Marubeni is involved in the handling of products and provision of services in a broad range of sectors. These areas encompass importing and exporting, as well as transactions in the Japanese market, related to food materials, food products, textiles, materials, pulp and paper, chemicals, energy, metals and mineral resources, transportation machinery, and includes offshore trading.

The Company's activities also extend to power projects and infrastructure, plants and industrial machinery, finance, logistics and information industry, and real estate development and construction.


Origine : Communiqué Serica Energy

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