Serica Energy to buy UK's North Sea oilfield operator

Core Viewpoint - Serica Energy is acquiring Prax Upstream, the sole operator of the Lancaster oilfield in the UK's North Sea, for $25.6 million [1] Company Summary - The acquisition will enhance Serica Energy's operational capabilities in the North Sea region [1] - Prax Upstream is recognized as the sole operator of the Lancaster oilfield, indicating its strategic importance in the acquisition [1] Industry Summary - The transaction reflects ongoing consolidation trends within the North Sea oil and gas sector, as companies seek to optimize their asset portfolios [1] - The acquisition price of $25.6 million suggests a competitive valuation in the current market environment [1]