Serica Energy to buy 40% interest in North Sea licence

Group 1: Agreement Details - UK-based Serica Energy has signed a farm-in agreement with Australia-based Finder Energy for a 40% operated interest in the P2530 licence in the UK North Sea, with an initial payment of approximately £500,000 (around $650,000) [1] - Finder Energy currently holds a 60% operated stake in the licence, while Serica Energy's partner Dana Petroleum holds the remaining 40% [1] Group 2: Resource Estimates - The P2530 licence area includes the Wagtail oil discovery and other exploration prospects, with operator estimates indicating that acquiring the Wagtail stake will add around eight million barrels (mbbl) of net 2C contingent resources to Serica Energy's portfolio [2] Group 3: Future Plans and Studies - The North Sea Transition Authority (NSTA) has granted an extension to the current phase of the licence until 31 August 2026, during which the joint venture partners plan to conduct engineering feasibility studies to assess the potential for integrating Wagtail into the Triton floating production storage and offloading vessel (FPSO) [3] - Upon completion of these studies, the P2530 joint venture will decide whether to proceed to the next phase by the end of the licence extension, which may involve drilling an appraisal well or abandoning the licence [4] Group 4: Company Overview - Serica Energy is an independent oil and gas company with assets across the UK Continental Shelf (UKCS) in the North Sea, producing both oil and gas, accounting for roughly 5% of the UK's natural gas output [5] - The company primarily produces from the Bruce, Keith, and Rhum fields in the UKCS and has recently agreed to acquire bp's entire stake in the P111 and P2544 licences in the UK central North Sea [5]