Serica Energy completes acquisition of Prax Upstream

Core Viewpoint - UK-based oil and gas company Serica Energy has successfully acquired Prax Upstream, enhancing its portfolio and production capabilities in the North Sea following regulatory approval [1][2]. Group 1: Acquisition Details - Serica Energy completed the acquisition of Prax Upstream for £14.5 million ($18.9 million) and took over PUL's cash balance of approximately $34 million [1]. - From the total consideration, $12 million is allocated for anticipated obligations related to the demobilisation of the Aoka Mizu floating production storage and offloading (FPSO) vessel [2]. Group 2: Production and Assets - The acquisition includes the Lancaster field, which currently produces around 5,900 barrels of oil equivalent per day (boepd), with production expected to continue until mid-2026 [2]. - PUL has previously signed agreements to acquire assets from TotalEnergies and ONE-Dyas, which are expected to be completed in the first half of 2026 [3]. Group 3: Management and Integration - Serica will integrate PUL's employees, appointing Alessandro Agostini as chief non-operated joint ventures officer to oversee interests in the Triton area and other non-operated assets [4]. Group 4: Additional Agreements - Serica has completed a farm-in agreement with Finder Energy for a 40% interest in the P2530 licence, which includes the Wagtail oil discovery and other exploration prospects [5].