Press

Serica Energy Completes BKR Acquisition From BP

Posted by OilVoice Press - OilVoice

30-Nov-2018


Significant increase in reserves and production post BKR and BK completion

  • Serica's pro-forma net 2P Reserves increased over 20-fold to 63.7 mmboe
  • Net production from the assets acquired has averaged in excess of 23,000 boepd YTD of which over 85% is gas
  • Acquisitions expected to be immediately cash flow and value accretive

Tony Craven Walker, Chairman of Serica Energy, commented:

“The Acquisitions, once complete, are transformational for Serica firmly placing us as one of the leading ‘mid-tier' independent exploration and production companies operating in the UK North Sea. They bring a significant production and reserve base from which we can build our position further in the UKCS. For our shareholders it represents the delivery of a real enhancement to their investment with no dilution.

I am incredibly proud of the Serica team that has worked tirelessly in delivering both this and the related Total, BHP and Marubeni acquisitions. Undertaking four simultaneous and interconnected transactions has not been easy and we are grateful for the support from BP, our field partners, the UK Government and the OGA to help us overcome the various challenges and bring this to a successful conclusion. We are firm believers that the independent sector can go a long way to helping the UK maximise the economic recovery of the country's North Sea resources and we aim to be at the forefront of this process.” 

Mitch Flegg, Chief Executive of Serica Energy, said:

“On completion of these transactions we assume operatorship of the Bruce, Keith and Rhum fields and we fully intend to use our agility and experience to significantly enhance the productivity and efficiency of their respective operations.

We are today warmly welcoming the 111 colleagues who are joining us from BP. We have spent a large part of the last year putting in place a detailed transition programme, of which the health, safety, welfare and future of our staff are the number one priority. We will highly value the knowledge and expertise of the transferring staff and our other new recruits and believe that our strategic vision and plans will provide an exciting operating environment in which to excel.”

Ariel Flores, BP North Sea Regional President, said:

“Bruce, Keith and Rhum have been an important part of BP's North Sea story and Serica are taking on a first-class team of people who know these assets well. We wish the team at Serica the very best for the future.”



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