Edition:
United Kingdom

Serica Energy To Buy Further Stake In 2 UK North Sea Fields


Monday, 5 Nov 2018 

Nov 5 (Reuters) - SERICA ENERGY::SIGNED SALE AND PURCHASE AGREEMENT TO ACQUIRE FURTHER INTERESTS IN BRUCE AND KEITH FIELDS, ASSOCIATED INFRASTRUCTURE IN UK NORTH SEA.SERICA UK TO BUY 16 PERCENT STAKE IN BRUCE FIELD, 31.83% INTEREST IN KEITH FIELD FROM BHP BILLITON PETROLEUM GREAT BRITAIN.TRANSACTION IS EXPECTED TO BE IMMEDIATELY CASH FLOW AND VALUE ACCRETIVE FOLLOWING COMPLETION.INITIAL CASH CONSIDERATION IS £1 MILLION, TO BE ADJUSTED FOR WORKING CAPITAL AND 40% OF POST-TAX CASHFLOWS FROM EFFECTIVE DATE OF JAN 1.