Serica Energy completes £33 million acquisition of gas assets

Serica Energy has finalized its acquisition of a Southern North Sea gas asset portfolio from Spirit Energy. The transaction, completed on October 1, 2026, resulted in a net payment of £33 million ($43.5 million). This final figure was lower than the original £57 million ($75 million) upfront price due to the deduction of interim post-tax cash flows generated between the economic effective date of January 1, 2025, and the closing date.

The acquisition adds approximately 10,000 boepd to Serica’s output and includes 18.7 mmboe of 2P reserves. A key component of the deal is a 15% non-operated working interest in the Cygnus field, one of the largest producing gas fields on the UK Continental Shelf. Additionally, Spirit Energy will retain decommissioning liabilities for the operated assets, covering more than 75% of the estimated costs.

Following the acquisition, Serica will report production from these assets under a new segment titled the Southern North Sea Hub. In related market activity, Serica Energy (LON:SQZ) maintains a consensus “Buy” rating from several research firms, with analysts from Jefferies Financial Group, Berenberg Bank, and Canaccord Genuity issuing positive price targets.