Update: proposed acquisition of UK assets from BP
Proposed acquisition of BP's UK North Sea assets blocked by partner pre-emption rights exercise.
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Following the announcement on 13 October 2025 that it had signed an agreement to acquire the entirety of BP's stake in the P111 and P2544 licences, Serica (AIM:SQZ) announces that one of the licence partners, NEO NEXT, has decided to take up its rights of pre-emption.
Chris Cox, Serica's CEO, stated:
"While this outcome is of course disappointing, it was always known to be a possibility. Serica continues to actively pursue further M&A opportunities, as well as progress our attractive organic growth options, with a goal of diversifying the Company's portfolio of assets, increasing production, and creating value for shareholders."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.