Completion of acquisition of TotalEnergies assets
Serica completes acquisition of 40% operated interest in Greater Laggan Area from TotalEnergies for £1 consideration.
- Net production from GLA 5,000+ boepd
- Net 2P reserves (GLA) 4.0 mmboe
- 2C resources (GLA) 5.4 mmboe
- Cash received $55.7m
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Further to its announcement on 30 September 2025, Serica Energy Plc (AIM: SQZ) is pleased to announce that the acquisition of a 40% operated interest in the Greater Laggan Area ('GLA') and associated infrastructure, and operated licence interests in four near field exploration blocks, from TotalEnergies, has now completed.
The acquisition delivers a new operated hub for Serica in the West of Shetland basin with current net production of just over 5,000 boepd, multiple sources of organic growth potential, and a strategic position as the key gas processing infrastructure host for one of the most prospective basins on the UK Continental Shelf. The growth opportunities include the Glendronach tie-back, infill potential on the Tormore field, four exploration licences, and third-party business at the Shetland Gas Plant.
The GLA is estimated to contain net 2P reserves of 4.0 mmboe and 2C resources of 5.4 mmboe as at 31 December 2025[1].
Serica has settled the consideration of £1, and has received a payment of $55.7 million, reflecting interim post-tax cashflows between the Economic Date of 1 January 2024 and the date of completion.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.