NORTH Sea-focused Serica Energy has continued its expansion in the area by clinching its second acquisition in as many days.
The London-based company is buying stakes in the Bruce and Keith fields from Japan’s Marubeni in a deal that will allow it to acquire around a million barrels reserves for $1m (£0.75m).
The move will help Serica to consolidate its grip on the fields, which it bought in to under a plan to capitalise on the shake up in the North Sea triggered by the crude price plunge.
Led by executive chairman Tony Craven Walker, Serica decided the resulting downturn had created opportunities to buy assets at attractive prices as some firms looked to cut their exposure to the area.
The Marubeni deal is the fourth involving the Bruce and Keith fields that Serica has agreed in the last year.
On Monday Aim-listed Serica announced it had agreed to buy stakes in the fields from Australia’s BHP for an initial outlay of £1m.
The company bought in to the fields in a deal with BP in November last year and acquired further interests in them from Total in August.
Directors believe the deals will make Serica a significant North Sea player, with reserves of around 64m barrels oil equivalent.The company plans to invest in maximising the potential of the fields.
The expansion drive was jeopardised after the deal with BP got caught in the fall out from the dispute between President Trump and Iran.
Under the transaction Serica will acquire a 50 per cent stake in the Rhum gas field, which is half owned by the Iranian oil company. Serica had to obtain clearance from US regulators to ensure production from Rhum could continue after sanctions were reimposed on Iran.
The company is buying stakes of 3.75% and 8.33% in Bruce and Keith respectively from Marubeni.
It will have a 98% interest in Bruce and 100% of Keith if the four deals complete as planned.
Serica shares closed up 5p at 133p.
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