Completion of the acquisition of Total E&P, BHP and Marubeni interests in Bruce and Keith fields

30 November 2018

Serica Energy plc (AIM: SQZ) is pleased to announce that, subsequent to the Company’s announcement earlier today relating to completion of Serica Energy (UK) Limited’s (“Serica UK”) acquisition of BP’s interests in the Bruce, Keith and Rhum fields (“the BKR Acquisition”), the related acquisitions by Serica UK of interests in Bruce and Keith and associated infrastructure from Total E&P UK Limited (“Total E&P UK”), BHP Billiton Petroleum Great Britain Limited ("BHP ") and Marubeni Oil & Gas (UK) Limited ("Marubeni”) (the “BK Transactions”) have now also completed.

In November 2017 Serica announced the BKR Transaction under which Serica UK has today acquired interests in the Bruce, Keith and Rhum fields and associated infrastructure in the UK North Sea from BP. This transaction, through which Serica UK is acquiring a 36% interest in Bruce, a 34.83% interest in Keith and a 50% interest in Rhum, and which has an effective date of 1 January has now completed as of 30 November 2018. 

In August and November 2018, Serica announced the acquisition of further interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea from Total E&P UK (August) and BHP and Marubeni (November). Through these acquisitions, Serica UK has acquired an additional 62% and 65.17% interests in the Bruce field and Keith field respectively and associated infrastructure. The BK Transactions also have an effective date of 1 January 2018 and have now completed as of 30 November 2018. 

Together, the BKR Acquisition and the BK Transactions have resulted in Serica UK holding a 98% interest in the Bruce field, a 100% interest in the Keith field and a 50% interest in the Rhum field and being operator of all three field