Serica Energy has completed its acquisition of Prax Group's upstream unit, Prax Upstream Limited, for $25.6 million. The deal, first announced in September, was finalized after receiving approval from the UK's North Sea Transition Authority (NSTA) for a change of control. The acquisition was prompted by the Prax Group's insolvency in June.

Acquired Assets

The purchase includes a 100% interest in the Lancaster oilfield, which is expected to cease production by mid-next year. It also encompasses a 40% operating interest in the Greater Laggan Area west of Shetland, a 10% interest in the Catcher oilfield, and a 5.21% interest in the Golden Eagle Area.

Connected Agreements and Additional Assets

Through related agreements with TotalEnergies and ONE-Dyas, Serica will inherit additional assets in the West of Shetland region. These include an infill well on the Tormore field, the Glendronach development, four exploration licences, and third-party throughput opportunities at the Shetland Gas Plant. Completion of these connected agreements is anticipated in the first half of next year.

Personnel and Other Acquisition

Former Prax Upstream employee Alessandro Agostini has been appointed as Serica's chief non-operated joint ventures officer. He will oversee the company's interests in the Triton area and other non-operated assets. Separately, Serica also announced the completion of its acquisition of a 40% operated stake in Finder Energy's P2530 licence, which contains the Wagtail oil discovery and the Marsh and Bancroft exploration prospects.