Serica Energy (LSE:SQZ)
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By Oliver Griffin
Shares in Serica Energy PLC (SQZ.LN) rose on Monday after it said it has signed a sale and purchase agreement with BHP Billiton PLC (BLT.LN) to increase its interests in the North Sea.
The oil-and-gas company said it will acquire a 16% interest in the Bruce field and a 32% interest in the Keith field from BHP subsidiary BHP Billiton Petroleum Great Britain Ltd. for an initial cash consideration of 1 million pounds ($1.3 million), adjusted for working capital and 40% of post-tax cashflows from Jan. 1.
Serica Energy said that following the deal, it will hold interests of 94% and 92% in the Bruce and Keith fields, respectively, following its previously announced purchases from BP PLC (BP.LN) and Total SA (FP.FR).
Serica said proven and probable reserves--also known as 2P reserves--at the fields are expected to increase by around 4 million barrels of oil equivalent to approximately 62.7 million barrels when the transaction is completed.
The company said conditions of the license for the Rhum field, issued by the U.S. Department of the Treasury's Office of Foreign Asset Control to Serica and BP, have been met in full.
Serica acquired a 50% stake in the Rhum field last November as part of its deal with BP. However, the co-owner of the Rhum field is Iranian Oil Company (U.K.) Ltd, a subsidiary of the Iranian state oil company, which could have opened up the possibility of companies working on the field being hit by U.S. sanctions.
The company said all benefits accruing from and relating to Iranian Oil Company's interest in the Rhum field will be held in escrow as long as U.S. sanctions apply. These arrangements enable third-party service providers to continue to provide services unhindered and production from the Rhum field to continue uninterrupted, Serica said.
Shares at 0808 GMT were up 9.2% at 130 pence.
Write to Oliver Griffin at firstname.lastname@example.org; @OliGGriffin
(END) Dow Jones Newswires
November 05, 2018 03:32 ET (08:32 GMT)
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