UK-based oil and gas company Serica Energy has completed its acquisition of Prax Upstream (PUL) following regulatory approval from the North Sea Transition Authority (NSTA).
In October this year, Serica Energy signed an agreement to purchase the 100% share capital of Prax Upstream from Prax Exploration & Production.
The company paid £14.5m ($18.9m) for the purchase and has taken over PUL’s cash balance, which totals approximately $34m.
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From the total consideration, $12m is set aside to cover anticipated Serica obligations for the demobilisation of the Aoka Mizu floating production storage and offloading (FPSO) vessel.
The acquisition adds the Lancaster field, which currently produces around 5,900 barrels of oil equivalent per day (boepd), into Serica’s portfolio.
Production from the Lancaster field is expected to continue until mid-2026, in line with the scheduled departure of the Aoka Mizu FPSO.
PUL, now a wholly-owned subsidiary of Serica, previously signed agreements to acquire assets from TotalEnergies and ONE-Dyas.
These deals are expected to be completed in the first half of 2026.
Upon completion, Serica will acquire a 40% operated stake in the Greater Laggan Area offshore fields and the associated Shetland Gas Plant from TotalEnergies.
It will also acquire non-operated interests in the Catcher and Golden Eagle Area Development fields from ONE-Dyas.
Serica will integrate PUL’s employees, appointing Alessandro Agostini to the executive leadership team as chief non-operated joint ventures officer.
Agostini, who previously led Edison’s expansion into the UK and managed its UK Continental Shelf portfolio before joining Prax Upstream, will oversee Serica’s interests in the Triton area and other non-operated assets.
In addition, Serica has also completed a farm-in agreement with Australia-based oil and gas explorer Finder Energy for a 40% interest in the P2530 licence.
This licence area includes the Wagtail oil discovery and the Marsh and Bancroft exploration prospects.
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