Serica Energy to Acquire BP's Stake in Culzean Field
Serica Energy has signed an agreement to acquire BP's stake in the Culzean field, located in the UK Central North Sea, for an upfront cash consideration of $232m.
The deal includes provisions for two further cash payments contingent on successful production and changes to the UK ringfencing fiscal regime.
The company plans to fund the consideration through a combination of cashflows and existing financial resources, including a $525m lending facility.
The acquisition will support a larger borrowing base and reflect a larger, more diversified and cash generative asset base.
Author's summary: Serica Energy acquires BP's Culzean field stake.
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