Serica Energy acquires a 30% non-operated interest in the Greater Buchan Area from Jersey Oil & Gas.

Serica Energy has acquired a 30% non-operated interest in the Greater Buchan Area from Jersey Oil & Gas, allowing it to participate in the re-development of the Buchan field and other potential projects in the area. The partners in the Greater Buchan Area now include Serica Energy with a 30% stake, NEO Energy as operator with a 50% interest, and Jersey Oil & Gas retaining a 20% stake. Serica made a cash payment of $7.5 million to Jersey Oil & Gas, with the remainder of the potential consideration in the form of a Buchan development cost carry and contingent amounts linked to future events.

February 26, 2024
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