Serica Energy buys Prax’s UK North Sea assets for $25.6M, adding 11M barrels in reserves and boosting production.

Serica Energy PLC has agreed to acquire Prax Upstream’s UK North Sea assets for $25.6 million, adding 11 million barrels of oil equivalent in reserves and boosting production to 13,800 boe per day. The deal includes full ownership of the Lancaster field and stakes in the Greater Laggan Area, Catcher Field, and Golden Eagle Area, with completion expected in Q4 2025 and final asset transfers in early 2026. The acquisition establishes a new operated hub in the West of Shetland basin, with Lancaster set to cease production by late 2026. Serica’s CEO said the move strengthens reserves, cash flow, and growth prospects. Shares rose 8.4% following the announcement.