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.
The deal is for an upfront cash consideration of $232m, with potential for two further cash payments contingent on successful production and changes to the UK fiscal regime.
The company plans to fund the consideration through a combination of cashflows from the Culzean interest, existing financial resources, and a potential new acquisition facility.
The acquisition would support a larger borrowing base, reflecting a more diversified and cash generative asset base.
Author's summary: Serica Energy acquires BP's Culzean field stake.
- Upfront cash consideration: $232m
- Potential further cash payments: 2
- Location: UK Central North Sea
- Funding: combination of cashflows, existing resources, and potential new facility
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