Serica Energy plc completed the acquisition of a portfolio of Southern North Sea (SNS) assets from Spirit Energy Ltd. and certain affiliates.

The transaction adds a 15% non-operated working interest in Cygnus field, a 25% non-operated working interest in Clipper South gas field, operated positions across various assets in the Greater Markham Area (GMA), and further operated and non-operated interests in gas fields across the SNS.

Acquired assets comprise a material gas portfolio totaling 18.7 MMboe of 2P reserves and 2C resources of 3.4 MMboe. The transaction delivers an immediate contribution to Serica’s production through the addition of around 10,000 boe/d and near-term cash generation.

A net payment of £33 million ($43 million) has been paid to Spirit Energy in accordance with the terms of the SPA between the effective economic date of Jan. 1, 2025 and the Oct. 1, 2026 completion date.