Serica Energy plc has rejected a new revised cash and share merger offer from Kistos plc for its assets in the North Sea. OFFER Two weeks ago, the exploration and production company rejected the smaller company’s first offer. Kistos revised proposal offers 425 pence per Serica share and is an 11% increase to Serica shareholders […]
Tag: Serica Energy plc
Serica Energy quadruples production from Bruce
Serica Energy plc has quadrupled production from its 24-year-old well in the Bruce field while the Columbus well reached one million barrels of oil equivalent this month. BRUCE In an operations report, the company said that following Serica’s first light well intervention vessel (LWIV) campaign, the initial well (Bruce M1) was re-entered for the first […]
Serica fears ‘negative impact’ of Kistos offer
Serica Energy plc said the merger offer from smaller rival Kistos plc would “negatively impact” the combined entity’s balance sheet and growth potential. OPPORTUNISTIC In a detailed statement issued today, the company listed reasons why it had rejected the Kistos offer. Serica said it would be “materially undervalued” and that the proposed merger would not […]
Serica rejects £1bn merger offer from Kistos
Serica Energy plc said it had rejected a proposed £1bn merger comprising cash and shares of its North Sea oil and gas assets with smaller rival Kistos plc. OFFERS “The proposed terms are the same as the terms outlined in a possible non-binding offer made by Kistos on 24 May 2022 that was rejected by […]
Serica Energy spuds North Eigg gas exploration well
Serica Energy plc today began drilling the North Eigg exploration well 3/24c-NE1 in the North Sea. SPUDDING Transocean ‘sPaul B. Loyd Jr. harsh environment semi-submersible drilling rig spud the well at 4.30am. Operator Serica said that the high pressure, high temperature (HPHT) exploration well targeting Upper Jurassic turbidite sands, was similar to those encountered in […]
Serica Energy NED Richard Rose leaves for full-time executive role
Serica Energy plc said that non-executive director Richard Rose has stepped down with immediate effect. The company said that Mr Rose, who joined Serica in September 2021, had accepted a full-time executive position within the sector.