In a North Sea portfolio acquisition, Serica Energy completed its purchase of assets from Spirit Energy and its affiliates on 1 October.[6] The net payment was £33 million, compared with upfront consideration of £57 million, after adjustments for cash flows after tax between 1 January 2025 and completion.[10]
The package includes a 15 percent interest in Cygnus and a 25 percent interest in Clipper South, neither operated by Serica, plus operated assets in the Greater Markham Area and other Southern North Sea interests.[10] Serica says the acquired portfolio adds around 10,000 barrels of oil equivalent per day to its production base.[6]
The portfolio held 18.7 million barrels of oil equivalent in proved and probable reserves and 3.4 million in contingent resources at the transaction's economic effective date of 1 January 2025.[10] Serica forecasts more than $200 million in free cash flow from the assets by the end of 2028, more than double its expectation when it announced the deal in December 2025.[10]
Spirit Energy retains decommissioning liabilities for the operated assets, which Serica expects to represent more than 75 percent of the portfolio's total estimated decommissioning liability.[10] Serica will report production from the acquired assets as its Southern North Sea Hub and is bringing colleagues in Aberdeen and Hoofddorp into the business.[10]
Sources: [6] https://offshore-energy.biz/2026/10/01/sericas-uk-gas-footprint-widens-as-it-brings-spirit-energys-north-sea-assets-into-its-fold [10] https://news.cision.com/serica-energy-plc/r/completion-of-acquisition-of-spirit-energy-assets,c4403236 Cover photograph of Cygnus Alpha, credited to Neptune Energy by Offshore Energy. It illustrates an asset in the transaction, not a new construction milestone.