Serica Energy (SQZ)

Sector:

Energy Producers

Index:

FTSE AIM 50

105.00p
   
  • Change Today:
    -2.20p
  • 52 Week High: 143.40
  • 52 Week Low: 103.60
  • Currency: UK Pounds
  • Shares Issued: 267.23m
  • Volume: 713,902
  • Market Cap: £280.59m
  • RiskGrade: 261

Serica Energy to acquire Bruce and Kieth interests for $20m

By Duncan Ferris

Date: Friday 03 Aug 2018

LONDON (ShareCast) - (Sharecast News) - UK oil and gas company Serica Energy on Friday agreed to acquire further interests in the Bruce and Keith (BK) fields in the UK North Sea from Total for up to $20m.
The company said it would acquire a 42.25% interest in the Bruce field and a 25% interest in the Keith field and associated infrastructure, taking its stake in each to 78.25% and 59.83% respectively.

Completion will be subject to the previously announced acquisition of interests in the Bruce, Keith and Rhum fields from BP.

The initial cash consideration for the BK acquisition is $5m, to be adjusted for working capital, with a further cash consideration of $15m to be paid in three equal instalments.

Mitch Flegg, chief executive of Serica, said: "This acquisition is a logical next step for us. It provides us with further scale, builds on our asset base and moves us closer towards our objective of being a highly efficient, profitable mid-tier operator focused on the UK North Sea, where we believe there is plenty of potential for further growth."

The first half of the year saw net production from the BK assets at approximately 4,700boe/d, of which 83% is gas, and the acquisition is expected to be immediately cash flow and value accretive following completion.

Serica Energy's shares were up 19.49% at 84.00p at 1653 BST.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Serica Energy Market Data

Currency UK Pounds
Share Price 105.00p
Change Today -2.20p
% Change -2.05 %
52 Week High 143.40
52 Week Low 103.60
Volume 713,902
Shares Issued 267.23m
Market Cap £280.59m
RiskGrade 261

Serica Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
85.48% above the market average85.48% above the market average85.48% above the market average85.48% above the market average85.48% above the market average
3.23% above the sector average3.23% above the sector average3.23% above the sector average3.23% above the sector average3.23% above the sector average
Price Trend
12.43% below the market average12.43% below the market average12.43% below the market average12.43% below the market average12.43% below the market average
68.32% above the sector average68.32% above the sector average68.32% above the sector average68.32% above the sector average68.32% above the sector average
Income Not Available
Growth
98.99% above the market average98.99% above the market average98.99% above the market average98.99% above the market average98.99% above the market average
93.44% above the sector average93.44% above the sector average93.44% above the sector average93.44% above the sector average93.44% above the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Serica Energy Dividends

No dividends found

Trades for 24-Feb-2020

Time Volume / Share Price
17:09 1,800 @ 105.46p
16:43 78,776 @ 105.00p
16:35 3,149 @ 105.00p
16:32 1,279 @ 105.00p
16:32 25,721 @ 105.07p

Serica Energy Key Personnel

CEO Mitchell Robert Flegg

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