Serica and BP announced Serica’s intention to acquire BP’s interests in the Bruce, Keith and Rhum package of assets on 21 November 2017. The deal is expected to completed in Q3 2018.
Announcement
21 Nov 2017
Announced on 21 November 2017
Shares suspended on AIM market pending release of Admission Document as the acquisition is classified as a reverse takeover under AIM Rules
BP Employees, partners and other stakeholders notified
Transitional Phase
Nov 2017 to Mid 2018
Admission Document released and EGM of Serica’s shareholders held to approve transaction
Serica’s shares restored to trading on AIM following publication of Admission Document
Full consultation held with BP employees to be transferred to Serica
Discussions held with field partners and OGA re transfer of operatorship
Safe and efficient establishment and transfer of systems and operational practices from BP to Serica
Obtaining all other consents and approvals where necessary
Completion
Q3 2018
Serica becomes operator of the Bruce, Keith and Rhum fields
BP employees transferred to Serica under full TUPE terms
Completion consideration paid net of working capital and interim period adjustments