High-quality gas production
Assets comprising the Southern North Sea portfolio were acquired from Spirit Energy, adding material production and reserves from multiple fields.
Production
c.10,000 boepd
2P reserves
18.7 mmboe
as of 01.01.2025
2C resources
3.4 mmboe
as of 01.01.2025
Material cash generation from a diverse portfolio
At the time of completion, the Southern North Sea hub added around 10,000 boepd of production, and near-term cash generation. Free cash flow from the acquired assets is forecast to exceed $200 million by the end of 2028. Serica’s Southern North Sea portfolio comprises a 15% non-operated working interest in the Cygnus field; a 25% non-operated working interest in the Clipper South gas field; operated positions across various assets in the Greater Markham Area; and further operated and non-operated interests in gas fields across the Southern North Sea.
Cygnus: a world-class gas field
Operated by Ithaca Energy (85%), Cygnus is one of the largest producing gas fields on the UK Continental Shelf. It is a low-cost field, with opex of c.$11/boe, with low-emissions of 7 kgCO2/boe. It has high-uptime, with operating efficiency over 90%. An infill well campaign is ongoing, and the operator has highlighted the potential for significant upside through further infill drilling beyond the currently approved wells.
