Further to the announcement made by Serica Energy in relation to a possible offer by Serica for the entire issued and to be issued share capital of Kistos plc, Serica confirms that it does not intend to make an offer for Kistos.

Kistos announced on 12 July 2022 that it had rejected a possible offer from Serica on 8 July 2022. Subsequently it has not been possible to reach agreement with Kistos on the terms or structure of a revised possible offer.

Serica will continue to proactively seek opportunities to utilise its strong balance sheet and operating capability to invest in its existing assets and diversify its production portfolio through mergers and acquisitions. The Serica board will maintain a balanced approach to deploying capital, including further capital returns, while factoring in the requirements for the ongoing business and opportunities for profitable asset and corporate deals.

KeyFacts Energy: Kistos UK country profile   l   Serica Energy UK country profile