Serica Energy today announced that the conditions for the sale and purchase agreement (the ”SPA”) for the acquisition of Tailwind Energy Investments from Tailwind Energy have been satisfied. Completion will occur immediately following Admission of the Completion Consideration Shares.

In connection with the Acquisition, up to 111,048,124 new ordinary shares in Serica will be allotted and issued. An application has been made to the London Stock Exchange for 108,170,426 Consideration Shares(1) to be admitted to trading on AIM. It is expected that Admission will take place at 8.00 a.m. on or around 27 March 2023 and that dealings on AIM will commence at the same time. When issued, the Consideration Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of US$0.10 each in the capital of the Company.

Following the addition of the Tailwind assets to its portfolio, Serica will have a balance of gas and oil production focused around two main hubs: the Bruce, Keith and Rhum fields in the UK Northern North Sea and a mix of operated and non-operated fields tied back to the Triton FPSO. Serica will also hold operated interests in the Columbus field in the UK Central North Sea and the Orlando field In the UK Northern North Sea, and a non-operated interest in the Erskine field In the UK Central North Sea.

(1) 2, 877,698 Consideration Shares will not be issued until the expiry of certain warranty periods

KeyFacts Energy: Serica Energy UK country profile