Serica Energy today announces that the acquisition of a 40% operated interest in the Greater Laggan Area (‘GLA’) and associated infrastructure, and operated licence interests in four near field exploration blocks, from TotalEnergies, has now completed.  

The acquisition delivers a new operated hub for Serica in the West of Shetland basin with current net production of just over 5,000 boepd, multiple sources of organic growth potential, and a strategic position as the key gas processing infrastructure host for one of the most prospective basins on the UK Continental Shelf. The growth opportunities include the Glendronach tie-back, infill potential on the Tormore field, four exploration licences, and third-party business at the Shetland Gas Plant. 
 
The GLA is estimated to contain net 2P reserves of 4.0 mmboe and 2C resources of 5.4 mmboe as at 31 December 20251. 

Serica has settled the consideration of £1, and has received a payment of $55.7 million, reflecting interim post-tax cashflows between the Economic Date of 1 January 2024 and the date of completion. 

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