LONDON (Alliance News) - Serica Energy PLC said Monday it will appoint two independent non-executive directors following its acquisition of interest in certain North Sea assets.
Serica has published an AIM admission document relating to its acquisition of BP's interest in the Bruce, Keith and Rhum fields and its own re-admission to AIM trading.
Shares in Serica closed down 3.5% at 125.50 pence on Monday.
As the BKR acquisition is considered a reverse takeover, Serica's shares will be cancelled once the acquisition completes on Friday and are expected to be re-admitted on or near that date.
Serica will also acquire further interests in Bruce and Keith from Total E&P, BHP Group PLC and Marubeni Oil & Gas Inc.
Following the acquisitions and related transactions, Serica will be the operator of the three fields - holding a 98% interest in Bruce, a 100% interest in Keith, and a 50% interest in Rhum.
Net production from these interests has averaged more than 23,000 barrels of oil per day year-to-date in 2018.
Moreover, Serica's pro forma reserves are expected to rise 20-fold to 63.7 million barrels of oil once the acquisition is complete.
Serica will appoint Trevor Garlick once the acquisitions are concluded, who retired as BP's UK & Norway regional president in 2016. Malcolm Webb will also join the Serica board. He holds no current directorships but was chief executive to the industry association, Oil & Gas UK, from 2004 to 2015.
Both Garlick and Webb are to be made non-executive directors.
BP (BP.)
Serica Energy (SQZ)
