Serica Energy has this morning announced that it has reached an agreement with Finder Energy to acquire a 40% interest in a North Sea licence.
The P2530 licence contains the Wagtail oil discovery and the low-risk Marsh and Bancroft exploration prospects.
The deal has been agreed for an initial consideration of £500,000.
The Licence is currently held by Finder Energy (60% operated interest) and Dana Petroleum (40% interest).
Wagtail is situated north-west of the Triton FPSO and the North Sea Transition Authority ('NSTA') has recently agreed an extension to the current licence phase to 31 August 2026.
During the extension period, development engineering feasibility studies will be carried out to confirm its potential integration into the Triton FPSO and to provide comfort that such a tie-back can be economically developed.
The P2530 joint venture will then be in a position to decide whether to move onto the next licence phase and commit to drill an appraisal well, or relinquish the licence with no further commitments by 31 August 2026.
Completion of the farm-in is subject to NSTA approval and other required consents.
FTSE100
The UK's flagship share index, the FTSE 100, was down 119 points at 9,609 shortly after opening this morning.
Brent crude oil futures were down 0.86% at $64.23 a barrel.
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