North Sea producer Serica Energy has completed a new six-year, $750million (£560million) reserves-based lending package, strengthening its balance sheet and providing additional firepower for future investment and acquisitions.
The facilities comprise a $500million revolving loan and a $250 million revolving letter of credit, replacing the company's previous $525million facility on improved pricing and extended maturity terms. The new banking syndicate includes 11 international banks.
The announcement follows strong cash generation in the first half of 2026, driven by robust production and higher commodity prices.
Serica ended June with cash of $326million and a net cash position of $26million, compared with net debt of $200million at the end of 2025.
Martin Copeland, Serica's CFO, said: "We are very pleased with the support received, with our existing banks having renewed their support and new banking relationships being welcomed into our bank group.
"Taken together with the Nordic bond, Serica now has substantial liquidity and no amortisation until June 2029, putting us in a very strong position as we pursue growth opportunities."
He added: "The new facilities give us the flexibility to continue allocating capital in a way that will support the delivery of our growth ambitions and maximise shareholder value creation, both from our existing portfolio and through potential M&A opportunities."
Serica operates around 10% of UK gas production and is expected to complete its acquisition of a package of Spirit Energy assets later this year.
FSTE100
The UK's flagship share index, the FTSE 100, was down 46 points at 10,670 shortly after opening this morning.
Brent crude oil futures were up 3.44%, sitting at $97.31 a barrel this morning.
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