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Serica Energy buys bigger share of North Sea oil fields from BHP


Serica Energy said it had acquired an additional interest in some North Sea oil fields from BHP Billiton.

The company also said it had satisfied conditions needed to obtain a sanctions waiver from US authorities.

Serica would acquire a 16.00% interest in the Bruce field and a 31.83% interest in the Keith field from BHP Billiton.

The structure of the transaction was the same as the deals entered into by Serica with BP and Total, whereby Serica would acquire interests in the Bruce, Keith and Rhum fields.

The initial cash consideration paid to BHP was £1m, to be adjusted for working capital and 40% of post-tax cashflows from the effective date of 1 January 2018.

BHP would also receive a share of pre-tax net cash flow on the same terms as the net cash flow sharing deed entered into as part of the BP transaction.

BHP wopuld receive a share of pre-tax net cash flow from the BHP assets of 60% for the remainder of 2018, 50% in 2019 and 40% in each of 2020 and 2021.

Source : StockMarketWire

Published: 06-11-2018
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