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 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