Serica Energy to acquire Parkmead (E&P) from Parkmead for £134m.

Serica Energy, an independent upstream oil and gas exploration and production company, agreed to acquire Parkmead (E&P), a UK offshore oil licences holding company, from Parkmead, an independent energy group, for £134m. "I am delighted to announce this important transaction for Parkmead. Through the sale of these UK offshore oil licences we have no further capital investment requirements, whilst retaining a very attractive share of the upside should any developments at Skerryvore or Fynn Beauly proceed. The addition of the near-term, firm £14m cash consideration, together with Parkmead's existing cash, means the Group is well-funded to pursue the next phase of its growth plans in natural gas, renewable energies and international E&P," Tom Cross, Parkmead Executive Chairman.