Serica Energy to acquire Prax Upstream, Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, Catcher and Golden Eagle area development and Lancaster of Prax for $25.6m.

Serica Energy, an oil and gas company, agreed to acquire Prax Upstream, Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, Catcher and Golden Eagle area development and Lancaster business of Prax, an independent oil refining, for $25.6m. “This transaction represents a further step in the delivery of our growth strategy – it diversifies our portfolio, increases our reserves and resources, and enhances near-term cashflows at an attractive valuation. The addition of GLA brings Serica a new production hub, with operatorship of the Shetland Gas Plant. There is an immediate boost to production and reserves, plus the scope to create significant value for shareholders through multiple subsurface, commercial, and further M&A opportunities," Chris Cox, Serica's CEO.