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Serica Energy PLC on Thursday said it has completed the acquisition of Tailwind Energy Investments Ltd from Tailwind Energy Holdings LLP. Serica is a London-based oil & gas company focused on the UK North Sea. In December, the company said it would buy Tailwind Energy Investments for £58.7 million, plus issuance of Serica shares. In connection with the acquisition, up to 111.0 million new shares in Serica will be allotted and issued. On Tuesday, Serica said the conditions for the acquisition of Tailwind had been satisfied. Chief Executive Mitch Flegg said: ‘This is an important and exciting moment for Serica. The transaction creates a portfolio of assets which provides both greater resilience and an increase in the range of organic growth opportunities. Moreover, this has been achieved while preserving the company’s financial capacity to invest in its existing assets, execute further acquisitions and make sustained cash returns to shareholders.’ Serica also said it plans to announce its 2022 results on April 13. Shares in Serica were up 0.3% to 220.56 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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