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EnQuest PLC on Friday said it no longer intends making a bid for Serica Energy PLC after failing to agree terms. In a statement, London-based oil and gas company Enquest said ‘in light of current market volatility it has not been possible to reach an agreement on terms’ with Serica, the North Sea-focused oil and gas producer. For its part, Serica said an agreement on terms that would have been in the best interests of shareholders was not possible at this time. It acknowledged the strategic and financial benefits of the combination, but said it remains ‘very confident’ in its standalone ability to generate significant cash flow and deliver shareholder value. In addition, Serica said it is progressing numerous organic growth opportunities across the portfolio as well as actively screening a number of cash-generative and value accretive M&A opportunities in both the UK North Sea and other geographies. Shares in Serica Energy close up 0.3% at 127.00 pence each in London. Enquest closed down 4.8% at 13.14p. Talks between the two firms were announced in early March. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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