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Serica Energy PLC on Monday said its proposed buy of BP PLC’s stake in the P111 and P2544 licences was scuppered, after another partner at the assets opted to take up its rights of pre-emption. North Sea-focused oil and gas producer Serica in October announced the agreement to acquire the entirety of BP’s stake in the P111 and P2544 licences. Serica was to pay $232 million upfront to BP. The deal includes the oil major’s 32% interests in P111, which contains the Culzean gas condensate field, and the adjacent P2544. TotalEnergies SE owns just under 50% of Culzean, Serica added. Neo Next owns just over 18%. Neo Next ‘decided to take up its rights of pre-emption’, Serica announced on Monday. The pre-emption rights allowed the existing partners at the asset to acquire BP’s stake on the same terms as the Serica deal. It was subject to a 30-day period. ‘While this outcome is of course disappointing, it was always known to be a possibility. Serica continues to actively pursue further M&A opportunities, as well as progress our attractive organic growth options, with a goal of diversifying the company’s portfolio of assets, increasing production, and creating value for shareholders,’ Serica Chief Executive Officer Chris Cox said. Shares in Serica were down 4.3% to 206.68 pence each in London on Monday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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