Serica strikes deal for Parkmead’s UK North Sea interests

Dec. 16, 2024

Serica Energy has agreed to acquire Parkmead (E&P) for up to £14 million ($17.9 million).

Serica Energy acquisition of assets from Parkmead Group

Parkmead operations overview — Parkmead's assets cover exploration, development and production.

Serica Energy has agreed to acquire Parkmead (E&P) for up to £14 million ($17.9 million), according to a Dec. 12 company news release.

Further payments could follow, linked to a potential future development of the Skerryvore prospect or the heavy-oil Fynn Beauly discovery.

Upon completion of the transaction, Serica—already a partner in the P2400 Skerryvore license—would hold a 70% operated interest.

This July, the P2634 license was awarded to Parkmead (as operator) and Orcadian Energy under the UK’s 33rd Licencing Round.

Current work commitments call for technical studies to assess the feasibility of reducing Fynn Beauly’s oil viscosity through enhanced oil recovery techniques.

The transaction should close in the first half of 2025, subject to consent from the North Sea Transition Authority and the carve-out of PUK’s Dutch assets to a Parkmead affiliate.