Serica Energy Plc (AIM: SQZ) has completed the acquisition of Prax Upstream Limited (PUL) from Prax Exploration & Production.
The deal involved a payment of £14.5 million ($18.9 million), with Serica also assuming $34 million in cash held by PUL.
The acquisition adds the Lancaster field, currently producing about 5,900 barrels of oil equivalent per day, to Serica's portfolio, though production is expected to end by mid-2026 when the Aoka Mizu FPSO leaves the field.