UK-based Serica Energy has signed a farm-in agreement with Australia-based oil and gas explorer Finder Energy for the latter’s 40% operated interest in the P2530 licence in the UK North Sea.
Under the terms of the deal, Serica will make an initial payment of approximately £500,000 (around $650,000).
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Currently, Finder Energy holds a 60% operated stake in the licence, while Serica Energy’s partner Dana Petroleum holds the remaining 40%.
The P2530 licence area includes the Wagtail oil discovery, along with the Marsh and Bancroft exploration prospects.
Operator estimates show that the acquisition of the Wagtail stake will add around eight million barrels (mbbl) of net 2C contingent resources to Serica Energy’s portfolio.
The Wagtail discovery is located in the North Sea, to the north-west of the Triton floating production storage and offloading vessel (FPSO).
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By GlobalDataThe North Sea Transition Authority (NSTA) recently granted an extension to the current phase of the licence until 31 August 2026.
During this period, the joint venture (JV) partners intend to conduct engineering feasibility studies to assess the potential for integrating Wagtail into the Triton FPSO.
The studies aim to determine whether a tie-back to the existing infrastructure can be developed economically.
Upon the completion of these studies, the P2530 JV will decide whether to proceed to the next phase by the end of the licence extension.
The next phase would involve drilling an appraisal well or abandoning the licence without further obligations.
The farm-in agreement is subject to approval from the NSTA and other necessary consents.
Serica Energy is an independent oil and gas company with assets across the UK Continental Shelf (UKCS) in the North Sea.
The company produces both oil and gas, accounting for roughly 5% of the UK’s natural gas output, primarily from the Bruce, Keith and Rhum fields in the UKCS.
Recently, Serica agreed to acquire bp’s entire stake in the P111 and P2544 licences in the UK central North Sea.
