Serica gets clearance for Greater Laggan Area deal west of Shetland

The deal covered multiple producing fields west of Shetland, including the basement oil accumulation Lancaster where operations are set to cease by mid-2026. Current production through the FPSO Aoka Mizu is about 5,900 boe/d.

Terms of the transaction included Serica assuming PUL’s remaining cash balance of $34 million, $12 million of which is restricted to covering Serica’s likely costs on demobilization of the FPSO.

The deal includes a 40% operated stake from TotalEnergies in the Greater Laggan Area (GLA) offshore gas fields, subsea transportation system and the onshore Shetland Gas Plant.

Serica will also gain non-operated interests in the Catcher and Golden Eagle Area Development projects in the central UK North Sea from ONE-Dyas.

Under a further agreement, the company has completed a farm-in to 40% of the 2530 license, acquired from Australian independent Finder Energy, which contains the Wagtail oil discovery and other exploration prospects.

Alessandro Agostini, who had led PUL’s acquisition of Lancaster developer Hurricane Energy and the GLA and North Sea field interests, has now become chief non-operated joint ventures officer at Serica, overseeing the company’s interests in the central North Sea Triton area and other assets.