Published by Global Banking & Finance Review®
Posted on September 30, 2025
1 min readLast updated: January 21, 2026
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Serica Energy acquires Prax Upstream, expanding its North Sea presence. The $25.6 million deal includes interests in several oilfields, promising $50 million in additional cash flow by 2026.
(Reuters) -Britain's Serica Energy said on Tuesday it will buy Prax Upstream, the sole operator of Lancaster oilfield located in the UK's North Sea, for $25.6 million.
The deal also includes the acquisition of 40% operated interest in the Greater Laggan Area, a 10% interest in Catcher Field and a 5.21% interest in the Golden Eagle Area, all based in the North Sea.
The North Sea-focused oil and gas producer will buy Prax Upstream from its parent Prax Exploration & Production, which entered administration earlier this year diversifying its operations and increasing its cash flow.
Serica expects an additional $50 million of free cash flow from the combined assets in 2026, the company added.
The London-headquartered firm in early September cut its 2025 production outlook after a hit from a temporary slowdown in output at the Triton floating production storage and offloading vessel.
(Reporting by Prerna Bedi in Bengaluru; Editing by Shailesh Kuber)
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
Free cash flow is the cash generated by a company after accounting for capital expenditures. It is used to pay dividends, make investments, or reduce debt.
An oilfield is a region with an abundance of oil wells extracting petroleum (crude oil) from below ground.
A financial outlook is a projection of a company's future financial performance based on current trends and economic conditions.
Interest is the cost of borrowing money or the return on investment earned from lending money, typically expressed as a percentage.
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