(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)
