Serica Energy has agreed to buy out BP’s 18% stake in the U.K. Erksine Field in a combined cash and stock deal.

Under the deal, Serica will pay $11.1 million and will issue 27 million new shares to BP for equity in the Erskine Field in U.K. blocks 23/236a and 23/26b.

The deal gives Serica 1,234 boepd of production and net remaining reserves of 3.6 million boe.

The Erskine field is operated by Chevron.


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