Serica in talks with EnQuest regarding feasible mix

Serica verified on Friday that it remains in talks with EnQuest regarding a feasible mix.

Responding to current media supposition, it stated: “The board of Serica believes there are substantial potential benefits to the possible transaction, including increasing scale and diversification, unlocking significant synergies and providing a stronger platform for further growth.”

The AIM-listed oil and gas business stated that although conversations are recurring, it is presently imagined that the possible purchase will certainly be structured as an all-share deal by EnQuest for Serica using a reverse requisition under UK noting policies.

This would certainly include a return of resources to existing Serica investors conditional upon conclusion of the feasible offer which Serica investors would certainly hold a bulk of the shares in the bigger business, with shares provided on the ESCC market of the London Stock Exchange.

There can be no assurance either that a deal will certainly be made, neither regarding the terms on which such deal will certainly be made, Serica included.

At 0955 GMT, Serica shares were up 6.3% at 128.08 p, while EnQuest was 9.4% greater at 11.92 p.