Serica Energy plc announced the completion of the acquisition by its wholly owned subsidiary, Serica Energy (UK) Limited, of 30% non-operated interests in the P2498 and P2170 licenses (together the Greater Buchan Area ("GBA")) from Jersey Oil & Gas ("JOG"). The partners in the GBA are Serica Energy (UK) Limited (30%), NEO Energy (50% and operator) and JOG (20%). The Transaction provides Serica with the option of participating in the re-development of the Buchan field (formally re-named "Buchan Horst") and other potential projects in the GBA, such as the development of the J2 and Verbier discoveries.

Subject to project sanction and regulatory approval, the target for first production from Buchan is Fourth Quarter 2026. On completion, Serica made a cash payment to JOG of USD 7.5 million being USD 6.8 million adjusted to reflect an economic date of 1 April 2023 as previously reported. The remainder of the potential consideration is in the form of a Buchan development cost carry and contingent amounts linked to certain future events as also reported in the RNS on 23 November 2023.