Serica Energy has this morning filed papers required under the UK's takeover code as a North Sea mega-merger with EnQuest edges closer.
It is expected that the combination will be implemented by way of reverse takeover whereby EnQuest would make an all-share offer for Serica.
London-listed Serica has today disclosed statutory details of its issued share capital, usually a precursor to a formal offer or deal.
Serica said last week that the potential deal - if it goes ahead - will involve a return of capital to existing Serica shareholders.
Serica shareholders would hold a majority of the shares in the combined company with shares listed on the ESCC market of the London Stock Exchange, Serica said.
EnQuest has until 5pm on April 4th to make a firm offer for Serica or walk away.
Emerging trend
In recent months, the North Sea oil and gas sector has witnessed significant mergers and strategic realignments, reflecting the industry's response to evolving economic, regulatory, and environmental landscapes.
In December 2024, energy giants Shell and Equinor announced plans to merge their UK oil and gas assets, forming a joint venture headquartered in Aberdeen.
The new entity is poised to become the largest independent producer in the North Sea, with an anticipated production of approximately 140,000 barrels of oil equivalent per day.
The merger consolidates stakes from both companies, including Shell's interests in nine assets and Equinor's in three, notably the significant Rosebank project.
This strategic move aims to create a more agile and cost-competitive company capable of navigating the challenges posed by increased windfall taxes and environmental considerations in the UK.