Serica thirsty for more

The UK independent is in no mood for giving up on acquisitions after a major deal last year

North Sea oil and gas producer Serica Energy is aiming for further deals to complement its $370mn acquisition of three BP fields in the last year, according to the firm's CEO Mitch Flegg. But the focus is on specific assets rather than the portfolio sales that have characterised the region's M&A landscape of late. The Aberdeen-based firm's leadership credits its steely focus on enhanced recovery and cost-cutting for a rise in gross profits by 30.6pc to $22mn last year. With its deal to take a 98pc stake in Bruce, 50pc in Rhum and 100pc in Keith, all previously operated by BP, coming into effect from 1 January 2018, full-year production rose to over 24,000 bl/d, from just 2,000 bl/d in 20