Business
Response to Statement by EnQuest plc
Response to Statement by EnQuest plc.
About this update from Enquest Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\n \nFOR IMMEDIATE RELEASE\n \n2 May 2025\n \n \nSerica Energy plc\n('Serica' or 'the Company')\n \nResponse to Rule 2.8 announcement from EnQuest\n \nSerica Energy Plc ('Serica') notes the announcement by EnQuest Plc ('EnQuest') confirming that EnQuest does not intend to make a firm offer for Serica. As a result of the announcement, EnQuest is bound by the restrictions contained in Rule 2.8 of the City Code on Takeovers and Mergers.\n \nWhile there would have been strategic and financial benefits to the combination, in light of current market volitility an agreement on terms that would have been in the best interests of shareholders was not possible at this time.\n \nThe Board remains very confident in Serica's standalone ability to generate significant cash flow and deliver shareholder value and highly competitive shareholder returns from its balanced portfolio of oil and gas assets. Delivering sustainable operational improvement remains paramount. In parallel, the Company continues to pursue its clear growth strategy, as detailed in the 2024 full-year results, progressing numerous organic growth opportunities across the portfolio as well as actively screening a number of cash-generative and value accretive M&A opportunities in both the UK North Sea and other geographies.\n \n-end-\n \nEnquiries:\n \n\n\n\n\nSerica Energy plc\n\n\n+44 (0)20 7487 7300 \n\n\n\n\nMartin Copeland (CFO) / Andrew Benbow (Group Investor Relations Manager)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPeel Hunt (Nomad & Joint Broker)\n\n\n+44 (0)20 7418 8900\n\n\n\n\nRichard Crichton / David McKeown / Emily Bhasin\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJefferies (Joint Broker)\n\n\n+44 (0)20 7029 8000\n\n\n\n\nSam Barnett\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVigo Consulting (PR Advisor) \n\n\n+44 (0)20 7390 0230\n\n\n\n\nPatrick d'Ancona / Finlay Thomson\n\n\[email protected] \n\n\n\n\n \n \nNOTES TO EDITORS\nSerica Energy is a British independent oil and gas exploration and production company with a portfolio of UKCS assets. Serica has a balance of gas and oi...