Business
Completion of acquisition of Tailwind Energy
Completion of acquisition of Tailwind Energy.
About this update from Serica Energy Plc
[{"type":"text","content":"\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n For Immediate Release\n \n \n 23 March 2023\n \n \n \n Serica Energy plc\n \n \n \n \n (\"Serica\" or the \"Company\")\n \n \n \n \n Completion of the acquisition of Tailwind Energy\n \n \n Investments Ltd\n \n \n \n \n London, 23 March 2023\n \n \n \n \n - Further to the announcement on 21 March 2023, Serica Energy plc (AIM: SQZ) is pleased to confirm that it has successfully completed the acquisition of Tailwind\n Energy Investments Ltd (\"Tailwind\") from Tailwind Energy Holdings LLP (the \"Acquisition\") and that Admission of the Completion Consideration Shares to trading on AIM has occurred.\n \n \n Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the announcements regarding the Acquisition made by the Company on\n 20 December 2022 and\n 21 March 2023\n .\n \n \n Mitch Flegg, Chief Executive of Serica commented:\n \n \n \"We are delighted to have completed the acquisition of Tailwind and welcome the new members of the Serica team. This is an important and exciting moment for Serica. The transaction creates a portfolio of assets which provides both greater resilience and an increase in the range of organic growth opportunities. Moreover, this has been achieved while preserving the Company's financial capacity to invest in its existing assets, execute further acquisitions and make sustained cash returns to shareholders.\n \n \n \n We look forward to providing more information in the coming weeks on the progress made in exploiting the existing producing fields in recent months and the plans for future investments in the enlarged portfolio.\n \n \"\n \n \n Tony Craven Walker, Chairman of Serica commented:\n \n \n \n \"As a result of this transaction, Serica has a broader asset spread with interests in two North Sea hubs, one of which it operates, and better exposure to an oil/gas mix. The combined entity is uniquely placed to prosper as an important contributor to the UK's energy security in support of energy transition. However, this does require a more considered approach from Government to revisit the counter-productive tax levels imposed on the UK oil and gas industry and to structure a predictable and far less damaging tax regime to support the innovation and investment requ...