SERICA ENERGY PLC (SQZ) — Acquisition of portfolio of assets in the North Sea

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to the SERICA ENERGY PLC acquisition of portfolio assets in the North Sea investor presentation. Throughout the quarter presentation, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time by the Q and A tab situated in the right corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives in the meeting itself. The company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO, Chris Cox. Good morning to you, sir. Thank you. Good morning, and welcome. I'm joined as usual by Martin Copeland, our CFO, and Andrew Bembo, our Head of Investor Relations. And we're here to bring you some festive cheer today as we describe what is a great deal for our shareholders. Martin and I will run through a short presentation and then take questions. So please submit questions as we go along and we will answer as many as we can. The deal we've announced this morning is positive for SERICA for a number of reasons. And those who listened to our presentation when announcing the Prax acquisition may hear some repetition today. If it is repetitive, it's because we're seeking to deliver on our strategy in a consistent manner. And this deal is very much in line with that strategy. It increases our reserves, further diversifies our portfolio and delivers material tax efficient cash generation at an attractive valuation. Inclusive of the Prax Upstream and associated transactions, we are set to increase our reserves by more than a quarter and add materially to our production. And the production we're adding...