Overview
- The package includes the adjacent P2544 exploration licence alongside Culzean, which is operated by TotalEnergies.
- A 30‑day right of first refusal gives TotalEnergies (49.99%) and NEO NEXT (18.01%) the option to match the terms.
- The deal is effective from 1 September 2025 with completion targeted around year‑end subject to customary conditions.
- Culzean produced about 25,500 boe/d net to BP in the first half of 2025 and holds an estimated 33 mmboe of remaining 2P reserves with high uptime and low emissions.
- Serica plans to fund the purchase from interim Culzean cash flows and existing resources, including undrawn capacity under a $525 million reserve‑based lending facility, with a potential new acquisition facility under review.