Centrica Plc (CNA.L, CPYYY), a British energy and services company, on Tuesday announced the sale of Spirit Energy Ltd's remaining 15% interest in the Cygnus gas field to Serica Energy plc (SQZ.L, SQZZF).
The transaction values Spirit Energy at approximately 98 million pounds, comprising headline consideration of 57 million pounds and the transfer of 41 million pounds of decommissioning liabilities.
The company's 69% share of the headline consideration is expected to be about 39 million pounds.
The disposal has a commercial effective date of January 1 and is expected to be completed in the second half of 2026.
The transaction also includes all other producing assets in the Greater Markham Area and the Southern North Sea.
The sale follows the disposal of 46.25% of Spirit's interest in the Cygnus field, completed in early October.
The company said that the transaction aligns with its strategy to maximize value while repositioning its infrastructure portfolio by delivering upfront cash proceeds and transferring long-term decommissioning liabilities.
Following completion, the Morecambe Hub will become Spirit Energy's principal producing asset, with retained reserves of about 9 million barrels of oil equivalent.
On Monday, Centrica closed trading 1.02% higher at 167.80 pence on the London Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.