Serica Energy upgrades to London Stock Exchange main market

Independent oil and gas producer Serica Energy has completed its transition from the Alternative Investment Market to the London Stock Exchange main market. The company’s ordinary shares were admitted to the larger board at 08:00 this morning, with trading on the previous platform cancelled simultaneously. The move introduces a new ticker symbol, changing from SQZ to SER. A total of 393,568,407 shares, priced at $0.10 each, are now listed on the main market. Serica confirmed that no new ordinary shares or other securities are being offered in connection with this admission.

The company first announced its intention to upgrade its listing in late September, aiming to complete the process by the end of October after more than 20 years on the AIM. Serica had previously targeted a move last year but delayed its plans after acknowledging that its merger and acquisition activity had affected the regulatory disclosures required for its newly acquired reserves and resources. These acquisitions included North Sea assets from the failed Prax Group, specifically the Lancaster field west of Shetland, the Greater Laggan Area fields, and the Shetland gas plant, purchased for $25.6m.

Following the upgrade, Serica is expected to join the FTSE 200 index of top UK-listed companies by December. The company is on track to more than double its average production to 65,000 barrels per day this year, supported by strong oil and gas prices that have pushed its share price into a range suitable for the larger market. Additionally, Serica recently secured banking facilities worth $750m, with ambitions to use the funds to finance future merger and acquisition deals.