Serica Energy has announced its intention to move from AIM to the main market of the London Stock Exchange, with admission expected before the end of October.
It said the move, which will not involve any fundraising, “reflects the company’s growth and maturity as a leading independent UK Continental Shelf producer, generating material free cash flow and pursuing organic growth and M&A opportunities”.
Serica is set to end the year as the sixth largest producer on the UKCS, with a balance of gas and oil production.
The company is generating material free cash flow from its producing assets, with the potential for significant organic growth in coming years, and a focus on creating shareholder value from its current portfolio and through M&A.
David Latin, chair of Serica, stated: “This is a notable milestone for Serica. The company has come a long way since listing on AIM over 20 years ago.
“Serica has progressed to become one of the leading independent producers in the UK North Sea, with material and growing production, strong cash generation, and the opportunity to deliver value for shareholders through both exciting organic growth opportunities and disciplined acquisitions.
“We have been proud to be part of AIM, and the move to the Main Market reflects the scale and maturity of the business today, supporting our ambition to deliver long-term value for shareholders through providing the platform to take our investment case to the widest possible audience.”
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