Slaughter and May advises Spirit Energy on sale of remaining 15% interest in Cygnus and other Southern North Sea assets to Serica subsidiary

Slaughter and May advised Spirit Energy on the disposal of producing assets, working as an integrated team with De Brauw Blackstone Westbroek on the transaction's Dutch law elements; the purchaser is a subsidiary of Serica Energy plc. The transaction involved the sale by Spirit Energy of its remaining 15% interest in the Cygnus gas field and its other producing assets in the Greater Markham Area and the Southern North Sea to a subsidiary of Serica Energy plc. The total value of the disposal to Spirit Energy is approximately £98 million, comprising headline consideration of £57 million together with the transfer of c. £41 million of decommissioning liabilities. As a result of the disposal, the Morecambe Hub will become Spirit Energy's principal producing asset. Spirit Energy will retain its focus on developing the Morecambe Net Zero carbon storage project, on which Slaughter and May continue to advise, and on safely and efficiently decommissioning its facilities and wells with minimal environmental impact. Slaughter and May represented Spirit Energy with a team composed by: Infrastructure and Energy: Oliver Moir, Partner; Hywel Davies, Partner; Edward Rochford, Associate; Lana Yang, Associate; Sabine O'Connor, Associate; Emily Richards, Associate; Arta Ebrahimpour, Trainee. Pensions and Employment: Philippa O'Malley, Partner; Simon Clark, Senior Counsel; Will Amor, Associate. Tax: Gareth Miles, Partner; Edward Milliner, Senior Counsel; Nadia Hourihan, Associate. De Brauw Blackstone Westbroek worked as an integrated team with Slaughter and May on the Dutch law elements of the transaction.

Slaughter and May advises Spirit Energy on sale of remaining 15% interest in Cygnus and other Southern North Sea assets to Serica subsidiary

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