Slaughter and May is advising Spirit Energy on the sale of its remaining 15% interest in the Cygnus gas field, and its other producing assets in the Greater Markham Area and[...]

Slaughter and May is advising Spirit Energy on the sale of its remaining 15% interest in the Cygnus gas field, and its other producing assets in the Greater Markham Area and Southern North Sea, to a subsidiary of Serica Energy plc.

The total value of the transaction to Spirit Energy is approximately £98 million, including headline consideration of £57 million and the transfer of £41 million of decommissioning liabilities.

This disposal will result in the Morecambe Hub becoming Spirit Energy's principal producing asset and Spirit Energy's focus will remain on the development of the Morecambe Net Zero carbon storage project (on which we continue to advise Spirit Energy), alongside safely and efficiently decommissioning its facilities and wells with minimum environmental impact.

Slaughter and May worked as an integrated team with De Brauw Blackstone Westbroek on the Dutch law elements of the transaction.