Further to the announcement made by Serica Energy plc and Pharos Energy plc (LON:PHAR) on 26 July 2026 setting out the terms of a recommended cash offer for the entire issued and to be issued share capital of Pharos (the “Acquisition“), Serica has today provided an update on the terms of the Serica Offer.
The board of directors of Serica notes the increased offer announced by Ratio Petroleum Energy LP (“Ratio“) on 7 August 2026, including the statement that Ratio has received irrevocable undertakings in respect of Pharos Shares representing approximately 41.76 per cent. of Pharos’ issued share capital.
Serica retains a highly disciplined approach to M&A and accordingly confirms that the financial terms of the Serica Offer as set out in the Serica 2.7 Announcement, being a total value offered of 32.6683 pence per Pharos Share comprised of 28.6683 pence in cash and 4.0 pence in cash by way of a special dividend are final* and will not be increased.
Serica continues to rigorously evaluate a pipeline of opportunities, both in the UK North Sea and other areas in which the Company can successfully deliver its strategy.
* The financial terms of the Serica Offer are final and will not be increased or improved except that Serica reserves the right to increase the value of the Serica Offer if (a) there is an announcement on or after the date of this Announcement of an offer or possible offer for Pharos, including a partial offer, or a firm intention to make an offer, by any third party offeror or potential offeror other than Ratio; or (b) the Takeover Panel provides its consent, which will only be given in wholly exceptional circumstances.
The individual responsible for releasing this Announcement is Chris Cox, Chief Executive Officer of Serica.
Capitalised terms in this announcement have the meaning given to them in the Serica 2.7 Announcement, unless the context requires otherwise.
