Centrica: Spirit Energy Completes Sale of Cygnus and North Sea Assets to Serica

Centrica (LON: CNA) announced today that Spirit Energy has completed the sale of its remaining 15% of the Cygnus gas field and all its other producing North Sea assets to Serica Energy plc. The shares were lower in early trading.

Centrica shares were 146.5p at 08:09 UK time today, delayed quote, down 1.2p or 0.81% from yesterday’s close of 147.7p. The day’s range so far is 145.0p to 146.5p, just above the 144p low hit on Tuesday.

The announcement was published at 7am UK time today, before the London open. Besides the remaining Cygnus interest, the sale covers Spirit Energy’s Greater Markham Area and Southern North Sea assets, all of them producing.

Serica pays £33 million of final consideration and takes on £44 million of decommissioning liabilities, which are the future costs of shutting down fields. The sale was first announced on the 16th of December 2025, so today’s notice marks completion.

That leaves the Morecambe Hub as Spirit Energy’s principal producing asset. Its total retained reserves are 9 mmboe, or million barrels of oil equivalent, as at the end of 2025. Centrica said:

“Spirit Energy’s primary focus will remain on maximising value from Morecambe whilst progressing the Morecambe Net Zero carbon storage project, alongside safely and efficiently decommissioning its facilities and wells with minimum environmental impact.”

Centrica statement

The announcement does not give a profit or loss on the disposal or any effect on earnings. At £33 million, the cash is roughly half a percent of Centrica’s market value, which was about £6.9bn at 30 September.

The shares have been drifting lower for three months. At 146.5p they are 13.6% down on the 169.55p close at the end of 2025, and below both the 50-day average of 154.06p and the 200-day average of 181.93p.

The announcement itself does not explain today’s move.