NEO NEXT Energy, a joint venture between Repsol and NEO, has exercised its pre-emption rights over BP’s P111 and P2544 licenses, blocking Serica Energy’s proposed $232 million deal for the UK Central North Sea assets.

“Following the announcement on 13 October 2025 that it had signed an agreement to acquire the entirety of BP’s stake in the P111 and P2544 licences, Serica announces that one of the licence partners, NEO NEXT, has decided to take up its rights of pre-emption,” said Serica.

The proposed acquisition had comprised a 32% non-operated working interest in the P111 licence, containing the Culzean gas condensate field, and P2544, an exploration licence adjacent to the P111 licence.

The Culzean field, operated by TotalEnergies, is currently the largest single producing gas field in the UK North Sea.

Serica CEO Chris Cox said: “While this outcome is of course disappointing, it was always known to be a possibility.

“Serica continues to actively pursue further M&A opportunities, as well as progress our attractive organic growth options, with a goal of diversifying the Company’s portfolio of assets, increasing production, and creating value for shareholders.“