Highlights

  • Centrica completes sale of Spirit Energy's remaining 15% Cygnus stake and other UK gas assets.
  • Transaction valued at approximately 98 GBP million, including headline consideration and decommissioning liabilities.
  • Morecambe Hub becomes Spirit Energy's primary producing asset with retained reserves of 9.0 mmboe.

Centrica plc (LSE:CNA) has announced the sale of Spirit Energy Limited's remaining 15% interest in the Cygnus gas field, along with all producing assets in the Greater Markham Area and Southern North Sea, to Serica Energy plc. The total value of the transaction to Spirit Energy is approximately 98 GBP million, which includes 57 GBP million in headline consideration and the transfer of 41 GBP million in decommissioning liabilities. Centrica’s 69% share of the headline consideration is expected to be 39 GBP million.

Timeline and Completion
The disposal has a commercial effective date of 1 January 2025 and is expected to complete in the second half of 2026, subject to regulatory approvals. Standard interim period adjustments will also be applied.

Portfolio Repositioning
This sale follows the earlier disposal of 46.25% of Spirit Energy’s interest in the Cygnus field, completed in early October. The transaction aligns with Centrica's strategy of managing its infrastructure portfolio, delivering upfront cash consideration while transferring long-term decommissioning responsibilities.

Focus on Retained Assets
Following the disposal, the Morecambe Hub will become Spirit Energy's main producing asset, holding total retained reserves of 9.0 mmboe. Spirit Energy’s primary focus will remain on the development of the Morecambe Net Zero carbon storage project, alongside decommissioning its facilities and wells in a safe and efficient manner.

Financial and Operational Impact
The transaction provides Centrica with immediate cash inflow while transferring future liabilities related to decommissioning. It also streamlines the company’s UK gas portfolio, consolidating Spirit Energy’s remaining operations around the Morecambe Hub.

Share Price Snapshot
CNA was trading 0.18% lower at GBX 167.50 per share as of 16 December 2025.