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Centrica buys stake in Irish Sea gas field

Reuters - UK Focus

LONDON, Aug 5 (Reuters) - A subsidiary of Britain's Centrica has completed a deal to buy a 45 percent stake in the Doyle gas prospect in the East Irish Sea from oil and gas explorer Serica Energy (Toronto: SQZ.TO - news) .

As part of the agreement, Centrica (LSE: CNA.L - news) 's Hydrocarbon Resources Limited (HRL) will cover Serica's share of exploration costs of up to 11 million pounds.

HRL has also gained a 15-percent interest and the operatorship of an adjacent block licence, Serica Energy said in a statement.

The Doyle gas prospect is located near a number of existing Centrica gas fields, including the Rhyl field which started producing gas last year.

"In the event of a commercial discovery, Doyle is ideally placed for a fast-track development and early gas production," said Serica Chief Executive Tony Craven Walker. (Reporting by Karolin Schaps; editing by Jason Neely)