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Operator
Good morning, and welcome to the Serica Power plc acquisition of Portfolio Property within the North Sea Investor Presentation. [Operator Instructions] Earlier than we start, I might prefer to submit the next ballot. I might now like at hand you over to CEO, Chris Cox. Good morning to you, sir.
Christopher Cox
CEO & Director
Thanks. Good morning, and welcome. I am joined as traditional by Martin Copeland, our CFO; and Andrew Benbow, our Head of Investor Relations. And we’re right here to deliver you some festive cheer at present as we describe what is a superb deal for our shareholders. Martin and I’ll run by way of a brief presentation after which take questions. So please submit questions as we go alongside, and we’ll reply as many as we will.
The deal we have introduced this morning is optimistic for Serica for quite a few causes. And those that take heed to our presentation when saying the Prax acquisition might hear some repetition at present. Whether it is repetitive, it is as a result of we’re searching for to ship on our technique in a constant method. And this deal could be very a lot in keeping with that technique. It will increase our reserves, additional diversifies our portfolio and delivers materials tax-efficient money technology at a gorgeous valuation.
Inclusive of the Prax Upstream and related transactions, we’re set to extend our reserves by greater than 1/4 and add materially to our manufacturing. And the manufacturing we’re including is from high-quality, excessive uptime belongings that can enhance our manufacturing stability and the reliability of our money flows. This deal additionally brings us additional optionality with regards to our natural progress initiatives. In fact, we now know that the funds
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