Business
Trading and operations update
Serica Energy plc reported a 2025 production of 27,600 boepd, generating $601 million in revenue with an average realised Brent oil price of $67/bbl and an average realised NBP gas price of 84p/therm. Capital expenditure was $250 million, and operating expenditure was $365 million, resulting in negative free cash flow of $22 million and dividends paid of $84 million (16p/share). As of December 31, 2025, the company held $31 million in cash and total liquidity of $290 million, with net debt at $200 million. For 2026, Serica anticipates production to significantly exceed 40,000 boepd, with potential to surpass 65,000 boepd following acquisitions, and expects material free cash flow generation. The company also plans to move from AIM to the Main Market of the LSE in 2026. Disclaimer*
About this update from Serica Energy Plc
[{"type":"text","content":"\n\n\n \n21 January 2026\n \nSerica Energy plc\n('Serica' or 'the Company')\n \nTrading and operations update\n \nSerica Energy plc (AIM: SQZ) issues the following trading and operations update in respect of the year ending 31 December 2025. Serica will issue 2025 full-year results on 26 March 2026.\n \nChris Cox, Serica's CEO, stated:\n\"Serica enters 2026 as a stronger, more resilient company, with increasingly diversified production and revenues that are set to rise materially from 2025 levels. Our recently announced acquisitions, as they complete throughout the year, will more than double the number of producing fields in our portfolio and materially add to cash generation, supporting our strategy of delivering value to investors through both growth and shareholder returns.\n \nThe expansion of our portfolio is delivering a greater number of attractive organic growth options, allowing us to cherry-pick those that offer the greatest return on investment, growing and sustaining material cash-generative production for Serica into the next decade.\"\n \n2025 performance[1]\n \n\n\n\n\n(boepd)\n\n\nQ1\n\n\nQ2\n\n\nQ3\n\n\nQ4\n\n\nAverage\n\n\n\n\nBruce Hub\n\n\n17,200\n\n\n16,300\n\n\n15,400\n\n\n15,400\n\n\n16,100\n\n\n\n\nTriton Hub\n\n\n5,100\n\n\n-\n\n\n7,700\n\n\n10,700\n\n\n5,900\n\n\n\n\nOther Producing Assets\n\n\n5,200\n\n\n5,600\n\n\n4,400\n\n\n6,000\n\n\n5,300\n\n\n\n\nWest of Shetland[2]\n\n\n-\n\n\n-\n\n\n-\n\n\n1,400\n\n\n300\n\n\n\n\nTotal\n\n\n27,500\n\n\n21,900\n\n\n27,500\n\n\n33,500\n\n\n27,600\n\n\n\n\n \n· Production of 27,600 boepd in 2025 (2024: 34,600 boepd), in line with guidance\n· Revenue of $601 million (2024: $727 million)\n- Average realised Brent oil price of $67/bbl (2024: $75/bbl)\n- Average realised NBP gas price of 84p/therm (2024: 76p/therm)\n· Capital expenditure of $250 million (2024: $260 million), in line with guidance, the majority of which was spent on the Triton drilling programme\n· Opex of $365 million (2024: $330 million), in line with guidance\n· Cash tax paid of $9 million in 2025 (2024: $153 million)\n· Negative free cash flow of $22 million (2024: negative free cash flow of $1 millio...