Serica Energy Plc · LSE:SQZ
Serica Energy — H1 2026 Earnings Presentation
15 slides from Serica Energy's earnings presentation, Aug 6, 2026
Slide 1: Half-year results 2026
Half-year results 2026 Increased production, material cash flows, and significant strategic delivery 6 August 2026 Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons
Slide 2: Strong delivery across all business areas
Strong delivery across all business areas 44,700 boepd 24,700 boepd Growth on all key metrics Production in H1 2026 Production in H1 2025 • H1 2026 production of 44,700 boepd, material increase from 2025 rates c.65,000 boepd c.50,000 boepd • Q2 production of over 50,000 boepd Production expected end
Slide 3: Robust production uplift – H1 output up 81% year-on-year
Robust production uplift – H1 output up 81% year-on-year Production • H1 2026 production of 44,700 (H1 2025: 24,700 boepd) 70 (KBOEPD) • Material increase, predominantly due to: 60 - Higher portfolio uptime - Addition of production from newly acquired assets 50 West of Shetland • Q2 production over
Slide 4: Converting production to cash
Converting production to cash H1 2026: revenue to post-tax CFFO ($ MILLION) • Revenue of $677 million more than double $305 million in 677 (89) H1 2025, driven by: - Production of 44,700 boepd (H1 2025: 24,700 boepd) 588 (239) - Realised prices of $93/bbl and NBP of 101p/therm • Net revenue after he
Slide 5: Material cash generation
Material cash generation H1 2026: change in cash ($ MILLION) • Material increase in cash in H1 2026 • Free cash flow of $184 million 62 (29) • Cash of $326 million and net cash of $26 million as at 30 (6) 326 280 13 June 2026 (81) 56 • Increase a result of: - Robust post-tax CFFO - Receipt of $56 mi
Slide 6: $784 million liquidity provides funded growth capacity
$784 million liquidity provides funded growth capacity Liquidity ($ MILLION) • Robust pro forma liquidity position of $784 million as of 30 June 2026 $784 million1 • Completion of $300 million five-year Nordic bond in May 458 • Completion in July of six-year Reserves Based Lending Undrawn RBL ('RBL'
Slide 7: Ongoing commitment to predictable and material shareholder returns
Ongoing commitment to predictable and material shareholder returns Shareholder returns attributable to calendar year 25 (p/share) • Serica targeting dividends of 15-30% of post-tax CFFO • Enables delivery of attractive and sustainable shareholder returns 20 • Retains necessary flexibility to allocat
Slide 8: Rig contract set to be signed for rapid-return drilling programme
Rig contract set to be signed for rapid-return drilling programme • Organic growth drilling programme set to begin in Q3 2027 - Short-cycle projects with the potential to add 30,000 boepd 34 mmboe of incremental production undeveloped 2P reserves and 2C - Supporting annual average production of over
Slide 9: Pharos Energy: value accretive international diversification
Pharos Energy: value accretive international diversification H1 2026 4 producing Production • Expected to be immediately accretive on a per-share basis to production, reserves, and key financial metrics assets Egypt • Enlarged and internationally diverse Vietnam - Increased production from three cou
Slide 10: Disciplined M&A adds scale, diversification and cash-generative growth
Disciplined M&A adds scale, diversification and cash-generative growth • Serica continues to seek opportunities to deliver value for shareholders via M&A • M&A strategy focused on value • Continuing to seek growth in the UK North Sea • Increasing focus on addition of new assets in regions in which S
Slide 11: Outlook and guidance – ongoing strong delivery
Outlook and guidance – ongoing strong delivery • On track to deliver 2026 exit rate production of c.65,000 boepd • The acquisition of assets from Spirit Energy is now set to complete on 1 October 2026, resulting in revised production guidance for 2026 of above 40,000 boepd • Capital expenditure is e
Slide 12: Multiple catalysts ahead
Multiple catalysts ahead Coming weeks Rig contract set to be signed 1 October 2026 Acquisition of assets from Spirit Energy to complete H2 2026 Move to Main Market Q3 2027 High-impact organic growth drilling to begin Q3 2028 First production potential from new wells Half-year results 2026 I 6 August
Slide 13: Well positioned to continue delivering value for shareholders
Well positioned to continue delivering value for shareholders Highly cash generative producer with a platform for disciplined international growth Rigorous capital allocation approach on high-return short-cycle organic growth opportunities Funded future growth in UK North Sea and overseas Material a
Slide 14: Appendix
Appendix For further information contact: Andrew.Benbow@serica-energy.com 13
Slide 15: Protecting cash flows
Protecting cash flows Gas hedges – as at 30 June 2026 Gas hedges (p/therm) 160 Weighted average Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q3 28 140 Hedged volume (kboe/d) 8 13 13 10 10 10 10 8 10 Weighted average floor (p/therm) 61 66 66 55 55 60 60 59 59 120 Collar ceiling (p/therm) 93 103 10