Serica Energy Plc · LSE:SQZ
Serica Energy — Investor Day (June 2026)
60 slides from Serica Energy's investor day presentation, Jun 2, 2026
Slide 1: Capital Markets Day
Capital Markets Day Diversified production, self-funded growth, and sustainable returns 2 June 2026 Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons Capital Markets Day I 2 June 2026 1
Slide 2: Disclaimer
Disclaimer This document has been prepared by Serica Energy PLC (the "Company") and is for information purposes only. The information contained in this document is being made available to, and is only directed at, persons to whom it may lawfully be communicated to ("Relevant Persons"). Any person wh
Slide 3: Agenda – today's speakers
Agenda – today’s speakers Chris Cox Carla Riddell Martin Copeland Fran Preston-Bell Rich Hiney Chief Executive Chief Technical Chief Financial Public and Government Head of Subsurface Officer Officer Officer Affairs Lead A new phase for Solid foundations Generating cash, UK political Organic growth
Slide 4: A new phase for Serica
A new phase for Serica 2 Proven strategy for growth 3 Solid foundations – our assets 4 Generating cash, delivering returns 5 UK political environment 6 Organic growth opportunities 7 Outlook and Q&A 4
Slide 5: Material production, short-cycle growth, sustainable returns
Material production, short-cycle growth, sustainable returns Diversified portfolio across UK North Sea delivering production uplift • Serica continues to deliver on its two-pronged strategy • Expected 2026 exit rate 65,000 boepd • M&A has diversified the portfolio, grown production, • Sixth largest
Slide 6: A leading UK North Sea company
A leading UK North Sea company 25 fields • Operates assets that deliver >10% of UK gas production Producing end 20261 • Diversified portfolio stretching from West of Shetland to Southern North Sea • Production and reserves broadly evenly split between c.65,000 boepd oil & gas Expected end 20261 • Ro
Slide 7: What we do, and why we do it
What we do, and why we do it Our purpose Our strategy To contribute Serica’s two-pronged responsibly towards strategy: meeting the world's i) Maximise existing energy needs through assets to unlock the safe and efficient value and prolong production of their life hydrocarbons ii) Acquire where Seric
Slide 8: Growing production, generating value
Growing production, generating value Potential production additions • Ability to grow and sustain material cash-generative (KBOEPD) 90 production • Potential for annual production of over 50,000 boepd into 80 2030, just from 2P reserves 70 • Low-risk, short-cycle developments 60 - Bruce infill drill
Slide 9: Highly experienced Leadership Team
Highly experienced Leadership Team Chris Cox Martin Copeland Carla Riddell Scott McGinigal Chief Executive Officer Chief Financial Officer Chief Technical Officer Chief Operating Officer (joining 29 June) 362 Janice Doyle Alessandro Agostini Mike Killeen John Stockdale Chief People Officer Chief Cor
Slide 10: Proven strategy for growth
1 A new phase for Serica Proven strategy for growth 3 Solid foundations – our assets 4 Generating cash, delivering returns 5 UK political environment 6 Organic growth opportunities 7 Outlook and Q&A 10
Slide 11: Consistent delivery of accretive growth and returns
Consistent delivery of accretive growth and returns Five-years of steady increase in reserves and resources1 (MMBOE) 113 88 2P 2C 30 140 138 118 22 77 62 YE'21 YE'22 YE'23 YE'24 YE'25 Production c.22,000 boepd | 5 fields c.65,000 boepd | 25 fields ~3x growth in daily production End-2026 pro forma1 S
Slide 12: Track record of low-cost, accretive acquisitions
Track record of low-cost, accretive acquisitions 2018 2023 2024 2024 2025 2025 2025 2025 BRUCE, KEITH & TAILWIND PORTFOLIO OF PORTFOLIO OF PORTFOLIO OF WAGTAIL BUCHAN HORST CULZEAN1 RHUM ENERGY ASSETS ASSETS ASSETS DISCOVERY $0.1/boe 2P $10.6/boe 2P $0.3/boe 2C n.a. $2.3/boe 2P $7.0/boe 2P $4.0/boe
Slide 13: Proven operator with track record of value creation
Proven operator with track record of value creation Bruce Hub reserves and resources growth • Highly capable, established operator in UK North Sea 140 (MMBOE) • High working interest and largely operated portfolio enables subsurface and operations led value creation 120 55.8 • Value enhancement at B
Slide 14: Adding value through subsurface expertise
Adding value through subsurface expertise Initial stabilised gross flow rates from Triton drilling campaign • Serica subsurface and wells expertise delivered highly 3 successful 5 well infill programme in 2024-25 on fields that Bittern side- tie in to Triton FPSO track 8,300 boepd 64.6% equity • Fiv
Slide 15: Solid foundations – our assets
1 A new phase for Serica 2 Proven strategy for growth 3 Solid foundations – our assets 4 Generating cash, delivering returns 5 UK political environment 6 Organic growth opportunities 7 Outlook and Q&A 15
Slide 16: Significant and diversified reserves base with large 2C upside
Significant and diversified reserves base with large 2C upside Well balanced 2P reserves across Significant inventory Highly diversified 2P reserves base1 natural gas and liquids1 of 2C growth projects1 138.4 112.6 mmboe 54% gas mmboe Bruce Hub Triton Hub Gas Bruce Hub Buchan Horst Southern North Se
Slide 17: 2026 production reflects material scale up of portfolio
2026 production reflects material scale up of portfolio Production • Production guidance of significantly over 40,000 boepd in (KBOEPD) 80 2026, driven by improved asset performance and acquisitions 70 • Expected 2026 production exit rate of 65,000 boepd 60 • Set to rebound after production in 2025
Slide 18: Bruce Hub: cornerstone of Serica's UK North Sea operations
Bruce Hub: cornerstone of Serica’s UK North Sea operations • Right asset in the right hands, with Serica focus delivering Reserves split ongoing improvements Liquids • Bruce continues to deliver high uptime performance, >90% year to date • Focus on production optimisation across the organisation - G
Slide 19: Triton Hub: material production, driven by successful drilling
Triton Hub: material production, driven by successful drilling • Triton production in 2025 impacted by unscheduled Reserves split downtime, and extensive remediation work and modifications were carried out in the year Gas Liquids - Around 14,000 hours of remedial work - 51 valve replacements - 28 sl
Slide 20: Triton Hub: delivering more reliable production
Triton Hub: delivering more reliable production 25 Triton production net to Serica • Extensive remediation work completed, supporting increase (KBOEPD) in production in 2026 • Production stable on single compressor operations, 20 averaging 20,400 boepd net to Serica in Q2 • High FPSO uptime of >95%
Slide 21: West of Shetland Hub: Greater Laggan Area
West of Shetland Hub: Greater Laggan Area • Production from the Greater Laggan Area is robust, averaging Reserves split c.4,500 boepd net to Serica since completion of acquisition on 26 March 2026 Liquids • Consistently high production uptime of >90% • Glendronach and Tormore offer exciting future g
Slide 22: West of Shetland Hub: strategic focus area
West of Shetland Hub: strategic focus area • Shetland Gas Plant is the key processing infrastructure for one of the most prospective basins on the UK Continental Shelf - Construction of SGP began in 2016, with first gas achieved in February 2016 - px Group contracted as operator • SGP capacity of 50
Slide 23: West of Shetland Hub: Shetland Gas Plant, key growth driver
West of Shetland Hub: Shetland Gas Plant, key growth driver • Third-party throughput has material benefits to Serica • Production start from Victory in Q4 2025 halved net operating costs • Future throughput would: Support further Serica Materially reduce developments through operating costs extendin
Slide 24: Southern North Sea: cash-positive, high quality gas production
Southern North Sea: cash-positive, high quality gas production • Acquisition of assets from Spirit Energy brought in new Hub Reserves split for Serica, on track to complete in H2 2026 Liquids - Current production of c.13,000 boepd • Cygnus (15%) is the single largest producing gas field in the UK, m
Slide 25: Other Producing Assets: diversification and cash generation
Other Producing Assets: diversification and cash generation • Production from Colombus, Erskine, and Orlando averaged Reserves split 5,300 boepd in 2026 Liquids • Production set to be bolstered, with the addition of c.2,500 boepd from stakes in Catcher (10%) and GEAD (5.21%) upon Gas completion of a
Slide 26: Generating cash, delivering returns
1 A new phase for Serica 2 Proven strategy for growth 3 Solid foundations – our assets 4 Generating cash, delivering returns 5 UK political environment 6 Organic growth opportunities 7 Outlook and Q&A 26
Slide 27: A strong foundation for investment and returns
A strong foundation for investment and returns Capital structure as at 31 May 2026 ($MILLION) • Serica had cash of $228 million and a net debt position of Bond 72 1,400 1,472 $72 million as at 31 May 2026 Drawn RBL Undrawn RBL - Material reduction from net debt position of $200 million as of 31 Dece
Slide 28: Disciplined capital allocation philosophy
Disciplined capital allocation philosophy Three over-arching principles guide our capital ADDITIONAL allocation choices DISTRIBUTIONS GROWING THE Shareholder value creation COMPANY • Delivering material returns on investment Organic Investment · M&A PROTECTING THE BASE Stable Base Dividend 362 Maint
Slide 29: Protecting the base
Protecting the base Maintain Balance Sheet strength Gas Hedges • Sustain $200 million minimum liquidity 110 100 • Maintain <1.25x leverage through cycle Downside protection 90 Hedge80to protect base dividend across cycle p/therm Our prudent financial and • Balance ratio of Senior Secured to Unsecure
Slide 30: Growing the Company
Growing the Company Disciplined, comparative assessment across both organic and M&A growth opportunities Purpose Process Priorities Deliver returns > Cost of capital Rigorous, holistic assessment on a risk- Centralised investment prioritisation adjusted returns basis drives competitive high grading
Slide 31: Growing the Company: M&A
Growing the Company: M&A Four pillars of our M&A approach Value creation strategy Execution edge Geographic focus Financial discipline Mid to late-life assets Opportunistic UK remains core, with Cash returns and value below intrinsic value; execution, smart deal diversification accretive focus, leve
Slide 32: Rewarding our shareholders
Rewarding our shareholders Distribution policy: stable base dividends with upside sharing Serica historical distribution Base dividend implied payout ratio at illustrative post-tax CFFOs 180 % of post-tax CFFO 30 160 140 25 30% 25% 15-30% 120 20 100 24% 19% 15% 15 80 15% 60 10 Base dividend: 16p / s
Slide 33: 2027–29 capital allocation outlook
2027–29 capital allocation outlook Illustrative deployment of post-tax CFFO 100% Over the three-year plan period Serica intends to: • Deliver production above 2026 guidance levels • Generate free cash flow every year 75% • Pay an annual base dividend of 16p per share • Maintain optionality to pay ad
Slide 34: Value delivery underpinned by tax attributes
Value delivery underpinned by tax attributes UKCS tax position - theoretical value potential • Serica more than doubled its tax losses in 2025, through ($ BILLION) investments and acquisitions 0.12 1.16 • Tax losses shelter majority of Serica’s production 0.19 - Under plan assumptions tax losses exp
Slide 35: UK political environment
1 A new phase for Serica 2 Proven strategy for growth 3 Solid foundations – our assets 4 Generating cash, delivering returns 5 UK political environment 6 Organic growth opportunities 7 Outlook and Q&A 35
Slide 36: HMT commitment to evolve the UK tax environment
HMT commitment to evolve the UK tax environment • In November, Treasury announced a commitment to replace UKCS tax rates (%) the EPL in 2030, with the Oil and Gas Price Mechanism (‘OGPM’) 78% 40% (+ 35%) • Chancellor stated her intention to switch to OGPM as soon as possible, prior to start of Iran
Slide 37: UKCS favours agile, UK-centric operators like Serica
UKCS favours agile, UK-centric operators like Serica Evolution of landscape on the UKCS2 • UKCS landscape has been transformed over last decade - TotalEnergies/Neo/Repsol, and Shell/Equinor, and have Top 10 producers in 2016 Top 10 producers in 2026E consolidated ownership through NEO NEXT+ and Adur
Slide 38: Delivering value through new opportunities
Delivering value through new opportunities Opportunity Serica project examples • The recent King’s speech introduced the Energy Independence Bill - The Bill proposes changes to the NSTA objectives and the introduction of Transitional Energy Certificates Licensed tieback Kyla (‘TECs’) opportunities G
Slide 39: Organic growth opportunities
1 A new phase for Serica 2 Proven strategy for growth 3 Solid foundations – our assets 4 Generating cash, delivering returns 5 UK political environment 6 Organic growth opportunities 7 Outlook and Q&A 39
Slide 40: High value growth projects in the pipeline
High value growth projects in the pipeline Multiple infill & development projects progressing towards FID • Hopper of near term, high-grade organic growth opportunities, expanded by acquisitions announced in 2025 34 mmboe • Focus on infill drilling, and redevelopment projects undeveloped 2P - Potent
Slide 41: High value growth projects – subsurface workflow
High value growth projects – subsurface workflow Proven approach. Used on recent Triton campaigns, now being deployed on rest of portfolio Data Re-processing or licencing of the most recently available 3D data Interpretation Full re-interpretation of the area and re-work of the petrophysical well da
Slide 42: Bruce infill drilling
Bruce infill drilling ‘Best place to find gas is in the middle of a gas field’ Bruce Platform • Last well drilled on Bruce was in 2012 Undeveloped 2P reserves • Interpretation has shown Bruce to be highly 18.6 mmboe as of 31.12.2025 complex which presents an opportunity WAD manifold • Each Bruce fie
Slide 43: Bruce infill drilling
Bruce infill drilling First full field model constructed on Bruce, unlocking a number of opportunities • Latest subsurface evaluation has identified >20 potential targets on Bruce • Five opportunities (potentially executed in two phases) high- graded to carry forward based on: - Potential recoverabl
Slide 44: Bruce infill drilling
Bruce infill drilling First full field model constructed on Bruce, unlocking numerous opportunities • Full field Bruce static and dynamic model High Bruce field pressure 2025 constructed, based on updated 2024 seismic interpretation • Good understanding of areas of lateral and vertical WAD depletion
Slide 45: Bruce infill drilling
Bruce infill drilling Deploying technology that proved invaluable in the recent Triton campaign • Detailed well planning well underway • Expecting to deploy similar real-time, ultra-deep resistivity (UDR) drilling technology as used during the successful Triton campaign of 2024/5 WAD5 SCW SCE Modell
Slide 46: Kyla
Kyla High value short cycle tie back to equity infrastructure 2P reserves Triton FPSO • Redevelopment of existing field meaning subsurface risk is low 10.1 mmboe as of 31.12.2025 • Single horizontal well targeting the crest of the Kyla manifold Bittern manifold Kyla structure Production • 12 km tie-
Slide 47: Kyla: proven development concept
Kyla: proven development concept Akin to Evelyn & Belinda – supporting Triton asset life extension to 2035 & beyond Kyla Top Reservoir Map Redevelopment well location Identify Assess Select Define Execute Capital Markets Day I 2 June 2026 47
Slide 48: West of Shetland
West of Shetland Glendronach development T4 infill Capital Markets Day I 2 June 2026 48
Slide 49: Glendronach
Glendronach High value short cycle tie back to equity infrastructure • Recompletion of the suspended GD-01 discovery well • Environmental Statement and Field Development Plan (FDP) required (planned submission in Q3 ‘26) • Modifications required at Shetland Gas Plant to support development - eg Gas
Slide 50: Tormore T4 infill: follow-on opportunity in GLA
Tormore T4 infill: follow-on opportunity in GLA High value short cycle tie back to equity infrastructure 205/5a-T3 2C reserves Producer Future T4 • Tormore has only one off-take point & the field has E&A wells further potential Under evaluation infill well • The T4 infill area is thought to be an un
Slide 51: Cygnus
Cygnus Ongoing infill campaign adding production, with future upside identified • 13 producing wells and more being added as part of an ongoing infill drilling campaign • C13 spud in Q4 2025 and achieved first production in May – strong early signals on well performance • C14 & C15 sanctioned and be
Slide 52: Clipper South
Clipper South Potential infill campaign • The Clipper South field, operated by Ineos, is currently producing from 4 wells • A potential infill well in the NW of the field is currently being reviewed Clipper South Top Reservoir Map Potential infill well in underdeveloped part of the field Identify As
Slide 53: Buchan Horst
Buchan Horst Potential new development in the Outer Moray Firth • Draft FDP and Environmental Statement 2C reserves submitted in 2023 21.5 mmboe as of 31.12.2025 • Evaluation of development solutions within the re- set fiscal landscape ongoing through Operator NEO NEXT+ Production potential • Prepar
Slide 54: Skerryvore: low-risk, infrastructure-led exploration
Skerryvore: low-risk, infrastructure-led exploration Plans advanced to drill well in 2027 Skerryvore prospect location • Skerryvore is a low-risk, multi-target exploration opportunity with significant upside • Close to existing infrastructure with multiple tieback options • Serica hold a material in
Slide 55: Outlook and Q&A
1 A new phase for Serica 2 Proven strategy for growth 3 Solid foundations – our assets 4 Generating cash, delivering returns 5 UK political environment 6 Organic growth opportunities 7 Outlook and Q&A 55
Slide 56: Delivering value to shareholders through accretive growth and returns
Delivering value to shareholders through accretive growth and returns Scaled, sustainably cash-generative UK North Sea producer Rigorous capital allocation approach High-return short-cycle organic growth opportunities Flexibility to fund future growth Material and sustainable shareholder returns Cap
Slide 57: Appendix
Appendix For further information contact: Andrew.Benbow@serica-energy.com 57
Slide 58: Board of Directors
Board of Directors David Latin Chris Cox Martin Copeland Kate Coppinger Michiel Soeting Chairman Chief Executive Chief Financial Senior Independent Independent Non- Officer Officer Director Executive Director Robert Lawson Guillaume Vermersch Kaat Van Hecke Sian Lloyd Rees Non-Executive Non-Executiv
Slide 59: Hedge book protects cost base and fixed charges
Hedge book protects cost base and fixed charges Oil hedges Weighted Average Units Q2-26 Q3-26 Q4-27 Q1-27 Q2-27 Q3-27 Q4-27 • Serica hedge book is ~60% hedged for 2026 and ~50% Swap price $/bbl 68 68 68 - - - - for 2027 Collar floor net $/bbl 60 60 63 62 63 63 63 - Some 2028 gas hedging in place inc
Slide 60: Emissions reduction performance at Bruce
Emissions reduction performance at Bruce Bruce Scope 1 CO2e emissions • Policy aligned with emissions reduction targets set out in (kte) the North Sea Transition Deal (‘NSTD’) 286 31% • 31% GHG emissions reduction against our 2018 Baseline – 196 surpassing 2025 NSTD target of 10% • Installation carb