Serica Energy Plc · LSE:SQZ
Serica Energy — Corporate Update (January 2026)
10 slides from Serica Energy's corporate update, Jan 21, 2026
Slide 1: Trading and operations update
Trading and operations update 21 January 2026 Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons
Slide 2: 2025 delivered a stronger, more diversified company
2025 delivered a stronger, more diversified company Significant increase in 2P reserves once acquisitions complete • Actions in 2025 position Serica for greater success and value creation going forward • The delivery of multiple acquisitions will: Built a more diversified and - Increase and diversif
Slide 3: Positioned for growth across UKCS
Positioned for growth across UKCS • One of the leading UK North Sea pure plays - Assets from West of Shetland to the Southern North Sea • Number of producing fields set to more than double as acquisitions complete • Positioned to generate material free cash flow • Ongoing ability to provide sharehol
Slide 4: Material production increase expected in 2026
Material production increase expected in 2026 60000 • Production expected to rise materially from 27,600 Production boepd in 2025, with 2026 forecast to average (BOEPD) significantly over 40,000 boepd 50000 • Extent to which production is above that level dependent on: 40000 - Completion dates of ac
Slide 5: Reliability, delivery, and opportunity
Reliability, delivery, and opportunity • Resumption of bull-heading has returned production at Bruce Hub to around 20,000 boepd - Work at Bruce focused on extending life of the platform ahead of potential infill drilling campaign and Flare Gas Recovery commissioning • Current production at Triton of
Slide 6: 2025 financial performance
2025 financial performance 2025 illustrative gross cash bridge ($ MILLION) 800 • Production downtime at Triton reduced 700 revenue and liftings in the year • Opex and capex in line with guidance 600 • Capex spend focused on successful Triton drilling programme 500 542 • Retain significant liquidity
Slide 7: 2026: tax-efficient investing in resilience and growth
2026: tax-efficient investing in resilience and growth Forecast operating expenditure 2026 • Opex of $380-400 million expected in 2026 Bruce Hub - Excludes Lancaster spend of c.$65 million Triton Hub • Capex guidance of $125-145 million for 2026 $380-400 Other Producing Assets - Focus of spend on ex
Slide 8: Hedging - protecting downside risk, retaining upside
Hedging - protecting downside risk, retaining upside Oil hedges Oil hedges 10 (kbbls/d) Weighted Average Units Q1-26 Q2-26 Q3-26 Q4-27 Q1-27 Q2-27 Q3-27 Q4-27 8 Put Net $/bbl - - - - - - - - 6 Swap price $/bbl 75 - - - - - - - 4 8 Collar floor net $/bbl 69 61 60 61 60 60 60 60 6 2 3 4 4 Total weight
Slide 9: Focuses for 2026: growth, reliability, cash
Focuses for 2026: growth, reliability, cash Reliable, safe, production 362 Deliver material cash generation from a diversified production that supports growth and returns base Integrate acquisitions, seek High-grade and progress organic opportunities to create further value growth options through M&
Slide 10: For further information contact
For further information contact: Andrew.Benbow@serica-energy.com Half-year Results 2024 I 10 September 2024 10