Serica Energy Plc · LSE:SQZ
Serica Energy — H1 2025 Earnings Presentation
21 slides from Serica Energy's earnings presentation, Aug 5, 2025
Slide 1: 2025 half-year results
2025 half-year results 5 August 2025 Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons
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: Our focus and performance in H1 2025
Our focus and performance in H1 2025 Optimise production performance, focus on safety Material cash generation Production Cash at 30 June 24,700 boepd $174 million Free cash flow Interim dividend Converting 2C resources to $14 million 6p per share reserves and production Capex CFFO post tax $138 mil
Slide 4: Production impacted by Triton downtime
Production impacted by Triton downtime Production (BOEPD) • Portfolio production averaged 24,700 boepd in H1 2025 40000 • This was severely impact by downtime at the Triton 35000 FPSO, with no production from 28 January 30000 - Production resumed in July, with the ramp up progressing 25000 • BKR pro
Slide 5: Improved uptime at Triton FPSO expected
Improved uptime at Triton FPSO expected • Extensive remediation work and modifications completed at Triton FPSO - Inert gas marine system overhauled, over 100 components replaced - Safety critical maintenance work undertaken on the firewater system - Valves and sections of pipework across the FPSO w
Slide 6: Optimising production from the Bruce Hub
Optimising production from the Bruce Hub • Considerably more production potential at BKR than is currently being delivered • Work is ongoing to increase production, with results already being seen • Keith back on production • Production optimisation can offset natural decline - Several low-pressure
Slide 7: Other Producing Assets making material contribution
Other Producing Assets making material contribution • Production from our Other Producing Assets averaged 5,500 boepd in the first half of 2025 - Erskine: 2,100 boepd net to Serica - Columbus: 1,500 boepd net to Serica - Orlando: 1,900 boepd net to Serica • Generated $35 million in operational free
Slide 8: Material cash generation funds growth and returns
Material cash generation funds growth and returns Bruce Hub • Serica remains well positioned to • Well optimisation work • Keith back on production generate material free cash flow in • Plans progressing for multi-well programme, coming years first drilling on Bruce since 2012 • Optionality over cap
Slide 9: Successful Triton drilling campaign complete
Successful Triton drilling campaign complete • Five wells drilled safely and successfully • The programme was delivered 25 days ahead of schedule and c.$31 million under budget Crew on COSL deck – get from AP • Two wells have already added to production, with strong initial flow rates • Three furthe
Slide 10: Five wells drilled – all set to add to production
Five wells drilled – all set to add to production Guillemot NW W7z infill well Gannet E GE05 infill well 10% equity 3 100% equity • New 1,790ft horizontal well targeting the • New pilot hole & 1,600ft horizontal crestal oil volumes currently not accessed production sidetrack targeting oil-bearing Ta
Slide 11: Belinda (Serica 100%) progressing well towards production
Belinda (Serica 100%) progressing well towards production CSV Seven Seas Seven Navica Surveys and umbilical lay Pipelay • BE01 well drilled and completed ahead of schedule and under budget - Flow test delivered rates of 7,500 boepd • Subsea construction operations commenced July 2025 • Vessels being
Slide 12: Planning ongoing to take FID on Kyle (Serica 100%)
Planning ongoing to take FID on Kyle (Serica 100%) Gardline Ocean Reliance • 11 mmboe 2C resources Environmental Sampling Survey • Initial production rates potentially in the 6-10,000 boepd range • Project sanction possible in H1 2026, contingent on regulatory approvals • Progressing on internal tim
Slide 13: Drilling plan at BKR moving towards finalisation
Drilling plan at BKR moving towards finalisation Bruce field potential infill targets • 33 mmboe of 2C resources • Subsurface work has identified over 20 possible opportunities around Bruce • Work is expected to proceed in two phases Phase 2 • Phase one in the vicinity of the Western Area Developmen
Slide 14: H1 2025 financial performance at a glance
H1 2025 financial performance at a glance Production Revenue EBITDAX 2025 interim dividend 24.7 kboe/d $305 million $118 million 6p/share Carbon intensity1 Total Capex CFFO2 post tax Net Debt 19 kgCO2/boe $138 million $102 million $57 million Notes 1. At the Bruce Hub 2. Cashflow from Operations Hal
Slide 15: Liquidity available to drive growth
Liquidity available to drive growth 2025 capital expenditure forecast Liquidity as at 1 July 20251 ($ MILLION) ($ MILLION) • Liquidity of $433 million as at 1 July 2025 500 • Capex expected around the top of the $220-250 450 million guidance range 400 - Relative strength of the Sterling against the
Slide 16: Tax efficient investment programme with clear goals
Tax efficient investment programme with clear goals • Capex at BKR highly tax efficient, receiving tax relief Optimise production of 84.25% performance • Material tax loss pools - Corporation tax: $1.4 billion - Supplementary corporation tax: $1.2 billion - EPL: $177 million • Loss pools have increa
Slide 17: A material sustainable dividend
A material Significant cashand sustainable returns dividend to shareholders Shareholder returns attributable to calendar year (p/share) 25 • Committed to ongoing cash returns • Interim dividend of 6p/share 20 - Sustainable in medium-term - Leaves plenty of headroom to invest in high IRR, 15 short-cy
Slide 18: Widening investor audience – AIM to Main Market
Widening Significant cashthe investor returns audience – AIM to Main Market to shareholders • Work is well progressed regarding the move from the AIM to the Main Market of the London Stock Exchange • Admission is expected to occur early in Q4 2025 • Serica expects to be eligible for FTSE UK index in
Slide 19: Value creation model unchanged
Value creation model unchanged High-grade and progress organic Increase operational efficiency and investment opportunities to deliver more predictable Value accretive M&A convert resources to reserves and production performance cash flow Organic growth can retain Production has the potential for pr
Slide 20: For further information contact
For further information contact: Andrew.Benbow@serica-energy.com Results2025 Half-year results 2024I I5 10 September August 2025 2024 20
Slide 21: Financial risk management
Financial risk management Oil hedges Oil hedges 8 (kbbls/d) Weighted Average Units Q325 Q425 Q126 Q226 Q326 Q426 Q127 6 Put Net $/bbl - - - - - - - 4 Swap price $/bbl 75 75 75 - - - - 7 5 5 Collar floor net $/bbl 68 68 69 61 60 61 60 3 5 2 Total weighted average $/bbl 69 69 70 61 60 61 60 2 Collar c