Slide 1: Bond investor presentation
Bond investor presentation 24 April 2026 Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons Bond investor presentation I April 2026 1
Slide 2: Agenda
1 Transaction overview 2 Company overview 3 Asset portfolio 4 Financials 5 Appendix 2
Slide 3: Robust and conservative capital structure pre & post bond issue
Robust and conservative capital structure pre & post bond issue Capital structure as at 23.04.26 ($MILLION) • Serica has cash of $153 million and a net debt position of Contemplated bond 78 1,400 1,478 $78 million as at 23 April 2026 Drawn RBL Undrawn RBL - Material reduction from net debt position
Slide 4: Key credit highlights
Key credit highlights Diverse portfolio across UK North Sea Material cash generation expected • Expected 2026 exit rate 65,000 boepd, with no • Limited committed capex single hub >25% of exit production • Rapid payback, accretive investment focus • Sixth largest UK producer, operating assets that •
Slide 5: Company overview
1 Transaction overview 2 Company overview 3 Asset portfolio 4 Financials 5 Appendix 5
Slide 6: Serica Energy at a glance
Serica Energy at a glance 25 fields • Leading listed UK North Sea company Producing end 20261 • Operates assets that deliver >10% of UK gas production • Diversified portfolio stretching from West of Shetland to Southern North Sea c.65,000 boepd Expected end 20261 • Production and reserves evenly spl
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 is to invest in meeting the world's our existing assets to energy needs through unlock value and prolong the safe and efficient their life while production of continuing to target hy
Slide 8: Highly experienced Executive Leadership Team
Highly experienced Executive Leadership Team Chris Cox Martin Copeland Mike Killeen Janice Doyle Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief People Officer Stephen Lambert Carla Riddell Alessandro Agostini Chief Corporate Affairs Chief Technical Officer Chief Non-Op
Slide 9: Reshaped UKCS favours agile, specialist operators like Serica
Reshaped UKCS favours agile, specialist operators like Serica Evolution of landscape on the UKCS2 • UKCS landscape has been transformed over last decade - TotalEnergies/Repsol, and Shell/Equinor, and have Top 10 producers in 2016 Top 10 producers in 2026E consolidated ownership through Neo Next+ and
Slide 10: Consistent delivery of accretive growth
Consistent delivery of accretive growth Five-years of steady increase in reserves and resources (MMBOE) 113 88 2P 2C 30 140 138 22 118 77 62 YE'21 YE'22 YE'23 YE'24 YE'25 Production c.22,000 boepd | 5 fields ~3x growth in daily production c.65,000 boepd | 25 fields End-2026 pro forma1 Prax Upstream
Slide 11: 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 12: 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 13: 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 1 8,300 boepd 64.6% equity • F
Slide 14: Asset portfolio
1 Transaction overview 2 Company overview 3 Asset portfolio 4 Financials 5 Appendix 14
Slide 15: 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 Southern North Sea Other Gas Bruce Hub Bucha
Slide 16: Material production increase expected in 2026
Material production increase expected in 2026 Production • Expected 2026 production exit rate of 65,000 boepd (KBOEPD) 80 - Production guidance of significantly over 40,000 boepd in 2026, driven by improved asset performance and 70 acquisitions 60 • Set to rebound after production in 2025 was severe
Slide 17: Diversified and balanced portfolio across multiple hubs
Diversified and balanced portfolio across multiple hubs Pro forma net 2P Reserves split Operator Number of fields + 2C (mmboe) (%) Bruce Hub – cornerstone gas production Liquids • Bruce, Keith and Rhum fields 2P: 61.2 • Produces approx. 5% of UK gas production 3 • Work focused on asset life extensio
Slide 18: Growth opportunities focused on short-cycle projects
Growth opportunities focused on short-cycle projects • Hopper of near term, high-grade organic growth opportunities, expanded by acquisitions announced in 2025 • Focus on infill drilling, and redevelopment projects - Potential for first production 12-18 months after drilling begins • Diverse and att
Slide 19: Material production potential from rapid return projects
Material production potential from rapid return projects Potential production additions • Ability to grow and sustain material cash-generative (KBOEPD) production into the next decade from low-risk, rapid return developments - Bruce infill drilling alone has the potential to add 10,000 boepd to prod
Slide 20: Financials
1 Transaction overview 2 Company overview 3 Asset portfolio 4 Financials 5 Appendix 20
Slide 21: Production delivering material cash flows
Production delivering material cash flows Aggregate post-tax CFFO relative to debt • Current portfolio poised for material post tax CFFO even at $60/Bbl and 60p/th $100/bbl – 100p/th - Potential for materially more with commodity price upside • Serica hedged c.60% for 2026 and c.50% in 2027 - Floor
Slide 22: Financial strategy and capital allocation framework
Financial strategy and capital allocation framework Balance sheet discipline Financial strategy • Maintain strong liquidity • Proactively managing debt maturities Our prudent financial and risk • Maintain prudent leverage over the cycle management strategy and • Appropriate ratio of Senior Secured t
Slide 23: Income statement
H1 24 Income Statement Income statement Summary Financial Information Units 2025 2024 2025 performance impacted by unscheduled Triton FPSO Production and sales realised prices Production boepd 27,600 34,600 downtime Sales volumes mmboe 9.9 12.2 • EBITDAX of $210 million resulting in net leverage of
Slide 24: Robust balance sheet with cash generation YTD
Robust balance sheet with cash generation YTD 31 31 December December Assets 2025 2024 • Strong book equity position of $670 million $ million $ million - 44% book equity ratio E&E 43 20 PP&E 1,156 992 • Net debt more than halved year to date Goodwill 56 - Deferred tax asset - 55 - 2026 YTD delevera
Slide 25: Material tax attributes support cashflow generation
Material tax attributes support cashflow generation UKCS tax position - theoretical value potential • Serica holds a material tax asset through tax losses and ($ billion) investment allowances 0.12 - Theoretical value of $1.16 billion from utilisation of existing tax assets 0.19 • Tax losses shelter
Slide 26: Summary and focus for 2026: growth, reliability, cash
Summary and focus for 2026: growth, reliability, cash Optimising balance sheet to drive next • Optimising the balance sheet through the issue of contemplated 362 bond and refinancing of RBL phase of Serica growth • Provide enhanced liquidity through next growth phase Deliver material cash generation
Slide 27: Appendix
1 Transaction overview 2 Company overview 3 Asset portfolio 4 Financials 5 Appendix 27
Slide 28: Serica group structure pro forma bond and planned RBL Re-Org
Serica group structure pro forma bond and planned RBL Re-Org Issuer of senior unsecured bond Serica Energy plc New Intermediary HoldCo Pro forma consolidated Group under RBL New HoldCo Serica Holdings UK Serica Energy Prax Upstream Limited Investments Ltd Limited Prax Hurricane Serica Energy (UK) Se
Slide 29: 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 30: Emissions reduction performance
Emissions reduction performance 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 carbon intens
Slide 31: Robust hedge book protect cost base and fixed charges
Robust hedge book protect cost base and fixed charges Oil hedges • Serica has built hedge book materially in Q1 2026 Weighted Average Units Q2-26 Q3-26 Q4-27 Q1-27 Q2-27 Q3-27 Q4-27 Swap price $/bbl 68 68 68 - - - - - Primarily building in oil, with ~50% placed since 2 March Collar floor net $/bbl 6
Slide 32: UKCS tax regime overview
UKCS tax regime overview UKCS tax rates • 78% UKCS tax comprises ‘permanent’ regime (%) 84.25% 78.00% - RFCT (30%), SCT (10%) and one temporary element – EPL 38% 38.00% • Loss balances are specific to corporate entities and 38.00% applicable only to each relevant tax category • Attractive capital al
Slide 33: For further information contact
For further information contact: Andrew.Benbow@serica-energy.com 33