Serica Energy Plc · LSE:SQZ
Serica Energy — Merger or Acquisition (September 2025)
13 slides from Serica Energy's merger presentation, Sep 30, 2025
Slide 1: Acquisition of portfolio of assets in the UK North Sea
Acquisition of portfolio of assets in the UK North Sea 30 September 2025 Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons
Slide 2: A more diverse, enhanced portfolio
A more diverse, enhanced portfolio Reserves and resources1 (mmboe) Increase in reserves and 140 resources 120 11 Serica Acquired portfolio More diverse and robust 100 production portfolio 5.9 80 60 9% 7% Material near-term cash generation, plus additional tax 40 losses 20 New operated hub, with the
Slide 3: A further step in our growth strategy
A further step in our growth strategy • Serica has a history of value creation from mid-to-late life assets • Enhances our ability to provide shareholders with both growth and returns • Adds exciting new hub West of Shetland, in most prospective basin on UKCS, with significant growth potential • Mat
Slide 4: New additions to the portfolio
New additions to the portfolio • Corporate acquisition of Prax Upstream - Prax Upstream holds a 100% interest in, and is the operator of, the Lancaster field • The acquisition, includes completion of two Existing SPAs: • With TotalEnergies - 40% operated interest in the Greater Laggan Area • With ON
Slide 5: A low-cost acquisition with significant upside
A low-cost acquisition with significant upside • Total aggregate upfront consideration of $25.6 million • Addition of 11.0 mmboe of 2P reserves represents an acquisition cost of $2.3/2P boe • Cash payments totalling c.$100 million set to be received on completion - Relating to fully taxed cashflows
Slide 6: A new hub for Serica – the Greater Laggan Area
A new hub for Serica – the Greater Laggan Area • 40% operated interest in Laggan, Tormore, Glenlivet, Edradour and Glendronach fields, the Shetland Gas Plant, and nearby exploration licences • Currently eight producing wells from four fields - Net production of 5,000 boepd in H1 2025 - 2P reserves o
Slide 7: GLA – upside in most prospective UKCS basin
GLA – upside in most prospective UKCS basin • Significant organic and third-party growth potential • Organic potential from Glendronach discovery & Tormore infill, and several licensed exploration blocks • Includes acreage with over 400 mmboe estimated net unrisked prospective resources, enhancing S
Slide 8: Predictable production and cashflow: Catcher and Golden Eagle
Predictable production and cashflow: Catcher and Golden Eagle • Acquisition of ONE-Dyas assets adds stakes in two producing assets in the Central North Sea • Combined production of 2,900 boepd in H1 2025 • Combined 2P reserves of 3.8 mmboe • Catcher area: 10% interest - Operated by Harbour Energy, t
Slide 9: Late life production: Lancaster
Late life production: Lancaster • 100% interest in the Lancaster oil field, West of Shetland • One active producing well - Production of 5,900 boepd in H1 2025 - 2P reserves of 2.6 mmboe • Production to cease in 2026, when FPSO expected to leave the site Acquisition of North Sea Assets I 30 Septembe
Slide 10: Potential for synergies, with material tax losses
Potential for synergies, with material tax losses • With the addition of tax losses acquired, Serica aggregate losses total tax loss pools as at 30 June Material tax loss pools 2025 total: - $2.14 billion Ring Fence Corporation Tax - $1.83 billion Supplementary Charge - $518 million Energy Profits L
Slide 11: Maintain favourable decommissioning position
Maintain favourable decommissioning position • Serica decommissioning liability amongst the lowest in the UK North Sea • Limited near-term expenditure - Lancaster decommissioning consists of plugging and abandoning of two wells, at an estimated cost of c.$60 million - Catcher and GEAD decommissionin
Slide 12: Next steps and outlook
Next steps and outlook Increase in reserves and resources • The acquisition of Prax Upstream is expected to complete in Q4 2025 • The TTE and ONE-Dyas acquisitions are both More diverse and robust expected to complete in H1 2026 production portfolio • Acquisitions are subject to the customary comple
Slide 13: For further information contact
For further information contact: Andrew.Benbow@serica-energy.com Half-year Results 2024 I 10 September 2024 13
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