Serica Energy Plc · LSE:SQZ
Serica Energy — Merger or Acquisition (December 2025)
11 slides from Serica Energy's merger presentation, Dec 16, 2025
Slide 1: Acquisition of portfolio of assets in the North Sea
Acquisition of portfolio of assets in the North Sea 16 December 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 2P reserves1 (mmboe) Significant increase in 2P 160 reserves 140 18.7 13.5 Serica 120 More diverse and robust production portfolio 100 Wider Prax portfolio Spirit Energy 80 portfolio Material cash generation 60 supporting growth and returns 27% 40 20 Further increa
Slide 3: Step change in our growth strategy
Step change in our growth strategy • Further step in our strategy to diversify production and enhance cash generation • Immediately cash generative • Enhances our ability to provide shareholders with both growth and returns • High operating efficiency assets add predictability to production and cash
Slide 4: Adding quality and reliability to our portfolio
Adding quality and reliability to our portfolio • Purchase price of £57 million ($74 million) from Spirit Energy set to be significantly offset by the receipt of payment reflecting interim post-tax cashflows • Addition of 18.7 mmboe of 2P reserves represents an acquisition cost of $3.9/2P boe - Foll
Slide 5: Cygnus: a world-class gas field
Cygnus: a world-class gas field • Operated by Ithaca Energy (85%), it is a mid-life field, having begun production in 2016 • 8.6 mmboe of 2P reserves net to Spirit • 11 wells produced a total of 4,000 boepd net to Spirit in H1 2025 • A low-cost field, with opex of c.$11/boe • Low-emission field with
Slide 6: Clipper South and Galleon
Clipper South and Galleon • Clipper South (25% working interest) is a gas field in the Southern North Sea, approximately 100 km east of the Lincolnshire coast - Situated in shallow water depth, production comes from four wells tied to an installation with high production efficiency - Clipper South h
Slide 7: Operated assets: Greater Markham Area, Eris, and Ceres
Operated assets: Greater Markham Area, Eris, and Ceres • The Greater Markham Area spans the UK and Dutch Continental Shelves - Operations run out of Netherlands - Comprises the Markham (37.5%), Chiswick (100%), Grove (92.5%) and Kew (100%) fields, along with the TotalEnergies operated J3C (4%) field
Slide 8: Acquisitions enhancing liquidity
Acquisitions enhancing liquidity New image • The Spirit Energy and Prax Energy portfolio acquisitions announced have effective dates of 01.01.25 or earlier - Payment of interim period cash generation between effective date and completion almost entirely offsets acquisition prices - Acquisitions will
Slide 9: Favourable decommissioning liability position
Favourable decommissioning liability position • Pro forma for announced deals, Serica decommissioning liability set to remain amongst the lowest in the UK North Sea • Spirit will retain the decommissioning liability of all assets that it operates (including GMA) up to a cap that is 115% of the estim
Slide 10: Next steps and outlook
Next steps and outlook Significant increase in 2P reserves • Prax Upstream transaction completed - Acquisition of TotalEnergies’ GLA assets expected to complete around the end of Q1 More diverse and robust 2026, with ONE-Dyas in mid-2026 production portfolio • Spirit Energy transaction expected to c
Slide 11: For further information contact
For further information contact: Andrew.Benbow@serica-energy.com Half-year Results 2024 I 10 September 2024 11
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