SERICA ENERGY PLC (SQZ) — Interim Results

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to the SERICA ENERGY PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a tab situated on the right hand corner of your screen. Please just simply type in your questions and press send. Before we begin, I'd like to submit the following poll. And then I'd to hand you over to Chris Cook, CEO. Good morning, sir. Good morning. Good morning, everyone, and welcome to SERICA's twenty twenty six half year results presentation. I'm joined as usual by Martin Copeland, CFO and Andrew Bembo, our Head of Investor Relations. Martin and I will now run through a short presentation, leaving time for Q and A afterwards. I'm pleased to say this has been a very strong period for SERICA. We've been working hard across our asset base to increase reliability, and this has driven a material increase in production with Q2 averaging 50,000 barrels a day. In turn, of course, supported by the stronger than forecast commodity prices, we have generated material cash flows, turning a net debt position of $200,000,000 at the start of the year into net cash of $26,000,000 by the middle of the year. We've also made significant strategic moves to support our growth and deliver value to our shareholders. We've got our financing refinancing done, giving us a strong liquidity position, allowing us significant flexibility as we enter the next phase of organic investment and portfolio growth. We expect very soon to be able to confirm the contracting of a rig to deliver the start of a high impact and rapid return organic growth projects in The UK North Sea and continue to seek further opportunities to deliver shareholder value via M and A. In the period, w...