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21 January 2026 Trading and operations update Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons
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2Trading and operations update I 21 January 2026 2025 delivered a stronger, more diversified company 362 • Actions in 2025 position Serica for greater success and value creation going forward • The delivery of multiple acquisitions will: - Increase and diversify production - Materially enhance cashflows - Build a larger opportunity set through which to high-grade investment opportunities and deliver value through organic growth • Dividends of 16p/share paid • Investment in the portfolio - Significant work done on making producing assets more robust and resilient - Successful Triton drilling campaign completed Built a more diversified and robust production portfolio Continued investment in growth and returns Significant increase in 2P reserves once acquisitions complete Further increased organic growth optionality across the portfolio
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3Trading and operations update I 21 January 2026 • One of the leading UK North Sea pure plays - Assets from West of Shetland to the Southern North Sea • Number of producing fields set to more than double as acquisitions complete • Positioned to generate material free cash flow • Ongoing ability to provide shareholders with both growth and returns • Numerous projects with the potential to deliver value accretive growth Positioned for growth across UKCS
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4Trading and operations update I 21 January 2026 0 10000 20000 30000 40000 50000 60000 Q1 Q2 Q3 Q4 2026 YTD Current 2026 guidance Bruce Hub Triton Hub Other Producing Assets West of Shetland Material production increase expected in 2026 Production (BOEPD) • Production expected to rise materially from 27,600 boepd in 2025, with 2026 forecast to average significantly over 40,000 boepd • Extent to which production is above that level dependent on: - Completion dates of acquisitions announced in H2 2025, which remain on track - Asset uptime across the portfolio - Timing of Lancaster cessation of production • Current production rate around 50,000 boepd • Potential for production rates of over 65,000 boepd once acquisitions complete • Acquired assets show high-uptime performance, increasing overall Serica production reliability
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5Trading and operations update I 21 January 2026 Reliability, delivery, and opportunity • Resumption of bull-heading has returned production at Bruce Hub to around 20,000 boepd - Work at Bruce focused on extending life of the platform ahead of potential infill drilling campaign and Flare Gas Recovery commissioning • Current production at Triton of around 21,000 boepd - Second compressor now commissioned at Triton, expected to enhance stability going forward - EV-02 and Belinda wells available to flow, focus currently on reliable production on one compressor • Work ongoing to high-grade organic growth opportunities - Focused on projects that offer greatest risk-adjusted return to shareholders, with numerous projects competing for capital allocation
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6Trading and operations update I 21 January 2026 YE 2024 Revenues Opex G&A Tax Capex Dividends YE 2025 Available liquidity 0 100 200 300 400 500 600 700 800 2025 financial performance 2025 illustrative gross cash bridge ($ MILLION) 542 148 31 133 • Production downtime at Triton reduced revenue and liftings in the year • Opex and capex in line with guidance • Capex spend focused on successful Triton drilling programme • Retain significant liquidity • Undrawn Committed RBL of $259 million at end-2025 • Free cash outflow of $22 million • Realised Brent oil price average of $67/bbl • Realised NBP gas average of 84p/therm 31 290 290 Material free cash flow expected in 2026
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7Trading and operations update I 21 January 2026 Bruce Hub Triton Hub Other Producing Assets West of Shetland Southern North Sea Resilience enhancement Resilience - WAD umbilical Potential growth spend ERAP 2026: tax-efficient investing in resilience and growth Forecast capital expenditure 2026 $175-195 million • Opex of $380-400 million expected in 2026 - Excludes Lancaster spend of c.$65 million • Capex guidance of $125-145 million for 2026 - Focus of spend on extending the life of assets to deliver the subsurface production potential - Work in 2026 includes c.$30 million spend on replacement of WAD umbilical line at Bruce, plus work at the asset on the Flare Gas Recovery project and LPBC rewheel - Potential for up to $50 million early spend for future growth, largely for infill drilling programme at Bruce Forecast operating expenditure 2026 $380-400 million
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8Trading and operations update I 21 January 2026 Hedging - protecting downside risk, retaining upside Oil hedges Weighted Average Units Q1-26 Q2-26 Q3-26 Q4-27 Q1-27 Q2-27 Q3-27 Q4-27 Put Net p/therm - - - - - - - - Swap price p/therm 94 - - - - - - - Collar floor net p/therm 83 66 64 71 71 56 56 - Total weighted average p/therm 85 66 64 71 71 56 56 - Collar ceiling p/therm 138 101 99 121 121 62 62 - Hedged Volume Kboe/d 8 7 5 8 8 7 7 - Gas hedges Downside protection at effective floors of $60/bbl for oil and 67p/therm for gas Gas hedges (mmscf/d) Oil hedges (kbbls/d) • Hedging data as at 1 January 2026 – all contracts confirmed • Gas hedges traded in therms and CF from energy to volumes used are 5.8 kboe to mscf and 10 therm to mscf • Hedge portfolio has a mark-to-market value of $30 million in-the-money Weighted Average Units Q1-26 Q2-26 Q3-26 Q4-27 Q1-27 Q2-27 Q3-27 Q4-27 Put Net $/bbl - - - - - - - - Swap price $/bbl 75 - - - - - - - Collar floor net $/bbl 69 61 60 61 60 60 60 60 Total weighted average $/bbl 70 61 60 61 60 60 60 60 Collar ceiling $/bbl 86 76 75 71 69 68 68 68 Hedged Volume Kbbls/d 4 8 6 4 4 1 1 1 1 3 8 6 4 4 1 1 10 2 4 6 8 10 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 Q4-27 Swap Kbbl / d Collar Kbbl / d 10 35 40 30 45 45 40 40 0 10 20 30 40 50 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 Q4-27 Swap mmscf/d Collars mmscf/d
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9Trading and operations update I 21 January 2026 Focuses for 2026: growth, reliability, cash 362 Integrate acquisitions, seek opportunities to create further value through M&A High-grade and progress organic growth options Reliable, safe, production from a diversified production base Deliver material cash generation that supports growth and returns Create value for shareholders through distributions and capital growth
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10Half-year Results 2024 I 10 September 2024 For further information contact: Andrew.Benbow@serica-energy.com