Slides
Page 1
Half - year results 2026 Increased production , material cash flows , and significant strategic delivery 6 August 2026 Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons SERICAENERGY
Page 2
44,700 boepd Production in H1 2026 24,700 boepd Production in H1 2025 c.65,000 boepd Production expected end 20261 c.50,000 boepd Production end 2025 $280 million Post-tax CFFO in H1 2026 $173 million Post-tax CFFO in H1 2025 $26 million Net cash as at 30 June 2026 $(200) million Net debt as at 31.12.25 $784 million Pro forma2 liquidity as at 30 June 2026 $290 million Liquidity as at 31.12.25 Growth on all key metrics • H1 2026 production of 44,700 boepd, material increase from 2025 rates • Q2 production of over 50,000 boepd • Cash of $326 million as of 30 June 2026, an increase of $295 million from end-2025, resulting in a net cash position Significant strategic delivery • Completion of Nordic Bond and Reserves Based Lending facilities boosts pro forma liquidity to $784 million • Rig contract for high-impact, rapid-return drilling programme close to being signed • Completion of acquisition of assets West of Shetland • Proposed first international expansion via recommended acquisition of Pharos Energy • 6p interim dividend declared Strong delivery across all business areas Half-year results 2026 I 6 August 2026 1 1) Pro forma for completion of acquisition of assets from Spirit Energy 2) Cash as at 30.06.26 plus committed Borrowing Base under new RBL
Page 3
Robust production uplift – H1 output up 81% year-on-year • H1 2026 production of 44,700 (H1 2025: 24,700 boepd) • Material increase, predominantly due to: - Higher portfolio uptime - Addition of production from newly acquired assets West of Shetland • Q2 production over 50,000 boepd - Triton Hub contributed 20,300 boepd, with asset uptime of over 95% • Planned annual maintenance now underway at Triton FPSO and Bruce Platform, resulting as expected in lower production in Q3 • Acquisition of assets from Spirit Energy set to complete on 1 October 2026, resulting in strong Q4 forecast • Forecast production rates of c.65,000 boepd following completion of the Spirit Energy transaction Half-year results 2026 I 6 August 2026 0 10 20 30 40 50 60 70 2025 Q1 2026 Q2 2026 Post-Spirit rates 2026 guidance Bruce Hub Triton Hub Other Producing Assets West of Shetland Southern North Sea 2 Production (KBOEPD)
Page 4
• Revenue of $677 million more than double $305 million in H1 2025, driven by: - Production of 44,700 boepd (H1 2025: 24,700 boepd) - Realised prices of $93/bbl and NBP of 101p/therm • Net revenue after hedging of $588 million - Reflects realised hedging losses of $89 million - Post hedging realised prices of $73/bbl and 97p/therm • Operating and lifting costs of $247 million – c.$30/boe - Lancaster costs of $65 million in the period - Ex-Lancaster opex of $25/boe • Cash tax receipt of $9 million - Current tax charge for period of $60 million • Post-tax CFFO of $280 million - 15-30% payout ratio distribution policy to be applied at year end H1 2026: revenue to post-tax CFFO ($ MILLION) Half-year results 2026 I 6 August 2026 3 677 (89) 588 (7) (17) (54) 271 9 280 (239) Revenue Hedging Net revenue Opex & lifting Admin costs Working capital Cash from ops Cash tax Post-tax CFFO Converting production to cash
Page 5
362 • Material increase in cash in H1 2026 • Free cash flow of $184 million • Cash of $326 million and net cash of $26 million as at 30 June 2026 • Increase a result of: - Robust post-tax CFFO - Receipt of $56 million upon completion of the acquisition of assets West of Shetland from TotalEnergies and $13 million1 on completion of ONE-Dyas assets - Net financing inflows from Nordic bond and repayment of drawn RBL balances H1 2026: change in cash ($ MILLION) Half-year results 2026 I 6 August 2026 4 31 280 (81) 56 62 (29) 326(6) 13 Cash 31.12.25 Post-tax CFFO Decom & Capex Acquisition, net Net refinancing Finance costs and other Cash 30.06.26 Material cash generation 1) In addition to 85,000 boe of transferred underlift with cash receipt in Q3
Page 6
31 326 259 458 31.12.25 30.06.26 Undrawn RBL Cash 362 • Robust pro forma liquidity position of $784 million as of 30 June 2026 • Completion of $300 million five-year Nordic bond in May • Completion in July of six-year Reserves Based Lending ('RBL') facilities totalling $750 million - $500 million secured revolving loan facility - $250 million secured revolving letter of credit facility - Further $750 million available by way of the accordion facility • RBL facility undrawn at 30 June 2026 Liquidity ($ MILLION) Half-year results 2026 I 6 August 2026 5 $290 million $784 million1 Ideally positioned to take advantage of organic and inorganic growth opportunities $784 million liquidity provides funded growth capacity 1) Pro forma for New RBL Borrowing Base inclusive of Spirit Assets on completion
Page 7
362 • Serica targeting dividends of 15-30% of post-tax CFFO • Enables delivery of attractive and sustainable shareholder returns • Retains necessary flexibility to allocate capital and maximise value generation through organic growth and selective acquisitions • Interim dividend of 6p (2025 interim dividend: 6p) - Payable on 19 November to shareholders registered on 23 October, with an ex-dividend date of 22 October Shareholder returns attributable to calendar year (p/share) Half-year results 2026 I 6 August 2026 6 Ongoing commitment to predictable and material shareholder returns 0 5 10 15 20 25 2022 2023 2024 2025 2026 Interim Final Buyback
Page 8
Rig contract set to be signed for rapid-return drilling programme 34 mmboe undeveloped 2P reserves and 2C resources being targeted 30,000 boepd potential incremental production addition 40% indicative IRR • Organic growth drilling programme set to begin in Q3 2027 - Short-cycle projects with the potential to add 30,000 boepd of incremental production - Supporting annual average production of over 50,000 boepd into the next decade - Rates of return of over 40% on average • Drilling programme estimated at around 400 days duration, with an option to extend • Potential to drill up to six wells across the portfolio • Drilling is expected to begin with the Bruce SCE and SCW wells in Q3 2027 - Production potential of over 10,000 boepd - First production potential 12 months from start of drilling • Non-operated drilling opportunities in the portfolio: - Varadero well, Catcher, progressing towards FID - Infill campaign at Cygnus ongoing Half-year results 2026 I 6 August 2026 7
Page 9
Pharos Energy: value accretive international diversification • Expected to be immediately accretive on a per-share basis to production, reserves, and key financial metrics • Enlarged and internationally diverse - Increased production from three countries • Enhanced cash generation - Addition of established, cash-generative production • Complementary strategy - Focused on growth and returns - Serica gains local expertise, with ability to add subsurface expertise and financial strength to Pharos portfolio • Springboard for future growth - Robust balance sheet with material liquidity, able to capitalise on opportunities to create further value 4 producing assets c. 5,650 boepd H1 2026 production 18.4 mmboe 2P reserves 16.8 mmboe 2C resources $45.2 million Cash balance Half-year results 2026 I 6 August 2026 8 2P reserves 2C resources Vietnam Egypt Egypt H1 2026 Production Egypt Vietnam Vietnam 1) Cash is at 30 June 2026, 2P/2C as at 31 December 25
Page 10
362 • Serica continues to seek opportunities to deliver value for shareholders via M&A • M&A strategy focused on value • Continuing to seek growth in the UK North Sea • Increasing focus on addition of new assets in regions in which Serica can deliver on its strategy • South East Asia offers significant potential - Growing economies with increasing energy demand - Supportive environment for upstream investment - Significant and diverse resource potential - Recent track record of material discoveries, developments and upside potential - Mature asset expertise directly transferable - Opportunities as majors continue to rationalise portfolios Half-year results 2026 I 6 August 2026 9 Disciplined M&A adds scale, diversification and cash-generative growth
Page 11
Outlook and guidance – ongoing strong delivery • On track to deliver 2026 exit rate production of c.65,000 boepd • The acquisition of assets from Spirit Energy is now set to complete on 1 October 2026, resulting in revised production guidance for 2026 of above 40,000 boepd • Capital expenditure is expected to be towards the top of the $175 to $195 million guidance range • Opex guidance of $380-400 million, excluding $65 million of Lancaster spend, unchanged • Post-tax CFFO guidance is impacted by the later completion of the Spirit Energy acquisition and revised to $450-475 million • Work is progressing regarding the move from the AIM to the Main Market of the London Stock Exchange, remains on track to complete in 2026 Half-year results 2026 I 6 August 2026 10
Page 12
Half-year results 2026 I 6 August 2026 11 Multiple catalysts ahead Acquisition of assets from Spirit Energy to complete Move to Main Market High-impact organic growth drilling to begin Rig contract set to be signed First production potential from new wells 1 October 2026 H2 2026 Q3 2027 Coming weeks Q3 2028
Page 13
12 Well positioned to continue delivering value for shareholders Rigorous capital allocation approach on high-return short-cycle organic growth opportunities Funded future growth in UK North Sea and overseas Material and sustainable dividends Highly cash generative producer with a platform for disciplined international growth
Page 14
13 For further information contact: Andrew.Benbow@serica-energy.com Appendix
Page 15
Gas hedges – as at 30 June 2026 Weighted average Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q3 28 Hedged volume (kboe/d) 8 13 13 10 10 10 10 8 10 Weighted average floor (p/therm) 61 66 66 55 55 60 60 59 59 Collar ceiling (p/therm) 93 103 103 62 62 80 80 64 64 Oil hedges – as at 30 June 2026 Weighted average Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Hedged volume (kboe/d) 15 23 19 16 15 15 Swap price ($/bbl) 68 68 – – – – Collar floor ($/bbl) 62 63 62 63 63 63 Collar ceiling ($/bbl) 71 72 71 71 71 71 Blended floor – swaps & collars ($/bbl) 62 63 62 63 63 63 40 60 80 100 120 140 160 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q3 28 Gas hedges (p/therm) Collar ceiling Weighted average floor NBP forward curve 50 60 70 80 90 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Oil hedges ($/bbl) Collar ceiling Blended floor (swaps & collars) Brent forward curve 0% 40% 80% H2 26 H1 27 H2 27 H1 28 H2 28 Aggregate production hedged (%) Protecting cash flows Half-year results 2026 I 6 August 2026 14