SERICA ENERGY

Serica Energy plc is an oil and gas company with exploration, development and production assets focused on the UK North Sea. The company has production from five fields, covering eight blocks in the UK Northern and Central North Sea. Its 2P reserves base as of 1 January 2023 was approximately 120 mmboe (million barrels of oil equivalent).

Following Serica's recent acquisition of Tailwind Energy Ltd, the enlarged group holds interests in 15 producing fields with pro forma net production reaching close to 50,000 boe per day. Serica operates several of its assets including the Bruce, Keith and Rhum fields with its non-operated portfolio including holdings in the Triton Area and Greater Rochelle Area hub.

Over 80% of Serica's production is gas, providing commodity diversification. The company has an active drilling campaign ongoing as well as plans for further near-field exploration and development upside. Investment allowances mean the company's capex attracts tax relief of over 70%.

Serica has built up a material North Sea production base capable of generating strong operating cash flows. With its enlarged portfolio, strengthened balance sheet, and ongoing investment activity, the company is well-positioned for continued growth.