Serica Energy (SQZ) Trading update summary

Operational performance and production

• Zero lost time injuries in 2025 to date, extending a five-year safety record.

• Production averaged 26,500 boepd in the first four months of 2025.

• Triton maintenance and repairs are on track, with production restart expected around end of June.

• New wells at Guillemot North West and Evelyn fields to boost Triton Hub output above 25,000 boepd.

• BE01 well on Belinda completed ahead of schedule, flow tested at 7,500 boepd; production expected in early 2026.

Financial position and guidance

• Cash balance of $129 million as of 30 April 2025, with net debt at $102 million.

• Cash outflow driven by Triton downtime, Parkmead acquisition, and $80 million capex on Triton wells.

• Free cash flow to be enhanced by a $71 million tax rebate relating to 2024.

• Robust hedging covers 40% of 2025 and 20% of 2026 production, mainly oil at $69/bbl floor.

• 2025 production guidance maintained at 33,000–37,000 boepd; capex and opex guidance unchanged.

M&A and strategic initiatives

• Completed acquisition of Parkmead (E&P) Limited, adding significant tax loss balances and strategic flexibility.

• Total ring-fence tax loss balances now exceed $1.3 billion CT, $1.2 billion SCT, and $63 million EPL.

• Disciplined approach to M&A, actively screening value-accretive opportunities in the North Sea and beyond.

• Initiated process to move from AIM to Main Market of the London Stock Exchange in Q4 2025.