SERICA ENERGY PLC - Interim Results

Serica Energy PLC’s 2026 Interim Results investor update highlights a strong first-half performance, driven by improved operational reliability, higher production, and supportive commodity prices. Average production exceeded 45,000 boe/d, with Q2 reaching around 50,000 boe/d as the Triton hub delivered over 95% uptime following maintenance. Revenue more than doubled year-on-year, while robust cash generation enabled the company to move from $200 million net debt to a $26 million net cash position by mid-year. Serica also strengthened its balance sheet through refinancing, securing significant liquidity to fund both organic growth and strategic acquisitions. The company reaffirmed guidance for post-tax cash flow from operations (CFFO) of $450–475 million and expects production to exceed 65,000 boe/d in Q4 following the completion of the Spirit Energy acquisition. Management outlined a high-return growth strategy focused on UK North Sea drilling, portfolio optimisation, and disciplined M&A, including the recommended acquisition of Pharos Energy to expand internationally into Southeast Asia. The company remains committed to delivering sustainable shareholder returns through its dividend policy while investing in projects expected to generate attractive returns. Looking ahead, key catalysts include the signing of a new drilling rig contract, completion of strategic acquisitions, a planned move to the London Stock Exchange Main Market, and continued execution of its organic growth programme, positioning Serica for sustained production growth, stronger EBITDA, improved margins, and long-term shareholder value.