Serica Energy PLC

Latest Results (07.03.2026):

Serica Energy PLC — results for H1 2025 (six months ended 30 June 2025): the company reported a H1 2025 trading update showing material production disruption from a prolonged Triton FPSO outage, lower H1 volumes but resilient gas pricing and a strong cash position; revenue was $305m, EBITDAX $118m and the group recorded a loss after tax of $43m (reflecting a one‑off deferred tax charge), while management expects materially higher production in H2 and confirms FY 2025 guidance of 33,000–35,000 boepd.

Production and operational impact

Production averaged 24,700 boepd in H1 2025 (H1 2024: 43,700) after the Triton FPSO was shut in from 28 January to late June/July; Triton ramp-up is underway and Serica expects aggregate production to return toward ~50,000 boepd once all fields are back online and new wells are brought onstream.

Key financials — H1 2025

Revenue $305m, EBITDAX $118m, operating costs $156m, capex $138m, free cash flow $14m and (loss)/profit after tax $(43)m; average realised prices were $70/bbl oil and 96 p/therm gas.

Cash, debt and liquidity

Cash at 30 June 2025 was $174m (up from $148m at year end); adjusted net debt $57m (improvement vs Dec‑24) with $231m drawn of a $490m RBL borrowing base; stated liquidity was $433m as at 1 July 2025.

Hedging

Serica maintains hedges across oil and gas—e.g., 2025 weighted oil swap/collar ~ $69/bbl and gas collars/swaps with weighted averages noted—supporting cashflow visibility while the business recovers production.

Capex, guidance and outlook

FY 2025 capex expected toward the top end of $220–250m (accelerated Belinda spend into 2025); opex guidance unchanged at ~ $330m; FY production guidance 33,000–35,000 boepd and management expects materially higher H2 production versus H1.

Drilling and development successes

Five‑well Triton campaign completed ahead of schedule and ~ $31m net under budget; BE01 (Belinda) flowed ~7,500 boepd on test and is expected onstream start‑2026; optimisation at Bruce Hub and new Triton wells (Guillemot, Evelyn) should lift H2 output.

Tax and one‑off items

H1 included a large non‑cash deferred tax charge ($143.9m total deferred tax, including a $65.2m one‑off charge linked to the EPL extension to 31 Mar 2030), which contributed to the reported loss after tax despite positive operating cash movements and a received $71m cash tax refund in June 2025.

Dividends & capital allocation

An interim dividend of 6p per share was declared (vs 9p in 2024 interim), reflecting the rebased distribution policy while preserving capacity for organic growth and opportunistic M&A.

Corporate actions & other

Serica plans a move from AIM to the Main Market early in Q4 2025 and continues to progress potential infill drilling around Bruce, the Kyle redevelopment FID target (H1 2026), and selective M&A focused on the UK North Sea.