Serica Energy PLC

Latest Results (21.01.2026):

Serica Energy PLC — results for the six months ended 30 June 2025 (H1 2025): the group reported a revenue of $305m and EBITDAX of $118m, with production materially reduced to 24,700 boepd (H1 2024: 43,700 boepd) after the Triton FPSO outage; Serica recorded a loss after tax of $43m, held cash of $174m and adjusted net debt of $57m, declared a 6p interim dividend, and expects materially higher production in H2 2025 with FY guidance of 33,000–35,000 boepd.

Production impact and recovery

H1 2025 production was 24,700 boepd, largely due to the Triton FPSO being shut-in from 28 January to end-June; Bruce Hub averaged 16,700 boepd in H1 but improved to ~21,600 boepd in July after optimisation and bull‑heading work. Management expects Triton uptime and new well contributions to return aggregate production to ~50,000 boepd once fully restored.

Key financials

Revenue $305m (H1 2024: $462m), EBITDAX $118m (H1 2024: $279m), operating cashflow (CFFO less current tax) $102m, capital expenditure $138m in H1, and reported free cash flow of $14m for the half-year.

Cash, debt and liquidity

Cash at 30 June 2025 was $174m (up from $148m at year end), total RBL drawn $231m, adjusted net debt $57m (improved vs $83m at 31 Dec 2024), borrowing base set at $490m and reported liquidity of $433m as at 1 July 2025.

Drilling and subsurface success

The five‑well Triton campaign delivered positive results, met/exceeded pre‑drill estimates, ran ~25 days ahead of schedule and was c.$31m net under budget; the BE01 Belinda well tested ~7,500 boepd (constrained) and is expected to come onstream at the start of 2026.

Guidance and capital plan

FY 2025 production guidance is 33,000–35,000 boepd. Capital expenditure is expected toward the top end of the $220–250m range (accelerated spend on Belinda), with opex guidance unchanged at about $330m.

Dividend

Interim dividend declared of 6p per share (H1 2024: 9p). Payable 20 November 2025, ex‑dividend 23 October 2025; management describes this level as the rebased, sustainable medium‑term dividend.

Tax and one‑off deferred charge

Reported tax charge $144m comprised nil current tax (group relief/tax refund) and a $143.9m deferred tax charge, which includes a $65.2m non‑cash charge related to the extension of the Energy Profits Levy (EPL); the book tax rate for H1 was 143%.

Hedging and prices

Average realised prices: oil $70/bbl, gas 96 pence/therm in H1 2025. The hedge book swung to a net mark‑to‑market asset ($15.7m) at 30 June 2025; detailed oil and gas collar/swap schedules were disclosed through 2027.

Outlook & strategic priorities

Management expects materially higher H2 production as Triton uptime improves and new wells are brought online; priorities include completing Belinda tie‑in (start of 2026), progressing Kyle redevelopment towards possible FID H1 2026, continuing Bruce infill work and pursuing selective M&A; a planned move from AIM to the Main Market is targeted for early Q4 2025.