London, 1 April 2025 – Serica Energy plc, a British independent upstream oil and gas company with operations in the UK North Sea, today announces its audited financial results for the year ended 31 December 2024. The results are included below and copies are available at www.serica-energy.com and www.sedar.com.
Chris Cox, Serica’s CEO, stated:
“The highly positive results of the drilling campaign at Triton are not yet being reflected in our production and cashflow due to ongoing issues at the Triton FPSO. Our frustration is exacerbated by the fact that the Triton area alone could be delivering up to 30,000 boepd net to Serica with the addition of the wells already drilled.
We are confident, after detailed discussions with the Operator, Dana, of the work required to fix the issues, and we are pleased that the joint venture has agreed a plan to take advantage of the current downtime to bring forward the maintenance work scope originally scheduled for July. This removes the need for a summer maintenance shutdown, which combined with the activities undertaken should significantly increase uptime going forward.
I have previously stated my confidence in the excellence of the Serica subsurface team and the potential of the rocks across our portfolio, and we have increasing clarity on the work needed to convert that potential into shareholder value. Ongoing analysis has seen a small decrease in our 2P reserves but materially increased our 2C resources – and there is more to come as work continues.
This indicates the strength of our organic pipeline, with a clear route to converting resources to reserves – the Kyle redevelopment looks particularly attractive, and multiple infill drilling opportunities around the Bruce Hub have been identified.
With the above in mind, we have elected to implement a prudent rebalancing of our capital allocation approach, giving us increased flexibility over the medium-term to allocate capital to the areas where it will deliver best value for shareholders. This adjustment will allow us to invest in the exciting drilling and development programmes in our portfolio and be opportunistic in accretive M&A, all while retaining our highly competitive shareholder distributions.”
1 2023 figures are pro forma following the completion of Tailwind acquisition on 23 March 2023 2 Includes pre-FID expenditure on E&E assets 3 Net of unamortised fees; See Reconciliation of non-IFRS measures 4 Attributable shareholder returns reflects Interim and Final Dividends in respect of the relevant year plus quantum of share buybacks
