Serica Energy : AGM Presentation 27 Jun 2024

Focused On Value

Annual General Meeting, 27 June 2024

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Annual General Meeting I 27 June 2024

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Presenters

Dave Latin

Chairman and Interim CEO

• Appointed to Serica Board in 2021
• Non-ExecutiveChairman since July 2023 and Interim CEO (effective 24 April until 1 July 2024)
• Formerly SVP for NW Europe, Africa & Australasia for
  OMV
• At BP from 1993-2011 in range of executive roles including running the BKR assets

Annual General Meeting I 27 June 2024

Martin Copeland

CFO

• Joined as CFO in February 2024
• 30+ year career in Investment Banking across the energy space including financing and M&A
• Extensive North Sea advisory experience including on some of the most important transactions in the space
• Advised Tailwind on the combination into Serica Energy

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Serica 3.0

Dave Latin, Chairman and Interim CEO

Annual General Meeting I 27 June 2024

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Business confidence in UK upstream uniquely affected

Aberdeen & Grampian CC UKCS Confidence Survey

2004 - 2024YTD

Confidence in UK and

rest of the world

'disconnected' for the

first time

Annual General Meeting I 27 June 2024

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Our purpose

To contribute responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons

• Experienced and safe operator
• Growing production
• Strong balance sheet
• Track record of successful M&A
• Significant returns to shareholders

Annual General Meeting I 27 June 2024

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History of sustained growth through acquisitions and investment

Acquisitions								2P reserves
2015 - 18% non-operated interest in Erskine field from BP					140 mmboe
				at end 2023
2018 - operated interests of BP in Bruce, Keith and Rhum fields
2018 - non-operated interests of TotalEnergies, BHP and Marubeni in Bruce and Keith fields	Purchase of
2023 - Tailwind Energy (corporate acquisition)					Tailwind	Triton area
				Energy
2024 - non-operated 30% interest in the Greater Buchan Area					drilling
				campaign
								started
						Rhum R3
						project
						completed		Belinda
Purchase of			Purchase of					development
interest in							sanctioned
		Bruce/Keith
Erskine
		/Rhum
			interests
						Columbus		Purchase
2P reserves							of interest
					production
4 mmboe						start		in Buchan Horst
						project
at end 2015
2015	2016	2017	2018	2019	2020	2021	2022	2023

Annual General Meeting I 27 June 2024

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Buchan Horst not included in 2P reserves

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Serica today

• AIM listed with Head Office in London and Operations based in Aberdeen
• Top 10 UK North Sea producer
• Portfolio focused around two

production hubs

• Balance of oil and gas
• Established North Sea operator
• Production >40 kboe/d
• 140 mmboe of 2P reserves
• Strong balance sheet provides platform for future growth
• Dividend paying since 2020
• Inaugural share buyback in 2024

Annual General Meeting I 27 June 2024

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A clear M&A strategy being executed by a strong team

Screening criteria

• Accretive to value
• UKCS and/or overseas (NW Europe lens)
• Creates opportunities for further investment
• Includes current or near-term production

• Conservatively financed
• Operated or non-operated
• Preference for unlocking 'special' situations through bilateral negotiations

M&A 'bench strength'

	Internal team		Significant expertise on the Serica Board
Martin Copeland	Ian Macaulay	Chris Boulter	Kate Coppinger	Jérôme Schmitt	Rob Lawson
Long career in	Business development	Ex-M&A	Formerly at Harrison	Former Head of M&A,	Former Head
investment banking	at Tailwind	at Neptune	Lovegrove and Standard	TotalEnergies	of M&A, BP
			Chartered
Annual General Meeting I 27 June 2024					9

Operational review

Dave Latin, Chairman and Interim CEO

Annual General Meeting I 27 June 2024

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