Serica Energy Regulatory News (SQZ)

19 March 2025

Serica Energy plc('Serica' or 'the Company')

Update on Triton FPSO

Serica Energy plc (AIM: SQZ) announces that, following conversations with the operator, Dana Petroleum ('Dana'), regarding the timeline required to deliver the scope of work, production from the Triton FPSO is now not expected to recommence before May. It was previously anticipated that critical repairs following the aftermath of Storm Éowyn in January would be completed, and production would then resume, in mid-to-late March.

Due to the ongoing maintenance issues and the performance of the Triton FPSO over the last 12 months, the Company is discussing with Dana all options to secure a lasting improvement in the operating performance of the FPSO.

Chris Cox, Serica's CEO, stated:

"Our frustrations with the ongoing performance of the Triton FPSO have been well documented - it is not good enough for Serica, and it is not good enough for our shareholders. Our drilling results around Triton have been tremendous, and these need to be converted into sustained production and cashflow. We are working closely with Dana to help support them with the current work, and to drive the change required to deliver a more predictable production performance going forward."

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

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NOTES TO EDITORS

Serica Energy is a British independent oil and gas exploration and production company with a portfolio of UKCS assets. Serica has a balance of gas and oil production. The Company is responsible for about 5% of the natural gas produced in the UK, a key element in the UK's energy transition.

Serica's producing assets are focused around two main hubs: the Bruce, Keith and Rhum fields in the UK Northern North Sea, which it operates, and a mix of operated and non-operated fields tied back to the Triton FPSO. Serica also has operated interests in the producing Columbus (UK Central North Sea) and Orlando (UK Northern North Sea) fields and a non-operated interest in the producing Erskine field in the UK Central North Sea.

Serica has a two-pronged strategy for growth comprising investment in its existing portfolio and M&A. Further information on the Company can be found at www.serica-energy.com. The Company's shares are traded on the AIM market of the London Stock Exchange under the ticker SQZ and the Company is a designated foreign issuer on the TSX. To receive Company news releases via email, please subscribe via the Company website.