Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.</li>
<li>We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.</li>
<li>We also expect one intra-review change for the F250 prior to the December 2026 rebal.</li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.
We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.
We also expect one intra-review change for the F250 prior to the December 2026 rebal.


Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul>
<li>Serica has announced its intention to apply for the company’s ordinary shares to be admitted to the Equity Shares segment of the Official List to trading on London Stock Exchange main market for listed securities.</li>
<li>Serica's shares are expected to start trading on the Main Market of the London Stock Exchange by the end of October.</li>
<li>We expect the move to broaden demand for the shares, as some institutional investors can only hold Main Market-listed equities.</li>
</ul>


Serica has announced its intention to apply for the company’s ordinary shares to be admitted to the Equity Shares segment of the Official List to trading on London Stock Exchange main market for listed securities.
Serica's shares are expected to start trading on the Main Market of the London Stock Exchange by the end of October.
We expect the move to broaden demand for the shares, as some institutional investors can only hold Main Market-listed equities.


Serica Energy Plc (AIM: SQZ): Main Market Move Opens the Door to FTSE 250 Inclusion

<ul>
<li>We forecast production rising from 44.7 mboe/d in 1H26 to more than 60 mboe/d in 4Q26, driven by completion of the SNS acquisition.</li>
<li>Crucially, this adds over 10 mboe/d of high‑value UK natural gas at a time of seasonally stronger pricing.</li>
<li>We expect a very active 2027–2028 drilling programme; we estimate capex of ~US$420 million in 2027 and ~US$500 mm in 2028.</li>
</ul>


We forecast production rising from 44.7 mboe/d in 1H26 to more than 60 mboe/d in 4Q26, driven by completion of the SNS acquisition.
Crucially, this adds over 10 mboe/d of high‑value UK natural gas at a time of seasonally stronger pricing.
We expect a very active 2027–2028 drilling programme; we estimate capex of ~US$420 million in 2027 and ~US$500 mm in 2028.


Serica Energy Plc (AIM: SQZ): Gearing-Up for a Busy 2027-2028 Programme

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/serica-energy-plc">Serica Energy</a> is a UK North Sea-focused E&amp;P company poised for a significant production increase driven by a multi-well drilling campaign, targeting a peak of over 57 mboe/d in 2029.</li>
  <li>The company faces considerable external pressures from the UK's volatile fiscal regime, particularly the Energy Profits Levy (windfall tax), which impacts profitability and investment decisions.</li>
  <li>Despite recent financial declines and high upcoming capital expenditures, Serica maintains a strong balance sheet, a high dividend yield, and is pursuing a strategy of organic growth supplemented by value-accretive M&amp;A.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Serica Energy is a UK North Sea-focused E&amp;P company poised for a significant production increase driven by a multi-well drilling campaign, targeting a peak of over 57 mboe/d in 2029.
  The company faces considerable external pressures from the UK's volatile fiscal regime, particularly the Energy Profits Levy (windfall tax), which impacts profitability and investment decisions.
  Despite recent financial declines and high upcoming capital expenditures, Serica maintains a strong balance sheet, a high dividend yield, and is pursuing a strategy of organic growth supplemented by value-accretive M&amp;A.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Serica Energy (SQZ LN) - Aug 2026

<ul>
<li>Serica is tendering for a rig for a 400‑plus‑day drilling campaign to potentially develop 34 mmboe of 2P reserves + 2C resources, adding ~30 mboe/d of aggregate production capacity.</li>
<li>The programme is costed and deliverable.</li>
<li>We have increased our production forecast by 4–15 mboe/d over 2027–2030, with output peaking at &gt;57 mboe/d in 2029.</li>
</ul>


Serica is tendering for a rig for a 400‑plus‑day drilling campaign to potentially develop 34 mmboe of 2P reserves + 2C resources, adding ~30 mboe/d of aggregate production capacity.
The programme is costed and deliverable.
We have increased our production forecast by 4–15 mboe/d over 2027–2030, with output peaking at &gt;57 mboe/d in 2029.


Serica Energy Plc (AIM: SQZ): Organic Growth Unlocks Material Value

United Kingdom

Serica Energy is a UK-based independent upstream oil and gas company with operations focused on the UK North Sea. It specializes in identifying, acquiring, exploiting, and producing oil and gas reserves, managing a portfolio of energy fields to extract hydrocarbons. The company operates assets such as the Bruce, Keith, and Rhum fields in the UK Northern North Sea, as well as the Columbus Field, Triton FPSO, and Mansell field in the Central North Sea. Headquartered in London, United Kingdom, the company was founded in 2004.

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Serica Energy (SQZ LN)

Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

Airtel Money could become a strong name for the F100 inclusion in December 2026. We also see Serica Energy as an F250 ADD if it transfers to the...

Afridi Reyal

Serica Energy Plc (AIM: SQZ): Main Market Move Opens the Door to FTSE 250 Inclusion

We expect the move to broaden demand for the shares, as some institutional investors can only hold Main Market-listed equities.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Gearing-Up for a Busy 2027-2028 Programme

We forecast production rising from 44.7 mboe/d in 1H26 to more than 60 mboe/d in 4Q26, driven by completion of the SNS acquisition.

Auctus Advisors

Primer: Serica Energy (SQZ LN) - Aug 2026

Serica Energy is a UK North Sea-focused E&P company poised for a significant production increase driven by a multi-well drilling campaign,...

αSK Primers

Serica Energy Plc (AIM: SQZ): Organic Growth Unlocks Material Value

Serica is tendering for a rig for a 400‑plus‑day drilling campaign to potentially develop 34 mmboe of 2P reserves + 2C resources, adding ~30 mboe/d...

Auctus Advisors

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