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>FY25 production and YE25 net debt were previously disclosed.</li>
<li>FY26 guidance of 40+ mboe/d is reiterated.</li>
<li>YE26 output remains guided at ~65 mboe/d.</li>
</ul>


FY25 production and YE25 net debt were previously disclosed.
FY26 guidance of 40+ mboe/d is reiterated.
YE26 output remains guided at ~65 mboe/d.


Serica Energy Plc (AIM: SQZ): Increasing materiality with exposure to UK gas

<ul>
<li>4Q25 production averaged 33.5 mboe/d, including 1.4 mbbl/d from Lancaster, slightly ahead of our 32.7 mboe/d forecast.</li>
<li>The balance sheet at the end of 2025 was in line with expectations, taking into account the timing of liftings from Triton.</li>
<li>January‑to‑date production has averaged ~43 mboe/d, with current rates of ~50 mboe/d comprising 20 mboe/d at Bruce, 21 mboe/d at Triton, and 6 mbbl/d at Lancaster.</li>
</ul>


4Q25 production averaged 33.5 mboe/d, including 1.4 mbbl/d from Lancaster, slightly ahead of our 32.7 mboe/d forecast.
The balance sheet at the end of 2025 was in line with expectations, taking into account the timing of liftings from Triton.
January‑to‑date production has averaged ~43 mboe/d, with current rates of ~50 mboe/d comprising 20 mboe/d at Bruce, 21 mboe/d at Triton, and 6 mbbl/d at Lancaster.


Serica Energy Plc (AIM: SQZ): Over US$300 Mm FCF in 2026. Potential to Reach 65 Mboe/D During 2H26

<ul>
<li>Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025.</li>
<li>The assets produced 13.5 mboe/d in 1H25 (96% gas) and hold 18.7 mmboe of 2P reserves.</li>
<li>Completion is expected in 2H26, with an expected modest cash payment at closing.</li>
</ul>


Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025.
The assets produced 13.5 mboe/d in 1H25 (96% gas) and hold 18.7 mmboe of 2P reserves.
Completion is expected in 2H26, with an expected modest cash payment at closing.


Serica Energy Plc (AIM: SQZ): Another Accretive Gas Acquisition

<ul>
<li>Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets.</li>
<li>This performance is in line with expectations, given issues at Triton, that are now solved, were previously flagged.</li>
<li>Production at the Bruce hub is above 20 mboe/d, though output was temporarily curtailed to ~16 mboe/d in October.</li>
</ul>


Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets.
This performance is in line with expectations, given issues at Triton, that are now solved, were previously flagged.
Production at the Bruce hub is above 20 mboe/d, though output was temporarily curtailed to ~16 mboe/d in October.


Serica Energy Plc (AIM: SQZ): UK Budget Neutral for Serica

<ul>
<li>Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm.</li>
<li>The licence contains the Wagtail discovery.</li>
<li>Should the joint venture proceed to Phase C (commitment to drill, with a decision to be made by the end of August 2026), Serica will pay Finder an additional £0.94 mm.</li>
</ul>


Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm.
The licence contains the Wagtail discovery.
Should the joint venture proceed to Phase C (commitment to drill, with a decision to be made by the end of August 2026), Serica will pay Finder an additional £0.94 mm.


Serica Energy Plc (AIM: SQZ): Farm-In Transaction Boosts Upside at Triton

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Serica Energy (SQZ LN)

Serica Energy Plc (AIM: SQZ): Increasing materiality with exposure to UK gas

FY25 production and YE25 net debt were previously disclosed. FY26 guidance of 40+ mboe/d is reiterated. YE26 output remains guided at ~65 mboe/d.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Over US$300 Mm FCF in 2026. Potential to Reach 65 Mboe/D During 2H26

January‑to‑date production has averaged ~43 mboe/d, with current rates of ~50 mboe/d comprising 20 mboe/d at Bruce, 21 mboe/d at Triton, and 6 mbbl...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Another Accretive Gas Acquisition

Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): UK Budget Neutral for Serica

Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Farm-In Transaction Boosts Upside at Triton

Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm.The licence contains the...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Serica Energy Plc (AIM: SQZ): Increasing materiality with exposure to UK gas

FY25 production and YE25 net debt were previously disclosed. FY26 guidance of 40+ mboe/d is reiterated. YE26 output remains guided at ~65 mboe/d.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Over US$300 Mm FCF in 2026. Potential to Reach 65 Mboe/D During 2H26

January‑to‑date production has averaged ~43 mboe/d, with current rates of ~50 mboe/d comprising 20 mboe/d at Bruce, 21 mboe/d at Triton, and 6 mbbl...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Another Accretive Gas Acquisition

Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): UK Budget Neutral for Serica

Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Farm-In Transaction Boosts Upside at Triton

Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm.The licence contains the...

Auctus Advisors

FY25 production and YE25 net debt were previously disclosed. FY26 guidance of 40+ mboe/d is reiterated. YE26 output remains guided at ~65 mboe/d.