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>While 1H25 production was only 24.7 mboe/d with BKR producing 16.7 mboe/d, Serica’s FY25 production guidance of 33-35 mboe/d implies a significant 2H25 uplift to 41.3–45.3 mboe/d, as Triton ramps up to full production and BKR rebounds.</li>
<li>We continue to forecast 4Q25 production of ~48 mboe/d, supported by expected contributions of 21– 22 mboe/d from BKR and ~25 mboe/d from Triton.</li>
<li>Production in 2H25 will benefit from new wells coming onstream as a result of Triton drilling, with five successful well delivered nearly a month ahead of schedule and ~US$31 mm under budget. </li>
</ul>


While 1H25 production was only 24.7 mboe/d with BKR producing 16.7 mboe/d, Serica’s FY25 production guidance of 33-35 mboe/d implies a significant 2H25 uplift to 41.3–45.3 mboe/d, as Triton ramps up to full production and BKR rebounds.
We continue to forecast 4Q25 production of ~48 mboe/d, supported by expected contributions of 21– 22 mboe/d from BKR and ~25 mboe/d from Triton.
Production in 2H25 will benefit from new wells coming onstream as a result of Triton drilling, with five successful well delivered nearly a month ahead of schedule and ~US$31 mm under budget. 


Serica Energy Plc (AIM: SQZ): Robust 1H25 Cashflow Ahead of Production Boost in 2H25.

<ul>
<li>Following the July production restart at Triton FPSO, ramp-up to the steady-state plateau of has been delayed into August.</li>
<li>With Bittern now back online and Evelyn and Gannet expected to follow shortly, net production at Triton is set to reach 25 mboe/d in the near future.</li>
<li>It is expected that the production plateau will exceed this level once the new wells are then brought onstream later in August.</li>
</ul>


Following the July production restart at Triton FPSO, ramp-up to the steady-state plateau of has been delayed into August.
With Bittern now back online and Evelyn and Gannet expected to follow shortly, net production at Triton is set to reach 25 mboe/d in the near future.
It is expected that the production plateau will exceed this level once the new wells are then brought onstream later in August.


Serica Energy Plc: Triton Ramp-Up to Full Production Delayed but Very High Production at BKR

<ul>
<li>Repairs and scheduled maintenance work on the Triton FPSO have been completed, and the restart process for production operations is now underway.</li>
<li>This is consistent with the management’s indicated timing of “around end of June” as stated in the AGM update.</li>
<li>Production is expected to ramp up progressively, reaching steady-state levels later in July.</li>
</ul>


Repairs and scheduled maintenance work on the Triton FPSO have been completed, and the restart process for production operations is now underway.
This is consistent with the management’s indicated timing of “around end of June” as stated in the AGM update.
Production is expected to ramp up progressively, reaching steady-state levels later in July.


Serica Energy Plc (AIM: SQZ): Start up at Triton in line with expectations

<ul>
<li>From January to April 2025, production averaged 26.5 mboe/d.</li>
<li>This is consistent with 1Q25 production of 27.6 mboe/d, which benefited from one month of output from Triton.</li>
<li>Repairs at Triton have been completed, and production remains on track to restart in June.</li>
</ul>


From January to April 2025, production averaged 26.5 mboe/d.
This is consistent with 1Q25 production of 27.6 mboe/d, which benefited from one month of output from Triton.
Repairs at Triton have been completed, and production remains on track to restart in June.


Serica Energy Plc (AIM: SQZ): Another very good well result. Triton on track

<ul>
<li>The envisaged merger between EnQuest and Serica is not proceeding at this time.</li>
<li>Given the drop in Brent since the potential transaction leaked on 7 March, this outcome is unsurprising.</li>
<li>Given Serica’s prospects as a standalone company, there was no imperative for the company to force a deal.</li>
</ul>


The envisaged merger between EnQuest and Serica is not proceeding at this time.
Given the drop in Brent since the potential transaction leaked on 7 March, this outcome is unsurprising.
Given Serica’s prospects as a standalone company, there was no imperative for the company to force a deal.


Serica Energy Plc (AIM: SQZ): Catalysts Ahead

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)

Serica Energy Plc (AIM: SQZ): Robust 1H25 Cashflow Ahead of Production Boost in 2H25.

We maintain our 2026 production forecast of ~43 mboe/d, as the Belinda field comes online, now expected at the start of 2026.

Auctus Advisors

Serica Energy Plc: Triton Ramp-Up to Full Production Delayed but Very High Production at BKR

With Bittern now back online and Evelyn and Gannet expected to follow shortly, net production at Triton is set to reach 25 mboe/d in the near future.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Start up at Triton in line with expectations

Repairs and scheduled maintenance work on the Triton FPSO have been completed, and the restart process for production operations is now...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Another very good well result. Triton on track

From January to April 2025, production averaged 26.5 mboe/d. This is consistent with 1Q25 production of 27.6 mboe/d, which benefited from one month...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Catalysts Ahead

The envisaged merger between EnQuest and Serica is not proceeding at this time.Given the drop in Brent since the potential transaction leaked on 7...

Auctus Advisors

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