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

<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

<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

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): 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

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

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

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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

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

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

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.