Rule 2.8 Announcement

Further to the announcements made by Serica and EnQuest regarding a possible all-share offer for Serica by EnQuest, EnQuest confirms that in light of current market volatility it has not been possible to reach an agreement on terms. EnQuest therefore confirms that it does not intend to make a firm offer for Serica.

This announcement is made in accordance with Rule 2.8 of the Code. As a result of this announcement, EnQuest, together with any person(s) acting in concert with it, will be bound by the restrictions contained in Rule 2.8 of the Code.

Under Note 2 on Rule 2.8 of the Code, EnQuest and any person(s) acting in concert with it reserve the right to set aside the restrictions in Rule 2.8 of the Code in the following circumstances:

• with the agreement or recommendation of the Board of Directors of Serica;
• following the announcement of a firm intention to make an offer for Serica, by or on behalf of a third party;
• following the announcement by Serica of a Rule 9 waiver proposal (as described in Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or
• if the Panel on Takeovers and Mergers determines there has been a material change of circumstances.