First redetermination - US$525m borrowing facility

London, 3 July 2024 - Serica Energy plc (AIM: SQZ), is pleased to announce that it has completed the first semi-annual redetermination under its reserve-based lending ("RBL") facility. Reflecting the increased reserves, together with the programme of hedging recently implemented, the borrowing base has been increased from US$463 million up to the full amount of the committed facility of US$525 million.

Following this redetermination, and reflecting the previously reported cash and cash equivalents of £301.6 million and debt drawings of US$231.0 million (£182.0 million) as at 26 June 2024, Serica's liquidity is now in excess of £500 million.

Martin Copeland, Chief Financial Officer of Serica, said:

"We are grateful for the support of our bank group in completing our first redetermination under the new RBL. Serica's robust liquidity supports our ability to deliver on the two-pronged strategy of investing in our assets and executing on attractive M&A opportunities."