Farm-in to UK North Sea P2530 Licence

Serica is pleased to announce that it has reached agreement with Finder Energy for a 40% interest in the P2530 Licence ('P2530' or 'Licence'), for an initial consideration of c.£500,000 (c.$650,000). The Licence is currently held by Finder Energy (60% operated interest) and Dana Petroleum (40% interest).

P2530 contains the Wagtail oil discovery and the low-risk Marsh and Bancroft exploration prospects. The addition of the stake in Wagtail adds an operator estimated c.8 MMbbls of net 2C Contingent Resources to the Serica portfolio, enhancing the Company's already attractive organic growth opportunity set.

Wagtail is situated north-west of the Triton FPSO and the North Sea Transition Authority ('NSTA') has recently agreed an extension to the current licence phase to 31 August 2026. During the extension period, development engineering feasibility studies will be carried out to confirm its potential integration into the Triton FPSO and to provide comfort that such a tie-back can be economically developed. The P2530 joint venture will then be in a position to decide whether to move onto the next licence phase and commit to drill an appraisal well, or relinquish the licence with no further commitments by 31 August 2026.

Completion of the farm-in is subject to NSTA approval and other required consents.