Serica Energy

SQZ · AIM · Energy · mcap £1,057m · 271.0p 2 open situations →

EV: £1.0bn
EV / EBIT: –
Net cash: £30.4m
FCF yield: 10.8%
Revenue: £725m
Cash returned: 6.7%
Share price 1y: +31%
Insiders 12m: bought £109k
Next report: around 25 Mar

Beta Briefing, track record and signals & risks are not ready for Serica Energy yet.

We follow 960 UK small caps and every one of their announcements – often hundreds per company. 101 companies are already wired into a briefing: browse them.

Timeline · every situation

dots = announcements

20252026 Triton FPSO restart Organic growth drilling programme 1 director buying 1 director buying Possible offer 5 directors buying

Open · 2

Upgrade / downgrade cycle◷ in 35 days

Triton FPSO restart

Maintenance extended; restart around end-November

Triton FPSO annual maintenance began 27 July 2026, with the operator expecting about two months. An engine change-out in a power generation unit, identified during pre-restart checks, pushed the restart to around end-November. Serica still targets about 65,000 boepd once it resumes, but 2026 production guidance falls to just below 40,000 boepd.

Maintenance start: 27 July 2026, originally about two months 19 Oct 2026 ↗
Cause of delay: Engine change-out in one power generation unit 19 Oct 2026 ↗
New restart: Around the end of November 2026 19 Oct 2026 ↗
Current production: Over 40,000 boepd without Triton, incl. about 12,000 boepd from Spirit assets 19 Oct 2026 ↗
Target: About 65,000 boepd by year end once Triton resumes 19 Oct 2026 ↗
2026 guidance: Production average just below 40,000 boepd 19 Oct 2026 ↗

Next: Triton FPSO production resumes · 30 Nov 2026

19 Oct 2026 Maintenance extended; restart around end-November

Open the full view – chart and every step →

Project milestones

Organic growth drilling programme

Rig contract being finalised; Bruce drilling Q3 2027

Serica is finalising a rig contract for a multi-well drilling campaign across its portfolio in 2027-28, announced in the 19 Oct 2026 update. Operated opportunities could add up to 30,000 boepd. Bruce drilling is on track for Q3 2027; Kyla ES and FDP are submitted, with Skerryvore exploration planned for 2027.

Next milestone: Bruce drilling to begin Q3 2027; first production within 12 months of drilling start 19 Oct 2026 ↗
Potential: Up to 30,000 boepd incremental from operated campaign; sustains 50,000 boepd into next decade 19 Oct 2026 ↗
Kyla: ES and FDP submitted (100% WI, operator); Edradour Royal Sovereign and Spinnaker to follow shortly 19 Oct 2026 ↗
Skerryvore: P2400 licence, 70% WI; 135 mmboe gross unrisked prospective resources; separate rig 19 Oct 2026 ↗
Capex guidance: $175 to $195 million for 2026 19 Oct 2026 ↗
Rig: Contract being finalised for multi-well campaign 19 Oct 2026 ↗

Next: Bruce drilling begins; rig contract being finalised

19 Oct 2026 Rig contract being finalised; Bruce drilling Q3 2027

Open the full view – chart and every step →

Closed · 4

Insider conviction1 director buying £109k in 1 buy · 16 Dec 2025 – 16 Mar 2026 +52% Insider conviction1 director buying £73k in 1 buy · 3 Jul 2025 – 1 Oct 2025 +14% Takeover targetPossible offer lapsed · 4 Apr 2025 – 2 May 2025 +54% Insider conviction5 directors buying £1,170k in 12 buys · 6 Feb 2024 – 9 Dec 2024 −30%

Company filings. Not investment advice.