22 Jan Serica Energy ProvidesTrading and operations update
(Oilandgaspress) -] In respect of the year ending 31 December 2025 performance
Production of 27,600 boepd in 2025 (2024: 34,600 boepd), in line with guidance
- Revenue of $601 million (2024: $727 million)
- Average realised Brent oil price of $67/bbl (2024: $75/bbl)
- Average realised NBP gas price of 84p/therm (2024: 76p/therm)
- Capital expenditure of $250 million (2024: $260 million), in line with guidance, the majority
of which was spent on the Triton drilling programme - Opex of $365 million (2024: $330 million), in line with guidance
- Cash tax paid of $9 million in 2025 (2024: $153 million)
- Negative free cash flow of $22 million (2024: negative free cash flow of $1 million)
- Dividends paid of $84 million, equating to 16p/share in 2025 (2024: 23p/share)
- Cash of $31 million (31 December 2024: $148 million) as at 31 December 2025, with outflow
weighted to H2 due to both dividend payments being made in the period and H1 benefitting
from the receipt of the $71 million cash tax refund - Total liquidity of $290 million, comprising cash and undrawn committed RBL facility
availability of $259 million - Borrowings of $231 million (31 December 2024: $231 million), resulting in a net debt
position of $200 million as at 31 December 2025 - Serica continues to manage its hedge book in line with its stated hedging policy. For calendar
years 2026 and 2027, the Company has hedged approximately 12,300 boepd and 7,100
boepd of production respectively. These hedges provide downside protection at effective floors of $60/bbl for oil and 67p/therm for gas. As of the latest valuation, the hedge
portfolio has a mark-to-market value of $30 million in-the-money
Serica will issue 2025 full-year results on 26 March 2026.
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