Serica highlights Exposed to several near-term value-changing events Underpinned by core assets Largely carried by industry endorsing acreage value & limiting risk Further farm-outs and asset disposals planned to add value…
Forward value-changing events Columbus export route resolution and project sanction Bream development project sanction no cost exposure to Serica Columbus and Bream value realisations significant value potential 3 wells in next 12…
Strategy focused on opportunity & risk control Secure Mitigate the Maximise Realise Gains Opportunities Risk Upside UK Conserve cash Seismic Sell mature assets Namibia Farm-out Drilling Book growth Morocco exploration risk With…
Recent farm-outs have raised significant capital Asset Farmed-out (gross carries) Retained WI Namibia Luderitz BP for 3D Seismic (c.50mm) & well option* 55% (17.5% if option exercised) Morocco Foum Draa Cairn Energy for firm well (cap…
Illustration of financial management - Africa Significant potential upside at minimal 50 cost 40 Shareholder equity used to: Namibia Fund entry costs c.6mm 30 Morocco Support initial commitment: Namibia 3D - 15mm 20 mm…
TTTT Upside - value lying in Columbus and Bream Potential to unlock value in Columbus & p/share Exploration Bream post project sanctions potential not 45 valued Low on-going costs for Columbus - nil 40 for Bream Bream 35 Cash…
UK & Atlantic Margin focus multiple plays UK 6 licences, 11 prospects and leads Individual prospect resource potential ranges from 4mmboe to 105mmboe(1) Ireland 2 licences & 1 licence option, 10 prospects and leads Individual…
Forward timetable Carried Carried BP Option Capped Carry Capped Carry Serica Cost Farm-out Costs extra to Farm-out Serica Cost Costs extra to Farm-out Carried Capped Carry Carried Carried 11
Summary Core assets backed by hydrocarbon reserves Potential to realise at optimal moment Several near-term potentially high impact events Drilling programme largely carried by leading industry partners Proven risk management…
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