Serica Energy (AIM:SQZ) rose 3.9% to 282.0p after announcing it had arranged fixed‑income investor meetings ahead of a potential five‑year senior unsecured bond.
Subject to market conditions and suitable terms, any new bond would be five years, senior and unsecured, with net proceeds used to repay in full the drawn RBL while the RBL remains available for portfolio investment and M&A, and Serica is a UK Continental Shelf-focused oil and gas producer.
DNB Carnegie and Pareto Securities are joint bookrunners, SB1 Markets is co‑lead manager, and investor meetings commence on 27 April with an issuance dependent on market pricing and availability.
As of 23 April Serica had $153m of cash and a net debt position of $78m, down from $200m at 31 December 2025, aided by a $56m receipt from TotalEnergies on completion of the 40% Greater Laggan Area acquisition on 26 March.
Production was 39,100 boepd in Q1 and has averaged 49,100 boepd in Q2 to date, and the company reiterated 2026 guidance of significantly over 40,000 boepd.
Serica will host a Capital Markets Day on 2 June to present planned short‑cycle infill and tieback projects and its capital allocation framework.
"We are now seeking to proactively optimise our capital structure through diversifying our sources of funding and enhancing our capital allocation optionality," said Chris Cox, Serica's CEO.
