Serica Energy plc (AIM:SQZ) (SQZ) said in its audited results for the year ended 31 December 2025 that production was 27,600 boepd (2024: 34,600 boepd), hit by unscheduled downtime at the Triton FPSO, and that pro forma production could top 65,000 boepd by the end of 2026 as all 2025 acquisitions complete.
The company said its 2025 deals — four acquisitions announced at a combined valuation of $3.3/boe per 2P boe — materially increase scale and resilience. 2P reserves were 116.8 mmboe at end-2025 (pro forma 138.5 mmboe, up 19%), with 2C resources of 103.4 mmboe (pro forma 112.6 mmboe). Chris Cox, Serica's CEO, said: "Serica delivered positive strategic progress in 2025, significantly strengthening our portfolio and organisation, and positioning the Company for materially increased production and the delivery of future growth."
The company said in the filing that cash and restricted cash were $31 million at 31 December 2025 (31 December 2024: $148 million), with total liquidity of $290 million including $259 million of undrawn committed RBL availability. Borrowings were $231 million, leaving net debt of $200 million; Serica expects net debt to more than halve in Q1 following receipt of $56 million from TotalEnergies. The group recorded a loss after taxation of $52 million, reflecting a previously announced non-cash deferred tax charge of $65 million, and declared a final dividend of 10p per share.
Guidance was left unchanged: 2026 production "significantly over 40,000 boepd", capital expenditure $175–195 million and opex $380–400 million. The company said material free cash flow is forecast for 2026 even at an oil price of $63/bbl and gas price of 69p/therm, and that it has been building a hedge book since early March; completion processes for Catcher, Golden Eagle Area Development and Spirit Energy assets are due to complete through 2026. Serica also reiterated its intention to move from AIM to the Main Market of the LSE, now expected in Q3 2026.
