Pricing of Nordic bond issue

Serica Energy PLC

29 April 2026

 

29 April 2026

Serica Energy plc
('Serica' or 'the Company')

Pricing of Nordic bond issue

Serica Energy Plc (AIM: SQZ) announces the successful completion of a placement of $300 million of new five-year senior unsecured bonds with a coupon rate of 7.875% per annum. The bond placement met strong investor demand across international markets and was significantly oversubscribed by a wide range of high-quality investors across the Nordics, UK, and other geographies.

Settlement of the bond issue is expected to occur on or about 12 May 2026, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Euronext ABM market in Oslo. Net proceeds from the bond issue will be used towards repayment in full of the outstanding Reserve Based Lending ('RBL') drawn debt and enhanced liquidity for the Company. The RBL, which will be refinanced later this year, will remain in place to provide Serica with the flexibility to take advantage of value accretive investment opportunities as they arise - both within the portfolio and via M&A. Pro forma for the bond, the Company's current liquidity is around $675 million.

DNB Carnegie, a part of DNB Bank ASA, and Pareto Securities AS acted as Joint Bookrunners for the bond issue, with SB1 Markets as Co-Manager.

Chris Cox, Serica's CEO, stated:

"We are delighted that demand from investors for the bond was so strong, allowing us to price on attractive terms and reflecting the compelling fundamentals of our credit and equity story and financial prospects. With our balance sheet now further strengthened, and our sources of financing diversified, we have optimised our ability to take full advantage of the material opportunities ahead. We look forward to our Capital Markets Day on 2 June, when we will be briefing investors on those opportunities within our expanding portfolio."

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Regulatory

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

Serica Energy plc	[phone]
Martin Copeland (CFO) / Andrew Benbow (Head of Investor Relations)
Peel Hunt (Nomad & Joint Broker)	[phone]
Richard Crichton / David McKeown / Emily Bhasin
Jefferies (Joint Broker)	[phone]
Sam Barnett / Cameron Jones
Vigo Consulting (PR Advisor)	[phone]
Patrick d'Ancona	[e-mail]

Notes to Editors

Serica Energy is an independent British oil and gas company with a broad portfolio of assets located in the UK Continental Shelf (UKCS). The Company operates assets that deliver around 10% of the UK's gas production, a key component of the UK energy system, and has invested over £1 billion in the UK supply chain since 2020. Serica maintains a broadly balanced output of oil and gas across its operations.

The Company's key producing assets are currently grouped around two major hubs: the Bruce, Keith, and Rhum fields in the Northern North Sea, where Serica is the operator; and a mix of operated and non-operated fields connected to the Triton FPSO in the Central North Sea. The Company also holds a notable position West of Shetland, including a 40% operated stake in the Greater Laggan Area offshore fields and associated Shetland Gas Plant.

In the second half of 2026 Serica also intends to complete the acquisition of non-operated interests in the Catcher and Golden Eagle Area Development fields from ONE-Dyas, and the acquisition of a package of operated and non-operated assets from Spirit Energy in Q3 2026, including a 15% stake in the Cygnus field and 25% in Clipper South as well as the operated Greater Markham Area.

Serica aims to create shareholder value through a mix of production from existing oil and gas fields, organic investment and M&A.

Serica's shares trade on the AIM market of the London Stock Exchange (ticker: SQZ), and the Company has announced its intention to move its listing to the Main Market of the LSE in 2026. More information about Serica is available on the Company's website (www.serica-energy.com). To receive news updates by email, interested parties can subscribe through the website.

 

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