OUR KPIs
Key performance indicators (‘KPIs’) provide measurable benchmarks that allow stakeholders to assess strategic progress and the health of a company. Our revised KPIs offer a clear view of how well Serica is achieving its goals, and sum up progress in core areas at a glance.
Production (boepd)
Definition
Production is measured in barrels of oil equivalent produced per day, with gas production converted accordingly.
Relevance
Production from Serica fields constitutes the source of all revenue generation, and illustrates both the subsurface and facilities performance. Serica aims to maximise production through targeting drilling and facilities optimisation, while also seeking value additive production growth through M&A.
Performance in 2025
Necessary maintenance work on the Triton FPSO from the end of January until July severely impacted output for the year, and meant that the positive subsurface results from the five-well drilling campaign around the asset were not reflected in a production uplift. This resulted in production being significantly below forecasts. Work at the asset should increase reliability going forward, and this alongside the addition of new assets as M&A transactions complete throughout the year is expected to result in a material year-on-year increase in average annual production to significantly over 40,000 boepd in 2026.
Reserves and resources (mmboe)
Definition
Comprises proven and probable reserves (2P) and the best estimate of contingent resources (2C).
Relevance
Illustrates long-term sustainability of Serica’s production, and potential within the portfolio. Serica aims to extend the life of mature hydrocarbon fields through utilising our subsurface expertise to convert resources to reserves, and maximise life of field production. The Company also aims to add barrels through acquisition.
Performance in 2025
Serica’s assets contained 116.8 mmboe of 2P oil and gas reserves net to the Company as of 31 December 2025 (31 December 2024: 117.5 mmboe), with production of 10.1 mmboe in 2025. The portfolio currently has a broadly even split between oil (58.9 mmboe) and gas (57.9 mmboe). Reserves replacement was robust in 2025, supported by 10.2 mmboe being moved into 2P reserves due to the maturation of the Kyla redevelopment. As acquisitions complete, our reserves will see a significant uplift, with the acquired assets resulting in a 19% uplift to 138.4 mmboe. Our 2C resources increased 16%, as work done on the Bruce field identified additional infill well opportunities.
Cash flow from operations after tax ($ million)
Definition
Cash generated from operations, less current tax. See reconciliation of non-IFRS measures.
Relevance
Illustrates Serica’s operational cash flow and financial performance in a high-tax and volatile environment, representative of the cash generation of the business prior to discretionary decisions regarding capital allocation.
Performance in 2025
Financial performance in 2025 was impacted significantly by the lower than expected production. In total, around $250 million of revenue was deferred due to the Triton outages, giving an illustration of what can be achieved when the portfolio, prior to the completion of acquisitions, is producing closer to its true potential.
Shareholder returns ($ million)
Definition
Return of capital to shareholders via dividends paid in the calendar year, and share buy-backs.
Relevance
Serica aims to offer shareholder a mix of growth and returns, and is committed to returning value to shareholders through a reliable and sustainable dividend, supplemented by share buy-backs. The level of returns illustrates underlying performance and cash flow prospects.
Performance in 2025
As part of a prudent rebalancing of the capital allocation mix, the level of dividend payments in the year was reduced in order to enhance Serica’s flexibility to allocate capital to those areas where it will deliver best value for shareholders, combining a highly competitive level of shareholder returns with investment in exciting growth opportunities and retaining a resilient financial frame. The final dividend relating to 2025 was retained at 10p per share.
Lost time incident rate (per million hours)
Definition
Any work-related injury at operations under the direct control of Serica’s management system which results in a person being unfit for work on any day after the day of occurrence, measured in number of LTIs per million man hours worked.
Relevance
HSE is of primary importance to Serica, and the Company aims for continuous improvement of our HSE performance, providing a safe working environment for our valued staff and contractors.
Performance in 2025
Following over five years without a lost-time incident on the Bruce platform, an employee tripped and fell in August, resulting in a minor hand injury that necessitated time away from work. Regrettably, this was then followed by two further hand injuries in the second half of the year. This resulted in the Bruce operations team increasing focus on the importance of hand safety, including the amendment of processes to issue impact protection gloves as standard. Safety remains Serica’s top priority, and a key focus of management as the Company aims for another run of years without a lost-time injury.
Carbon intensity (kgCO2/boe)
Definition
The amount of CO2 emitted per unit of hydrocarbon produced, reported as kilograms of CO2 per barrel of oil equivalent (boe) exported from the Bruce platform.
Relevance
Serica contributes responsibly towards meeting the UK’s energy needs through the energy transition, producing oil and gas with emissions below the North Sea average.
Performance in 2025
The Bruce platform’s carbon intensity averaged 19.6 kgCO2/boe in 2025, in line with Serica’s net producing portfolio target of <20 kgCO2/boe. This was an increase compared to 2024, despite lower absolute CO2 emissions, largely due to lower production from the Bruce Hub fields. The Bruce platform’s carbon intensity remained below the North Sea average of 24 kgCO2 /boe.
