Material growth potential
A diverse and attractive opportunity set, with over 100 million barrels of 2C resources offering tangible and deliverable opportunities. Led by our differentiated subsurface capability, Serica has sufficient opportunities to invest in projects to sustain production at or above current levels into the next decade, targeting investment in areas of optimal value creation.
Pro forma 2C resources
112.6 mmboe
as of 31 Dec 2025
Bruce infill drilling
There has been no drilling on the Bruce field (Serica 98% and operator) since 2012, and work done by Serica’s excellent subsurface team has resulted in the identification of numerous opportunities, which have been high-graded to select low-risk new wells with attractive returns. First hydrocarbons are possible around one year from drilling, with a first phase of wells that could add over 10,000 boepd to production. This is a significant opportunity to deliver greater production of critical gas supply to the UK in a relatively short timeframe.
Kyla redevelopment
Kyla (P2616), Serica (operator) 100%
The Kyla redevelopment, located in Block 29/2c, is a previously producing oilfield, 20 km south-east of Triton, shut-in in 2020 solely due to the decommissioning of the Banff FPSO host facility. As plans for development have progressed, 10.2 mmboe of 2C resources have been matured to 2P reserves. Kyla can be produced via a single horizontal well tied back to Triton via Bittern, similar to other Triton tie-backs.
West of Shetland – material opportunity
Serica’s 40% operated interest in the Greater Laggan Area and associated infrastructure offers multiple sources of organic growth potential, and a strategic position as the key gas processing infrastructure host for one of the most prospective basins on the UK Continental Shelf. The growth opportunities include the Glendronach tie-back, infill potential on the Tormore field, four exploration licences, and third-party business at the Shetland Gas Plant.
Wagtail
P2530, Serica 40% (operator)
P2530 contains the Wagtail oil discovery and the low-risk Marsh and Bancroft exploration prospects. Wagtail is situated north-west of the Triton FPSO, and development engineering feasibility studies are ongoing. The P2530 joint venture will then be in a position to decide whether to move onto the next licence phase and commit to drill an appraisal well, or relinquish the licence with no further commitments by 31 August 2026.
Greater Buchan Area
Blocks 20/5a, 205d, 21/1d and 21/1a, Serica 30%
Buchan Horst is one of the largest remaining undeveloped fields on the UKCS, with an estimated 22.7 mmboe of 2C resources net to Serica, and the potential for 10,000 boepd peak net production. The development project would support an estimated 1,000 jobs in the UK. Serica continues to work closely with the joint venture partners to assess the project, retaining optionality over future development scenarios.
Skerryvore
Blocks 30/12c (part), 30/13c (split), 30/17h, 30/18c and 30/19c (part), Serica 70% working interest
The P2400 licence is located in the Central North Sea, 60 km south of the Erskine field. The commitment work programme includes drilling an exploration well on the Skerryvore prospect by the end of March 2027. With a primary target volume of up to 36 mmboe recoverable, an attractive estimated chance of success of 43%, and the potential to tie back into existing infrastructure, Serica continues to explore options relating to the timing of the well commitment.
Fynn Beauly
(P2634) Serica 50%
A 50% interest in the P2634 licence, containing the Fynn Beauly heavy oil discovery, was acquired when completing the acquisition of Parkmead (E&P) Limited in April 2025. The current licence commitment is limited to technical studies to assess potential development options.
