Serica Energy : 2022 Full Year Results and Outlook 13 Apr 2023

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COMMODITY PRICE VOLATILITY

• Intense gas price volatility has continued
• In 2022 daily average gas prices ranged between 10p/th and 516p/th
• The annual average market gas prices have been as follows:

202025p/th

2021113p/th

2022198p/th

• Realised oil prices have also risen from the lows encountered in 2020 but have remained relatively stable recently

Monthly Average Heren NBP day-ahead gas prices (p/th)

(Brent spot shown as comparison)

400

350

300

250

200

150

100

50

0