Serica Energy plc (AIM: SQZ), a British independent upstream oil and gas company with operations in the UK North Sea today announces its audited financial results for the year ended 31 December 2022.

The results are included below and copies are available at www.serica-energy.com and www.sedar.com.

Commenting on the results, Mitch Flegg, Serica's CEO stated: 2022 was another year of outstanding progress for Serica. There was strong growth in production volumes, a significant upgrade to reserves and increased profitability at all levels. Serica's two-pronged strategy is to invest in our high-quality portfolio of UK North Sea assets to unlock value and prolong their life whilst continuing to target future acquisition opportunities. It is to be hoped that the Government will ensure that the fiscal terms applying in the UK North Sea make the UK competitive for future energy investment. We have now completed the acquisition of Tailwind which has boosted production and reserves and provides a number of short-cycle growth opportunities for the Company. I'm delighted that we can recommend an increased final dividend of 14p per share. The continued strength of the Company underpins the intention to maintain or increase the dividend in future years.'

2022 Summary

Profits increased at all levels with a 93% increase in operating profit and a 124% increase in profit after tax, boosted by the end of BKR net cash flow sharing, increased production volumes and higher commodity prices.

Average net production of 26,200 boe per day compared to 22,200 boe per day for 2021, an 18% increase.

Serica 2P reserves increased to 74.9 million boe effective 1 January 2023 (1 January 2022: 62.2 million boe) with Group 2022 production replaced more than two-fold.

Acquisition of Tailwind Energy Investments Limited announced on 20 December 2022 and completed post year-end on 23 March 2023.

Final 2022 dividend of 14p per share recommended, bringing 2022 full year total to 22p per share1 compared to 9p per share for 2021

Investor Presentation

Mitch Flegg will provide a live presentation relating to the full year results via the Investor Meet Company platform on 24 April 2023 at 4.00pm BST. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9.00am the day before the meeting or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Serica Energy plc via: https://www.investormeetcompany.com/serica-energy-plc/register-investor Investors who already follow Serica on the Investor Meet Company platform will automatically be invited

Contact:

Tel: +44 (0)20 7390 0230

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