Serica Energy PLC Corporate Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Werner Riding - Peel Hunt LLP - Analyst : No problem. Okay. Well, should we just jump straight in? In your interim results, you chose to trim this year's production guidance range ever so slightly, with the midpoint coming down by I think it was about just 1,000 barrels of oil equivalent per day, yet the market sold off with the shares, I think they're now down about 10% or more. I mean, I personally think that's a huge overreaction. And so, I thought I'd start by asking you what I'm missing, if anything? As the outlook in terms of forward work program remains busy. Oil and gas prices are robust.

Question: Werner Riding - Peel Hunt LLP - Analyst : Yeah, got it. Understood. Just thinking about the Tailwind deal a little bit now. Now that that's complete and the integration process for the enlarged businesses has now occurred. I was wondering if you could give us a feel for what your strategic priorities are now as CEO? And what you want the business to become over the next three to five years, say? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 04, 2023 / 10:31AM, SQZ.L - Serica Energy PLC Corporate Call

Question: Werner Riding - Peel Hunt LLP - Analyst : Yeah, okay. And all that has been done and achieved against the backdrop of uncertain fiscal situation. I mean, this brings us on as opposed to the EPL, which last year, through EPL1, and then, EPL2 was a very damaging tax on what is obviously a mature basin with aging infrastructure. But we've seen various North Sea operators respond by cutting jobs, delaying projects, prioritizing investments outside of the UK. So in your mind, how is the EPL affected Serica? And I guess more importantly, how do you think about doing business in the UK going forward?

Question: Werner Riding - Peel Hunt LLP - Analyst : Yeah, got it. Another point that often gets talked about is hedging. On the hedging side, we've obviously seen the extreme oil and gas price in particular, the volatility over the last 18 months has been well documented. But I was wondering what you feel you learned from that over that period? And also, as a follow on, I'd be interested to hear how material as a shareholder of what they've brought to the table, I suppose in this regard as to trade and tariffs? And does that give you an advantage versus others do you think?

Question: Werner Riding - Peel Hunt LLP - Analyst : Okay, great. And finally, I thought I'd give you the chance to do a bit of grand standing. So last but not least, I hear you right on Triton FPSO last week, so with that recent experience, I was wondering what you're most excited about for Serica as we start to look forward into 2024?

Question: Werner Riding - Peel Hunt LLP - Analyst : Okay, fantastic. Well, I think let's leave that for now. But many thanks for your time, Mitch. I'm sure our investors will appreciate your comments. It was good to speak to you.