初步观点年度股东大会声明表明特里顿号重启-推动英国财政政策明晰化

January 21, 2025January 21, 2025 Mark Wilson, CEng * | Equity Analyst44 (0) 20 7029 8691 | mark.wilson@jefferies.comRuben Dewa, CFA * | Equity Analyst+44 (0)20 7029 8262 | rdewa@jefferies.comNiraj Bhosale * | Equity Associate+44 (0)20 7548 4066 | nbhosale@jefferies.com Company DescriptionSerica EnergySerica is a UK North Sea-focused E&P which completed the acquisition of private co. Tailwind Energy in March 2023 taking production from c.26kboe/d (all UK, 80% gas) to around 40 kboe/d (all UK, c.55% gas).Company Valuation/RisksSerica EnergyPT 185p. Price target based on average of: Total NAV of 226p & ave 2025/26 EV/EBITDA of 144p on multiple of 2.0x (from 1.75x & which backsout the NPV of UK Energy Profit Levy). Downside risks from: commodity price, facility uptime of UK Bruce & Triton facilities, continued speculationof UK Fiscal changes/political risk. Upside risk from: commodity price, M&A optionality.Analyst Certification:I, Mark Wilson, CEng, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Ruben Dewa, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Niraj Bhosale, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Mark Wilson, CEng is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Ruben Dewa, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Niraj Bhosale is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Serica Energy PLC.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from SericaEnergy PLC within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromSerica Energy PLC.Within the past twelve months, Serica Energy PLC has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided.Jefferies International Limited acts as a corporate broker for Serica Energy PLC.Jefferies International Ltd, its affiliates or subsidiaries has, or had, within the past 12 months an agreement to provide investment services to SericaEnergy