Serica Energy plc (AIM:SQZ) commences share repurchases on April 24, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 29, 2023. As per the mandate, the company is authorized to repurchase up to 38,322,063 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is $0.1 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System.

The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to meet the company?s obligations under its employee share schemes. The authority shall expire earlier of the conclusion of the next Annual General Meeting of the company or June 30, 2024. As of May 25, 2023, the company had 383,220,637 ordinary shares in issue and no ordinary shares in treasury.