• Serica is tendering for a rig for a 400‑plus‑day drilling campaign to potentially develop 34 mmboe of 2P reserves + 2C resources, adding ~30 mboe/d of aggregate production capacity. • The programme is costed and deliverable. We have increased our production forecast by 4–15 mboe/d over 2027–2030, with output peaking at >57 mboe/d in 2029. Management indicates that the programme delivers an average IRR of ~40% across the portfolio. • Total programme capex is estimated at US$700–800 mm over 202 ....