Serica Energy plc (AIM: SQZ) announces that the Company has granted nilcost options over a total of 1,075,668 ordinary shares of US$0.10 each (representing approximately 0.2% of the Company's issued share capital) in accordance with the rules of the Serica Energy plc 2017 Long Term Incentive Plan ('LTIP').

The award has been made to members of the Group's executive team and senior management. The vesting criteria are based on absolute share price performance over a three-year period and specific performance targets related to carbon emissions from operations over the same period. For the awards to vest in full, the highest average share price must be at least equal to 500p during the 180 day period terminating on the end of the performance period together with a significant decrease in carbon emissions per barrel of oil equivalent produced.

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