REG - Seascape Energy Asia - Award of DEWA Complex Cluster SFA

Seascape Energy AsiaAnnouncement

21/10/2024 08:45

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RNS Number : 9387I  Seascape Energy Asia PLC  21 October 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

 

21 October 2024

 

Seascape Energy Asia plc

(the "Company", "Seascape Energy" or "Seascape")

Award of DEWA Complex Cluster SFA ("Small Field Area") PSC Malaysia

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to
announce that it has been awarded a 28% participating interest in a Small
Field Asset Production Sharing Contract ("SFA PSC") over the DEWA Complex
Cluster ("DEWA" or the "Award") off the coast of Sarawak, Malaysia. The Award
was made under the Malaysia Bid Round Plus ("MBR(+)") by Petroliam Nasional
Berhad   (PETRONAS) ("PETRONAS") through Malaysia Petroleum Management.

 

The DEWA partners are EnQuest Petroleum Production Malaysia Ltd (42%,
operator) ("EnQuest") and Petroleum Sarawak Exploration & Production Sdn.
Bhd. (30%) ("PSEP").

 

DEWA is comprised of 12 gas discoveries in shallow water (40-50 metres) near
to infrastructure off the coast of Sarawak and includes; D30, D30W, Danau,
Daya, Daya North, D41, D41W, Dafnah West, Dana, Darma, West Acis and Spaoh.
Gas was originally found in the area in 1982 but overlooked by previous
partnerships which were focused on oil production.

 

The DEWA partnership is anticipated to initially focus on the D30, Danau, D41,
D41W, Dana and Dafnah West discoveries which are estimated by the Company to
contain circa 500 bcf GIIP (gross, ~83 mmboe). These fields are broadly
characterised as having clastic reservoirs with large gas columns and good
hydrocarbon mobilities. There is a significant dataset including 35 well
penetrations, well logs, multiple DSTs and MDTs as well as extensive 3D
seismic coverage across the entire PSC area.

Given the shallow water depths and nearby infrastructure, the partnership is
targeting a low-cost development plan utilising normally unmanned platform(s)
with minimal processing which could support a potential production plateau of
up to 100 mmscfd.

The initial low-cost work commitment (approximately $0.6 million net to
Seascape) is to conduct a detailed resource assessment and deliver a Field
Development and Abandonment Plan within two years. The development of these
fields will be under the innovative, new Small Field Asset terms which are
specifically designed to simplify and incentivise rapid development of smaller
hydrocarbon accumulations in Malaysia.

 

Investor Meet Company

 

Nick Ingrassia (CEO), James Menzies (Executive Chairman) and Pierre Eliet (EVP
Corporate and Country Chair Malaysia) will host a live presentation for
investors via Investor Meet Company on 22 October 2024 at 10:00 AM BST.

 

The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
21 Oct 2024, 09:00 AM BST, or at any time during the live presentation.

 

Investors can sign up for free via:
https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor
(https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor)

 

Investors who follow Seascape Energy on the Investor Meet Company platform
will automatically be invited.

 

James Menzies, Executive Chairman of Seascape, commented:

 

"This award supports our recent decision to strategically pivot the business
to focus on Southeast Asia. It builds on our existing position in Malaysia and
in one step provides Seascape with an immediate portfolio of gas discoveries
with over 500 bcf of in-place resources from four main fields with
considerable upside.

 

DEWA represents an opportunity for the Company together with its partners,
EnQuest and Petros, to pursue a low-cost, near-term development located close
to existing infrastructure. While the financial commitment and costs over this
initial planning phase are expected to be minimal, the prize is very material
for Seascape. The award perfectly illustrates how an Independent E&P
company can compete and create value in this environment.

 

On behalf of our entire team, I would like express our gratitude to PETRONAS
for the award and we look forward to continued collaboration with all of our
partners as we seek to grow the Seascape business for the benefit of both our
shareholders and our Malaysian stakeholders."

 

Ends

 Enquiries:
 Seascape Energy Asia plc                          info@seascape-energy.com (mailto:info@seascape-energy.com)
 Nick Ingrassia (Chief Executive)

 Stifel (Nomad and Joint Broker)                   Tel: +44 20 7710 7600
 Callum Stewart                                    SNELLongboatEnergy@Stifel.com

 Jason Grossman

 Ashton Clanfield

 Cavendish Capital Markets Limited (Joint Broker)  Tel: +44 20 7397 8900
 Neil McDonald

 Pete Lynch

Standard

Estimates of reserves and resources have been carried out in accordance with
the June 2018 SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management
System ("PRMS") as the standard for classification and reporting. A summary of
the PRMS can be downloaded
from:-https://www.spe.org/en/industry/petroleum-resources-management-system-2018/.

Review by Qualified Person

The technical information in this release has been reviewed by Dr Pierre
Eliet, EVP Corporate & Business Development, Country Chair Malaysia, who
is a qualified person for the purposes of the AIM Guidance Note for Mining,
Oil and Gas Companies. Dr Eliet is a geologist with more than 25 years'
experience in the oil and gas industry. Dr Eliet has a BA Degree in Earth
Sciences from Trinity College, Dublin and PhD in Geology from Manchester
University, UK.

Glossary

"bcf" means billion standard cubic feet

"DST" means drill stem test

"GIIP" means Gas Initially In Place

"m" means metres

"MDT" means modular formation dynamic tester

"mmboe" means million barrels of oil equivalent

"mmscfd" means million standard cubic feet per day

"PSC" means Production Sharing Contract

 

 

 

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