REG - Seascape Energy Asia - Award of Temaris Cluster SFA PSC

Seascape Energy AsiaAnnouncement

17/06/2025 07:00

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RNS Number : 1468N  Seascape Energy Asia PLC  17 June 2025

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").

 

17 June 2025

 

Seascape Energy Asia plc

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

Award of Temaris Cluster SFA PSC in Malaysia

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to
announce that its wholly owned subsidiary, Seascape Energy Asia (One) Sdn.
Bhd., has been awarded a 100% participating   interest as operator in a
Small Field Asset Production Sharing Contract ("SFA PSC") over the Temaris
Cluster ("Temaris" or the "Award") offshore Peninsular Malaysia.

 

The Award was made under the Malaysia Bid Round 2025 ("MBR 2025") launched in
February 2025 by Petroliam Nasional Berhad (PETRONAS) via Malaysia Petroleum
Management ("MPM") the oil & gas industry regulator in Malaysia.

 

The Award of Seascape's first development operatorship  represents a material
step forward for the Company in expanding the scale and scope of its business,
further building on its success in Malaysia and delivering on its ambition to
materially expand the Company's portfolio in 2025.

 

Highlights

 

·    Located in shallow-water, Peninsular Malaysia

·    Comprised of two gas discoveries; Tembakau and Mengkuang

·    100% working interest, first Seascape-operated development

·      Temaris awarded under Small Field Asset terms

·    Initial work indicates Temaris could contain >250 bcf (~42 mmboe)
of discovered resources

·    In addition, significant exploration upside on-block and in
surrounding open acreage

·    Targeting a low-cost development plan, FDAP delivery within 18 months

·    Work commitment to be met through cash-on-hand

 

Background

 

Temaris  is comprised of two gas discoveries in shallow water (~70 metres)
offshore Peninsular Malaysia on the western flank of the Malay basin and
covers an area of around 1,200 sq km.

 

The main discovery, Tembakau, was originally made in 2012 and appraised in
2014 while the smaller Mengkuang discovery was made in 2015, both by Lundin
Malaysia B.V. (now International Petroleum Corporation).

 

Tembakau is located near to infrastructure and benefits from an extensive
dataset including full 3D seismic coverage, well logs, DSTs and extensive well
core. Temaris' three main stacked reservoirs comprise of Early-Mid Miocene
channel sandstones which are clearly imaged on 3D seismic and which exhibit a
strong amplitude response. The field has excellent reservoir properties,
contains dry gas with very low levels of impurities and tested at substantial
flow rates. The field is located near infrastructure, with the closest
producing gas field being located 47 km away from the field.

 

Mengkuang is located 30 km to the northeast of Tembakau in high quality
Miocene sandstones which also demonstrate strong amplitude responses. The
field also benefits from a good dataset though was not tested at the time of
discovery.

Previous public disclosures indicated that the existing discoveries on the
Temaris Cluster could contain in excess of 250 bcf (~42 mmboe) of recoverable
resources viewed as crucial to boost gas supply to Peninsular Malaysia, which
is forecasted to be deficient in the next few years. The continuation of the
Tembakau and Mengkuang channel sandstone reservoirs across the Temaris PSC
also represents significant exploration upside. Seascape has been using
high-end geophysical techniques to identify these channelised targets and is
confident additional exploration potential will be matured both within the PSC
and across neighbouring open acreage.

Key Terms

Similar to the Company's DEWA Complex Cluster (Seascape, 28%) development
asset, the Temaris Cluster development will fall under the Small Field Asset
("SFA") terms which are specifically designed to simplify and incentivise
rapid development of smaller hydrocarbon accumulations in Malaysia and provide
enhanced field economics versus traditional PSCs.

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

The key terms of the Award are to deliver a Field Development and Abandonment
Plan ("FDAP") within 18 months along with certain specialised subsurface
studies and 3D seismic reprocessing. The financial commitment under the Award
is ~US$2 million and will be met through Seascape's existing cash resources.

 

Competent Persons Report

 

Given the rapid growth in the Company's portfolio since Q4 2024, the Company
has commissioned Sproule-ERCE to undertake a CPR to provide an independent
assessment of the contingent and prospective resources covering the Temaris
Cluster and DEWA Complex Cluster.

 

It is anticipated that the CPR will be completed during the next few months,
and the Company will update investors in due course.

 

Investor Meet Company

 

Nick Ingrassia (CEO), James Menzies (Executive Chairman) and Pierre Eliet
(Executive Director and Country Chair Malaysia) will host a live presentation
for investors via Investor Meet Company on Thursday, 19 June 2025 at 09:30 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
18 June 2025, 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.

 

Nick Ingrassia, CEO of Seascape, commented:

 

"The Temaris award marks yet another pivotal moment in Seascape's growth,
becoming operator and 100% owner of a material gas development in Malaysia and
delivering on our promise to expand our portfolio materially during 2025
through low-cost, high-value ground floor opportunities.

 

The Temaris Cluster not only contains two, high-quality gas fields with
excellent reservoir characteristics, but also benefits from significant
exploration upside both in the Award itself and the surrounding open acreage.
These volumes can be rapidly monetised with a low-cost approach to deliver
much needed gas to Peninsular Malaysia and continuing supporting strong
economic growth forecasts.

 

Temaris, together with our DEWA Complex development and significant
exploration upside in 2A (Kertang) in Sarawak, positions Seascape as a
material Malaysian player holding a high-quality asset portfolio with
production potential in excess of 20,000 boepd over the coming years.

 

On behalf of our entire team, I would like to express our gratitude to
PETRONAS MPM for the Award and continued encouragement to build a meaningful
business in Malaysia. We look forward to moving forward to quickly grow value
for the benefit of both our shareholders and our Malaysian stakeholders."

 

Ends

 Enquiries:
 Seascape Energy Asia plc                          IR@seascape-energy.com
 James Menzies (Executive Chairman)

 Nick Ingrassia (Chief Executive)

 Pierre Eliet (Executive Director)

 Stifel (Nomad and Joint Broker)                   Tel: +44 20 7710 7600
 Callum Stewart                                    SNELSeascape@Stifel.com (mailto:SNELSeascape@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, Executive Director and 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 30 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, and is a
Fellow of the Geological Society (London).

Glossary

"bcf" means billion standard cubic feet

"boepd" means barrels of oil equivalent per day

"CPR" means a Competent Persons Report

"DST" means drill stem test

"km" kilometres

"sq km" square kilometres

"m" means metres

"mmboe" means million barrels of oil equivalent

"mmscfd" means million standard cubic feet per day

 

 

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