REG - Seascape Energy Asia - Competent Person’s Report Summary
19/08/2025 07:00
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RNS Number : 7967V Seascape Energy Asia PLC 19 August 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").
19 August 2025
Seascape Energy Asia plc
(the "Company", "Seascape Energy" or "Seascape")
Competent Person's Report
Seascape Energy, an E&P company focused on Southeast Asia, is pleased to
provide the following summary of its Contingent and Prospective Resources from
a Competent Person's Report ("CPR") commissioned from Sproule-ERCE covering
the Temaris Cluster ("Temaris", 100% PI, operated) and the priority fields in
the DEWA Complex Cluster ("DEWA", 28% PI). The Block 2A CPR figures,
originally published by Seascape in June 2024, have also been repeated to give
an entire corporate figure.
The CPR is an important independent third party verification of Seascape's
resource figures. The report confirms (and in the case of Temaris, upgrades)
management's technical view of resources at the time of license application.
Importantly, the CPR highlights new prospective potential in the recently
awarded Temaris block.
Seascape has rapidly built a high quality, gas-dominant portfolio using its
competitive advantages in Malaysia, illustrating how the Company has created
significant value using its key strengths.
Highlights
· Temaris PSC net 2C Contingent Resources of 276 bcf vs 250 bcf
estimated at award
· Exploration upside on Temaris PSC of 683 bcf (114 mmboe) mean
Prospective Resources located in amplitude-supported prospects analogous to
the existing discoveries
· Total net 2C Contingent Resources of 63 mmboe (97% gas), up from nil
in past 12 months
· Total unrisked net mean Prospective Resources of 281 mmboe (95% gas),
an increase of 69% since completion of the Block 2A farm-down in Q1 2025
Net 2C Contingent Resources
Field(s) Gas Liquids Total
(bcf) (mmbbl) (mmboe)
Temaris (100%) 276 - 46
DEWA priority fields (28%) 94 2 18
Total 370 2 63
Net Mean Prospective Resources
Field(s) Gas Liquids Total GCoS Range
(bcf) (mmbbl) (mmboe) (%)
Temaris (100%) 683 - 114 30% - 50%
DEWA priority fields (28%) 7 0 1 34% - 51%
Block 2A (10%) 908 15 166 16% - 27%
Total 1,599 15 281
Figures may not add up due to rounding. Please see the 'Notes' section at the
end of this press release for important disclosures relating to the CPR.
Pierre Eliet, Executive Director and Country Chair Malaysia, commented:
"We are very pleased to announce the results of our CPR which provide an
independent validation of our significant resource base. The report confirms
our view of the high-quality nature of Seascape's Malaysian portfolio, giving
investors exposure to both hard value and significant exploration upside.
In addition to the substantial Tembakau discovery, the report highlights the
large, low-risk exploration potential of the Mid-Miocene 'channel' play
present across the Temaris block. Prospects on the block, such as Allamanda
and Keladi, have the potential to transform Temaris into a new 'gas hub' in
Peninsular Malaysia to satisfy growing energy demands.
Seascape's momentum will continue into the second half of 2025 as we move
Temaris forward and begin the search for a long-term partner on the block.
Additionally, we also anticipate a firm well decision on Block 2A while also
actively seeking growth opportunities in Malaysia and across the Southeast
Asian region."
Temaris Cluster (100% PI, operated)
Seascape was awarded a 100% participating interest and operatorship in Temaris
in the current Malaysia Bid Round 2025. The acreage includes 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 km2.
The main discovery, Tembakau, was originally made in 2012 and appraised in
2014 and benefits from an extensive dataset including full 3D seismic
coverage, well logs, DSTs and extensive well core. Tembakau is located near to
infrastructure with the closest producing gas field ~50 km away from the
field.
The Tembakau field comprises Early-Mid Miocene channel sandstone reservoirs
which are clearly imaged on 3D seismic and exhibit a strong amplitude
response. The field has excellent reservoir properties with porosities of 20%
to 35% and permeabilities of over one Darcy and contains dry gas with very low
levels of impurities. The Tembakau-2 well was tested and produced from the
I-10 and I-20 reservoirs, with both reservoirs flowing at gas rates of 16
mmscfd, constrained by the well test equipment used.
The smaller Mengkuang discovery is located 30 km to the northeast of Tembakau
in high-quality mid-Miocene sandstones and also demonstrates strong seismic
amplitude response. The field is split into several lobes and benefits from a
good dataset but was not tested at the time of discovery.
Temaris Net 2C Contingent Resources
Field(s) Gas Liquids Total
(bcf) (mmbbl) (mmboe)
Tembakau 246 - 41
Mengkuang 29 - 5
Total 276 - 46
Source: Sproule-ERCE
The total, net 2C Contingent Resources assigned to Temaris by Sproule-ERCE of
276 bcf is 10% higher than the 250 bcf estimated by Seascape at the time of
award.
In addition to the existing Tembakau and Mengkuang discoveries, significant
exploration upside exists in the stacked channel sandstones reservoirs which
continue across the Temaris PSC. As part of the CPR, Sproule-ERCE has also
provided Prospective Resource estimates of the four main prospects on the
block which are located close to the Tembakau discovery.
All prospects exhibit the seismic amplitude characteristics seen at Tembakau
and Mengkuang, with the largest prospect, Allamanda, exhibiting a particularly
robust and extensive amplitude anomaly.
Temaris Unrisked Net Mean Prospective Resources
Field(s) Gas Total GCoS%
(bcf) (mmboe)
Allamanda 406 68 30%
Keladi 188 31 45%
Kangkung 66 11 38%
Tembakau West 23 4 50%
Total 683 114
Source: Sproule-ERCE
Together these prospects total 683 bcf (114 mmboe) which is approximately
two-and-a-half times the size of the existing discoveries on the block and if
proven could be quickly and easily monetised with the newly planned
infrastructure from the Tembakau development.
All of the Temaris PSC prospects are anticipated to be further derisked
following the 3D seismic reprocessing currently underway on the Temaris block.
DEWA Complex (SEA, 28% PI)
Seascape was awarded the DEWA Complex Cluster ("DEWA") with 28% participating
interest, under the Malaysia Bid Round Plus in October 2024 comprised of 12
gas discoveries in shallow water (40-50 metres) located off the coast of
Sarawak, Malaysia.
Six fields (D30, Danau, D41, D41W, Dafnah West, Dana) have been prioritised
for the initial phases of development ("DEWA Priority") and are broadly
characterised as having stacked, clastic reservoirs with large gas columns and
good hydrocarbon mobilities. The fields benefit from a significant dataset
including 35 well penetrations, well logs, multiple DSTs and MDTs and
extensive 3D seismic coverage.
The Sproule-ERCE CPR has focused on the Contingent Resources associated with
the initial DEWA Priority fields.
DEWA Priority Net 2C Contingent Resources
Field(s) Gas Liquids Total
(bcf) (mmboe) (mmboe)
DEWA Priority fields 94 1.8 18
Total 94 1.8 18
Source: Sproule-ERCE
The Sproule-ERCE review also identified additional upside in-and-around the
DEWA Complex for future pursuit. This includes an additional 7 bcf of unrisked
net mean Prospective Resources (25 bcf gross) in an undrilled fault block on
Dafnah West.
Block 2A (Company, 10% PI)
Block 2A is located offshore Sarawak, Malaysia in the North Luconia
hydrocarbon province covering approximately 12,000 km2 in water depths between
100-1,400m.
The main prospect on Block 2A is Kertang which is a well-defined, large,
four-way dip closed structural high with over 200 km2 of closure with four
target intervals comprising of Cycle I and Cycle II/III Oligo-Miocene
reservoirs and shallower Cycle V/VII reservoirs. The prospect exhibits direct
hydrocarbon indicators (DHIs) including an overlying gas cloud feature and
amplitude brights at the Cycle V/VII level.
The CPR figures, originally published by Seascape on 27 June 2024, have been
repeated below for reference and updated for the Company's new net equity
position of 10% following the successful farm-out to INPEX CORPORATION
("INPEX") in December last year.
2A Unrisked Net Mean Prospective Resources
Field(s) Gas Liquids Total GCoS Range
(bcf) (mmbbls) (mmboe) (%)
Block 2A (10%) 908 15 166 16 - 27
Total 908 15 166
Source: Sproule-ERCE
Seascape remains fully carried by INPEX on an uncapped basis through the
remaining exploration phase which includes one firm wildcat well and one
contingent appraisal well (subject to a commercial discovery).
Ends
Enquiries:
Seascape Energy Asia plc IR@seascape-energy.com (mailto: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/.
(http://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).
Competent Persons Report Notes
1. DEWA Complex Cluster Contingent Resources comprise the probabilistic
summation of six discoveries: D30, Danau, D41W, D41, Dana and Dafnah West.
2. For DEWA Complex Cluster, Sproule ERCE has assessed recoverable gas and
associated condensate resources for the entire accumulation, which straddles
the development licence boundaries, but attributes Resources above to the
estimates only within the development licences ("on block").
3. Resources have not been modified to remove inerts, based on the fluid
samples taken during DSTs in wells within DEWA Complex Cluster, the CO2 ranges
from 1% to 9%. Less than 2% inerts are expected in Temaris.
4. These are unrisked Contingent Resources that have not been risked for
chance of development and are sub-classified as Development Unclarified
5. Company working interest Resources are based on the working interest
share of the field gross Resources and are prior to deduction of any
royalties.
6. Company net entitlement Resources require a full economic evaluation
which has not been done as part of this review and hence are not presented.
7. There is no certainty that it will be commercially viable to develop
any portion of the Contingent Resources.
8. Prospective Resources are not risked for chance of development and
there is no certainty that if they are discovered they will be developed.
9. Sproule ERCE's prospective volumes assume a gas case only. Sproule ERCE
allocates a phase risk of 90% gas (vs oil 10%) for the Block 2A.
10. GCoS represents the geological chance of success of each reservoir
interval.
11. Raw gas estimates have not accounted for losses due to fuel & flare or
processing.
12. Gas has been converted to barrels of oil equivalent based on 6 mmscf = 1
mmboe
Glossary
"bcf" means billion standard cubic feet
"CPR" means a Competent Person's Report
"DST" means drill stem test
"E&P" means exploration and production
"GCoS" means Geological Chance of Success
"km" kilometres
"km2" square kilometres
"m" means metres
"mmbbl" means million barrels of oil
"mmboe" means million barrels of oil equivalent
"mmscf" means million standard cubic feet
"mmscfd" means million standard cubic feet per day
"PI" means participating interest
"UKMAR" means UK Market Abuse Regulations
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