REG - Seascape Energy Asia - Corporate Update

Seascape Energy AsiaAnnouncement

06/02/2025 07:00

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RNS Number : 0600W  Seascape Energy Asia PLC  06 February 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").

 

6 February 2025

 

Seascape Energy Asia plc

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

Corporate Update & Outlook

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to
provide the following corporate update and outlook for 2025.

Block 2A Farm-Out

Completion of the previously announced farm-out of a 42.5% participating
interest in the Block 2A Production Sharing Contract (the "PSC" or "Block 2A")
to INPEX CORPORATION (the "Transaction") remains on-track for completion
during Q1 2025 with all necessary regulatory approvals now received.

At completion, Seascape will retain a 10% participating interest in Block 2A
through its wholly owned subsidiary, Topaz Number One Limited, providing its
shareholders material exposure to the Kertang prospect (gross ~1.7 billion
boe) at nil cost.

Following receipt of the upfront Transaction consideration and reimbursement
of certain historic costs, the Company estimates that at end Q1-25 it will
have unaudited cash balances of approximately US$12 million (£10 million).
Seascape remains focused on keeping costs fit-for-purpose without compromising
management's ability to pursue the exciting growth opportunities it sees
across the region. Corporate overheads, excluding investments, are anticipated
to run at approximately £3 million per year.

Seascape Outlook

In addition to Kertang progressing towards a formal drilling commitment in
mid-2025 by the new operator, INPEX CORPORATION, Seascape anticipates DEWA
will progress towards a detailed Field Development Plan prior to the end of
2025, expected to unlock between 85-100 bcf (14-17 mmboe) of resources net to
the Company and targeting production by 2027. The DEWA cluster (Company 28%)
was awarded in October 2024 and consists of 12 gas discoveries in shallow
water (40-50 metres) near to infrastructure off the coast of Sarawak,
Malaysia.

New business activity remains a priority for the Company. So far this year,
new licensing rounds have been announced in Malaysia and Thailand covering
both discovered resources awaiting development and new exploration acreage,
with more likely to follow as host governments strive to keep pace with the
forecast growth in regional power demand levels.

Seascape is actively pursuing growth opportunities through both ground-floor
initiatives and potential M&A with an ambition of materially expanding its
portfolio during the year.

Nick Ingrassia, CEO of Seascape, commented:

"Following our hard work during 2024, Seascape created a platform to pursue
the excellent growth opportunities we are seeing in Southeast Asia. Set
against a constructive macro backdrop in the region, we are looking forward to
an exciting 2025 as we seek to expand our portfolio and continue delivering
value for all of our stakeholders."

Ends

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

 Nick Ingrassia (Chief Executive)

 Pierre Eliet (EVP Corporate, Country Chair Malaysia)

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

About INPEX CORPORATION

INPEX CORPORATION is Japan's largest exploration and production (E&P)
company, and is currently involved in projects across multiple continents,
including the Ichthys LNG Project in Australia as Operator. By thoroughly
making its oil and gas business cleaner while expanding its 5 net zero
business areas, INPEX aims to provide a stable supply of diverse and clean
energy sources including oil, natural gas, hydrogen, ammonia and renewables as
a pioneer in energy transformation. For more information, visit
https://www.inpex.co.jp/english/index.html.

Glossary

"bcf"                means billion standard cubic feet

"boe"                means barrels of oil equivalent

"mmboe"         means million barrels of oil equivalent

 

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