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REG - Seascape Energy Asia - JV Approve Drilling of the Kertang Prospect

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RNS Number : 0728D  Seascape Energy Asia PLC  13 October 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").

 

13 October 2025

 

 

Seascape Energy Asia plc

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

 

Joint Venture Partners Approve Drilling of the Kertang Prospect

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to
announce that the joint venture partners in Deepwater Block 2A PSC (the "PSC"
or "Block 2A") located off the coast of Sarawak, offshore Malaysia, have
approved entry into the second exploration phase of the PSC and drilling of
the giant Kertang prospect, subject to Petronas MPM formal approval.

Formal commitment allows the joint venture to now focus on securing a suitable
drilling rig and identifying the precise drilling location to test the Kertang
structure which has over 200 km2 of four-way dip closure and total unrisked
mean prospective resources in excess of 9 TCF, based on a CPR undertaken by
ERCE Sproule.

Seascape anticipates the Kertang well to be part of a wider deepwater
exploration drilling campaign across multiple blocks in Malaysia during 2026
and 2027 to be undertaken by Block 2A operator INPEX CORPORATION. Seascape
will provide further details regarding the anticipated timing of drilling once
available.

The second exploration phase includes a firm, minimum work commitment of one
wildcat exploration well and one contingent appraisal well. Seascape, through
a wholly owned subsidiary, remains fully carried by INPEX CORPORATION on an
uncapped basis through the entire second exploration phase on its retained 10%
participating interest, providing shareholders with material exposure to the
Kertang prospect at nil cost.

Investor Meet Company

The Company will host an online presentation: A Subsurface 'Deep Dive' into
Seascape's Malaysian Portfolio via Investor Meet Company today, 13 Oct 2025,
09:30 BST.

The presentation is open to all existing and potential shareholders and
provides investors with further insight into the subsurface aspects of its
portfolio following the publication of its Competent Persons Report on 19
August 2025.

Investors can sign up to Investor Meet Company for free and add to meet
SEASCAPE ENERGY ASIA PLC via:
https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor
(https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor)

Nick Ingrassia, CEO of Seascape, commented:

"The firm commitment to drilling the world-class Kertang prospect on Block 2A,
one of the largest undrilled structures in Malaysia, is an important step not
only for Seascape and the Block 2A partners but also for testing the
significant potential for giant gas discoveries in the wider North Luconia
basin, off the coast of Sarawak, offshore Malaysia, which has seen some of the
highest exploration success rates in Southeast Asia in recent years.

We would like to thank the operator, INPEX CORPORATION, our joint venture
partners PETRONAS Carigali and PETROS, along with PETRONAS MPM for the
excellent work and collaborative approach in reaching this important point in
such a short period of time.

Seascape remains focused on maintaining momentum across its portfolio into
2026 and beyond, exposing shareholders to the significant upside available
across its existing portfolio, including the recently secured Temaris PSC, and
multiple growth opportunities it is currently pursuing."

Block 2A Highlights

Block 2A is located off the coast of Sarawak, offshore Malaysia in the North
Luconia hydrocarbon province covering approximately 12,000 km(2) in water
depths between 100 -1,400 metres. Block 2A contains the world-class Kertang
prospect, located across four Oligo-Miocene reservoirs, which is:

·    Well-defined, large, four-way dip structural high with over 200 km2
of closure;

·    Covered by high-quality, wide-beam 3D seismic shot by CGG in 2015;

·    Exhibits direct hydrocarbon indicators (DHIs) including an overlying
gas cloud feature and amplitude brights;

·    CPR undertaken by Sproule ERCE on Kertang in 2024 assigns total
gross, unrisked mean prospective resources of 9.1 TCF plus 146 mmbbl of NGLs
(~1.7 billion boe);

·    CPR chance of success of ~20%;

·    Bintulu LNG, one of the world's largest LNG facilities, is located
onshore Sarawak.

Block 2A was originally awarded to Seascape Energy in February 2023 as part of
the Malaysian Bid Round 2022 (MBR 2022) and the other joint venture partes are
INPEX Malaysia E&P 2A Limited (operator) Petronas Carigali Sdn. Bhd. and
Petroleum Sarawak Exploration & Production Sdn. Bhd.

A summary of the CPR published on 27 June 2024 and subsequent update on 19
August 2025 can be found on the Company's website: https://seascape-energy.com
(https://seascape-energy.com/presentations-reports/) .

 

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

 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

"boe"                means barrels of oil equivalent

"CPR"              means Competent Persons Report

"LNG"              means liquified natural gas

"m"                  means metres

"mmbbl"          means millions of barrels

"NGL"              means natural gas liquids

"PSC"              means Production Sharing Contract

"TCF"              means trillion standard cubic feet

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.   END  JVEFLFEDIRLFLIE



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