REG - Seascape Energy Asia - Keladi Prospect Upgrade

Seascape Energy AsiaAnnouncement

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RNS Number : 8104Q  Seascape Energy Asia PLC  29 January 2026

THIS ANNOUNCEMENT DOES NOT CONTAIN 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").

 

29 January 2026

 

Seascape Energy Asia plc

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

 

Keladi Prospect Upgrade & Temaris Cluster Resource Update

 

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to
announce a material upgrade to its Keladi prospect following an updated
independent evaluation of the Prospective Resources by Sproule ERCE on the
Temaris Cluster ("Temaris", 100% PI, operated). The Competent Persons Report
("CPR") now ascribes almost 1 TCF of net mean unrisked Prospective Resources
to the Temaris block.

 

Highlights

·    Keladi prospect upgrade to 423 bcf (+125%) with a 45% GCoS

·    New Tembakau North prospect (29 bcf, 58% GCoS) identified
representing a high impact, low risk, nearfield target which could be drilled
from a planned Tembakau field platform

·    Geophysical analysis and amplitude mapping demonstrates the Keladi
prospect as being located up-dip and part of the same channel system as the
Tembakau gas field

·    Total Temaris net mean unrisked Prospective Resources of 950 bcf
(+38%), illustrating significant running room beyond the Tembakau gas field
itself

 

All resources quoted herein are mean unrisked Prospective Resources as defined
by PMRS Standard (as detailed below).

 

Pierre Eliet, Executive Director and Country Chair Malaysia, commented:

 

"The Sproule ERCE independent resource update validates the high quality
nature of the Temaris block and our significant resource base. We are
particularly encouraged by the Keladi prospect, where mean unrisked
Prospective Resources have more than doubled.

 

These results, along with Tembakau, position Temaris to become a
transformative gas hub for Peninsular Malaysia's growing energy demand."

 

The upgrade at Keladi reflects a period of detailed work by the Seascape
subsurface team using updated data and high-end geophysical techniques to
extract seismic amplitudes which allow for more accurate mapping of the
Miocene channel systems sitting at multiple horizons across the Temaris block
to the west of Tembakau in the same channel play.

 

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.

 

In addition to the Tembakau field (246 Bcf 2C Contingent Resource) and the two
largest prospects (Allemanda, Keladi totaling 830 Bcf mean Prospective
Resources), the updated work shows several additional near-field exploration
targets totaling over 110 bcf within 5 km of the Tembakau field and accessible
from a planned Tembakau platform.

 
 Temaris Block Prospects: Unrisked Net Mean Prospective Resources
 Prospect(s)       Gas     Total     GCoS%

                   (bcf)   (mmboe)
 Keladi            423     70        45%
 Allamanda         406     68        30%
 Kangkung *        66      11        38%
 Tembakau North *  29      5         58%
 Terung *          23      4         50%
 Mengkuang South   4       1         65%
 Total             950     158
 Source: Sproule ERCE, numbers may not add up due to rounding.

 *Accessible from the planned Tembakau field platforms

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.   Resources have not been modified to remove inerts. Less than 2% inerts
are expected in Temaris.

2.   Contingent Resources have not been risked for chance of development and
are sub-classified as Development Unclarified

3.   Company working interest Resources are based on the working interest
share of the field gross Resources and are prior to deduction of any
royalties.

4.   Company net entitlement Resources require a full economic evaluation
which has not been done as part of this review and hence are not presented.

5.   There is no certainty it will be commercially viable to develop any of
the Contingent Resources.

6.   Prospective Resources are not risked for chance of development and
there is no certainty that if they are discovered they will be developed.

7.   GCoS represents the geological chance of success of each reservoir
interval.

8.   Raw gas estimates have not accounted for losses due to fuel & flare
or processing.

9.   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

"E&P"              means exploration and production

"GCoS"           means Geological Chance of Success

"km"                kilometres

"mmboe"         means million barrels of oil equivalent

"PI"                  means participating interest

"UKMAR"        means UK Market Abuse Regulations

 

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