REG - Seascape Energy Asia - Results of Fundraising

Seascape Energy AsiaAnnouncement

25/03/2026 07:00

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RNS Number : 9887X  Seascape Energy Asia PLC  25 March 2026

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RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS
FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY
JURISDICTION.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE
MARKET ABUSE REGULATION NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

 

25 March 2026

 

Seascape Energy Asia plc

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

 

Results of Fundraising

 

Seascape Energy (AIM: SEA), an E&P company focused on Southeast Asia, is
pleased to announce that it has successfully raised gross proceeds of £4.2
million before expenses, by way of a placing (the "Placing") and direct
subscription by certain Directors (the "Subscription" and, together with the
Placing, the "Fundraising"). The Fundraising was completed via the issue of
6,000,000 new ordinary shares in the Company ("Fundraising Shares") at a price
of 70 pence per share (the "Issue Price"), representing 9.5 per cent of the
Company's existing share capital. The Issue Price represents a discount of
approximately 11.4 per cent to the closing mid-market price of 79 pence on 24
March 2026.

 

The Fundraising Shares will, when issued, be credited as fully paid and will
rank pari passu in all respects with the existing Ordinary Shares, including
the right to receive all dividends or other distributions made, paid or
declared in respect of such shares after the date of issue of the new Ordinary
Shares.

 

Stifel Nicolaus Europe Limited ("Stifel") acted as Sole Bookrunner (the
"Bookrunner") to the Company in connection with the Fundraising.

 

In conjunction with the Fundraising, the Company will also offer the
opportunity for the Company's wider retail shareholder base in the United
Kingdom to participate in the offering at the Issue Price (the "Retail
Offer"). The Retail Offer will be carried out via the Winterflood Retail
Access Platform and a separate announcement will be made regarding the Retail
Offer and its terms.

 

Admission and Total Voting Rights

 

Application will be made to the London Stock Exchange for admission to trading
of the Fundraising Shares on AIM ("Admission"). It is expected that Admission
will become effective at 8.00 a.m. on 30 March 2026, or such later date as the
Bookrunner and the Company may agree. A further announcement will be made once
the Retail Offer has closed.

 

Following Admission of the Fundraising Shares, and prior to the Retail Offer,
the Company's issued and fully paid share capital will consist of 69,139,111
Ordinary Shares. The Company has no Ordinary Shares in treasury. Therefore,
the total number of voting rights in the Company will be 69,139,111 Ordinary
Shares. This number may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest, or a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.

 

Capitalised terms not otherwise defined in the text of this Announcement have
the meanings given in the Company's announcement dated 24 March 2026.

 

Nick Ingrassia, Chief Executive of Seascape, commented:

 

"From day-one of our pivot to Southeast Asia in mid-2024, the Board of
Seascape Energy has been entirely focused on building the highest-quality
portfolio at the lowest possible cost. During this period we have captured
three, gas-weighted PSCs in Malaysia, booked significant resources and
introduced high-quality partners into our projects - all on a shoestring
budget with only £2 million raised during the period.

 

Today's announcement allows Seascape to enter the next phase of growth on its
path to becoming a material E&P company in Malaysia. The funds raised will
allow the Company to pursue several near-term catalysts that will continue to
increase value in the business.

 

We are pleased to welcome a wide range of new institutional shareholders to
the register, in addition to our existing supportive shareholders, all of whom
share our vision for Seascape's growth potential.

 

In recognition of our supportive and engaged retail investor base, we have
also announced a retail offering this morning which will allow the opportunity
to participate in the institutional fundraising on the same terms.

 

On behalf of the entire Seascape team, I would like to thank all shareholders
for their continued support and can ensure them of our best efforts in
delivering further value on their behalf."

 

 

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 (Bookrunner, Nomad and Joint Broker)       Tel: +44 20 7710 7600
 Callum Stewart                                    SNELSeascape@Stifel.com (mailto:SNELSeascape@Stifel.com)

 Simon Mensley

 Ashton Clanfield

 Cavendish Capital Markets Limited (Joint Broker)  Tel: +44 20 7397 8900
 Neil McDonald

 Pete Lynch

 

Participation by Directors and Related Party Transaction

 

Certain Directors have subscribed in the Fundraising for total gross proceeds
of £315,000, as set out below.

 

 Director          Existing holding of Ordinary Shares  New Ordinary Shares to be issued pursuant to the Subscription  Resultant holding of Ordinary Shares immediately following Admission
 James Menzies     2,360,039                            142,857                                                        2,502,896
 Nick Ingrassia    304,080                              71,431                                                         375,511
 Pierre Eliet      431,598                              21,428                                                         453,026
 Geraldine Murphy  285,714                              71,428                                                         357,142
 Haida Hazri       -                                    71,428                                                         71,428
 Mike Buck         199,999                              71,428                                                         271,427

 

The FCA notifications, made in accordance with the requirements of MAR, are
appended below.

 

The Directors of the Company in the table above are considered to be "related
parties" as defined under the AIM Rules and accordingly their participation in
the Subscription constitutes a related party transaction for the purposes of
Rule 13 of the AIM Rules.

 

Graham Stewart, having not participated in the Fundraising, is independent of
the Fundraising and considers, having consulted with Stifel, the Company's
Nominated Adviser, that the terms of the participation by the directors in the
Subscription are fair and reasonable insofar as shareholders are concerned.

 

 

 

DEALING NOTIFICATION FORM

FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY
ASSOCIATED PERSONS

  1.                 Details of the person discharging managerial responsibilities/person closely
                     associated
 a)                  Name:                                                         1.         James Menzies

                                                                                   2.         Nick Ingrassia

                                                                                   3.         Pierre Eliet

                                                                                   4.         Geraldine Murphy

                                                                                   5.         Haida Hazri

                                                                                   6.         Mike Buck

 2.                  Reason for the notification
 a)                  Position/status:                                              1.         Executive Chairman

                                                                                   2.         Chief Executive Officer

                                                                                   3.         Executive Director Corporate Development

                                                                                   4.         Non-Executive Director

                                                                                   5.         Non-Executive Director

                                                                                   6.         Non-Executive Director

 b)                  Initial notification/Amendment:                               Initial Notification

 3.                  Details of the issuer, emission allowance market participant, auction
                     platform, auctioneer or auction monitor
 a)                  Name                                                          Seascape Energy Asia plc

 b)                  LEI:                                                          213800D1D587TB36ST68

 4.                  Details of the transaction(s): section to be repeated for (i) each type of
                     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
                     place where transactions have been conducted
 a)                  Description of the financial instrument, type of instrument:  Ordinary Shares of £0.10 each in the share capital of Seascape Energy Asia

                                                             plc

                     Identification code:

                                                                                   ISIN: GB00BKFW2482

 b)                  Nature of the transaction:                                    Purchase of Ordinary Shares

 c)                  Price(s) and volume(s):                                       Price(s)  Volume(s)
                                                                                   1. James Menzies     70p       142,857
                                                                                   2. Nick Ingrassia    70p       71,431
                                                                                   3. Pierre Eliet      70p       21,428
                                                                                   4. Geraldine Murphy  70p       71,428
                                                                                   5. Haida Hazri       70p       71,428
                                                                                   6. Mike Buck         70p       71,428

 

 d)                  Aggregated information:

                     · Aggregated volume:                                          N/a

                     · Price:                                                      N/a

 e)                  Date of the transaction:                                      25 March 2026

 f)                  Place of the transaction:                                     XOFF

 

 

d)

Aggregated information:

· Aggregated volume:

· Price:

 

 

N/a

N/a

 

e)

Date of the transaction:

25 March 2026

 

 

f)

Place of the transaction:

XOFF

 

 

 

 

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