Seascape Energy Asia - AGM 2026 Operational and Corporate Update

Seascape Energy Asia

Today 07:00

RNS Number : 6585J
  
Seascape Energy Asia PLC
  
25 June 2026
  
 


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").
25 June 2026
Seascape Energy Asia plc
("Seascape Energy", the "Company" or "Seascape")
AGM 2026 Operational and Corporate Update
Seascape Energy, an E&P company focused on Southeast Asia, is pleased to provide an operational and corporate update ahead of its Annual General Meeting ("AGM") being held today.
Highlights
·    Significant progress on Temaris field development with all key FEED (engineering) contracts awarded and well design completed
 
·    Temaris 3D seismic reprocessing has identified additional near-field exploration
 
·    Positive dialogue to gain access to additional acreage within the Southern Malay Basin
 
·    Temaris strategic partner process broadened in light of several positive developments
 
·    Block 2A (Kertang) rig-tender results under evaluation, award anticipated during Q3 2026
 
·    Macquarie mandated to structure debt financing of the Temaris and DEWA clusters
 
·    Seascape well-funded with unaudited cash balances of £8.5 million as at May 2026
 
Temaris Cluster PSC
 
Significant progress has been made on the Temaris Cluster PSC ("Temaris") (SEA 100%, op) to progress the project towards Field Development and Abandonment Plan ("FDAP") submission in Q4 2026, only 18 months from initial award.
 
The initial development will focus on the Tembakau gas field with certified net 2C Contingent Resources of 246 bcf (41 mmboe) which will be produced via two, unmanned wellhead platforms tied-back to existing infrastructure. Tembakau is expected to commence production in 2028 at 100 mmscfd (~17,000 boepd) with significant resource and production growth potential.
 
All key front-end engineering and design ("FEED") contracts have now been awarded following competitive tender and key subsurface studies, including well design, are complete. Indicative costs remain in-line with expectations, confirming strong returns from this short-cycle project.
 
The Company has recently received results from a state-of-the-art Multi Parameter - Full Waveform Inversion 3D seismic reprocessing study which has resulted in a significant uplift to the subsurface imaging of Tembakau and has added new, near-field low risk exploration prospectivity on trend with Tembakau. Definition of these additional volumes is underway and being incorporated into plans to maximise resource exploitation across the wider area.
 
Southern Malay Basin Growth
 
Through its leading geological work on Temaris, Seascape believes it has a technical and operational advantage to exploit the large, aerially extensive, channelised gas system located in the Southern Malay Basin. The Company believes this potentially significant gas resource remains crucial to filling the near-term forecast gas supply shortfall in Peninsular Malaysia.
 
Seascape remains in positive dialogue with key stakeholders to gain access to additional, synergistic acreage within the Southern Malay Basin and looks forward to providing further updates in due course.
 
In addition to the Southern Malay Basin, the Company continues to actively assess additional growth opportunities in Malaysia and the wider Southeast Asian region and is targeting further portfolio additions during 2026.
 
Temaris Strategic Partner Update
 
In response to several unsolicited proposals, Seascape initiated a process during Q1 to introduce a strategic partner into Temaris ahead of several key project milestones. During the course of this process, several crucial developments have taken place:
 
·    Technical work has identified 950 bcf of certified net mean Prospective Resources on-block, with significant additional upside in the adjacent acreage which Seascape has made positive progress to secure;
 
·    Increased availability of debt for greenfield development, demonstrated through the recent structuring bank mandate (see below); and
 
·    Middle East events have highlighted the strategic importance of Asian-gas-into-Asia, creating new inbound interest as geographic upstream investment priorities begin to shift.
 
These developments, along with the rapidly maturing FDAP, have resulted in Seascape broadening the scope of the original process to consider a wider range of participants and structures for this uniquely positioned asset in a geographically advantaged location.  Seascape's ambition to introduce a high-quality partner into Temaris through a value-enhancing transaction remains unchanged and the Company looks forward to updating shareholders in due course.
 
DEWA Cluster
 
Following the recently announced transaction by EnQuest PLC to pivot towards Malaysia through the acquisition of three large packages of assets in Malaysia, a short extension to the FDAP submission date has been granted by the regulator for the DEWA Cluster (SEA 28%). It is anticipated that the extension will allow EnQuest, which also operates DEWA, to consider potential synergies offered by the recently acquired assets as export routes for DEWA production.
 
The Company believes the EnQuest transaction is a positive sign of its commitment to growing production in Malaysia and highlights the significant value in Seascape's asset base.
 
Block 2A PSC
 
A firm drilling location has now been identified on the Block 2A PSC (SEA 10%) to test the giant Kertang prospect with certified gross mean unrisked Prospective Resources of 9.1 TCF and 145 mmbbls of NGL (1.7 bnboe). The operator, INPEX CORPORATION, is currently evaluating results of the rig-tender process with final award anticipated during Q3 2026.
 
The Kertang well, for which Seascape has a full uncapped carry, remains on-track for drilling in mid-2027.
 
Financing
 
As announced separately today, Seascape has exclusively mandated Macquarie Bank Limited ("Macquarie") to act as the sole Structuring Bank and Technical and Modelling Bank for the debt financing of the Temaris and DEWA clusters.
 
Seascape will work together with Macquarie over the coming months to structure and execute a multi-tranche debt facility to meet development expenditure with availability linked to certain milestones typical for this type of financing. Any firm offer of financing remains subject to the successful completion of legal and technical due diligence and Macquarie's receipt of all required internal approvals.
 
Mandating Macquarie represents another important step forward towards the development of Seascape's gas fields and delivering significant production by 2028.
 
As recently announced, Seascape remains well-funded with unaudited cash balances of £8.5 million as at the beginning of May 2026 following a successful placing, subscription and oversubscribed retail offer to raise gross proceeds of approximately £5.0 million during Q1 2026.
 
Investor Meet Company
James Menzies (Executive Chairman), Nick Ingrassia (CEO) and Pierre Eliet (Executive Director) will provide a live presentation via Investor Meet Company following the Company's Annual General Meeting at 11.30 BST on 25 June 2026. The presentation is open to all existing and potential shareholders.
 
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
 
 
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
Simon Mensley
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
"bcf"                means billion standard cubic feet
"bnboe"                        means billion barrels of oil equivalent
"boe"                            means barrels of oil equivalent
"mmscfd"                    means million cubic feet per day
"mmboe"         means million barrels of oil equivalent
"PI"                  means participating interest
"TCF"                  means trillion cubic feet
"UKMAR"        means UK Market Abuse Regulations
 
 




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