Seascape Energy, an E&P company focused on Southeast Asia, has announced its unaudited interim results for the six-month period to 30 June 2025.
Operational & Financial Highlights
- Completion of the Block 2A farm-out to INPEX CORPORATION with uncapped carry through the exploration phase of one firm and one contingent well (10% participating interest)
- Award of the Temaris Cluster PSC as operator (100% participating interest)
- Post-period end, publication of an independent Competent Persons Report by Sproule ERCE
- Total net 2C Contingent Resources of 63 mmboe (97% gas)
- Total net unrisked mean Prospective Resources of 281 mmboe (95% gas)
- Cash reserves of £8.6 million (1H 2024: £1.3 million), including £2.0 million of restricted cash related to guarantees provided as security for future work programmes in Malaysia
- Adjusted administrative costs of £1.9 million (1H 2024: £2.5 million) excluding £0.9 million of non-recurring costs
Outlook
- Seascape remains focused on maximising value in its existing, high-quality portfolio while selectively adding accretive growth opportunities. Near term activities include:
- Block 2A: formal joint venture commitment to drill the giant Kertang well, expected imminently;
- Temaris: progressing seismic reprocessing, detailed development studies and development team build-out;
- DEWA: submission of formal resource assessment to regulator, finalising draft field development plan and commencement of commercial negotiations; and
- Pursuing growth opportunities in Malaysia and the wider region, including participating in licensing rounds.
Investor Meet Company
The Company will host an online presentation: A Subsurface 'Deep Dive' into Seascape's Malaysian Portfolio via Investor Meet Company on 13 Oct 2025, 09:30 BST.
The presentation will provide investors with further insight into the subsurface aspects of its exploration and development portfolio following the publication of its Competent Persons Report on 19 August 2025.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 12 Oct 2025, 09:00 BST, or at any time during the presentation.
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
Investors who already follow SEASCAPE ENERGY ASIA PLC on the Investor Meet Company platform will automatically be invited.
Nick Ingrassia, CEO of Seascape, commented:
'The first half of 2025 has been a period of significant transformation for Seascape as it has diversified and increased the scope and scale of its portfolio with both non-operated exploration and development projects offshore Sarawak and a new, material operated gas field cluster development offshore Peninsular Malaysia with significant exploration upside.
Seascape's focussed strategy of building a portfolio of gas assets in Malaysia has begun to gain momentum and the Company looks forward to using its strong financial position, competitive advantage and strong stakeholder relationships to continue to develop and expand its portfolio.'
Source: Seascape Energy
