Seascape Energy, an E&P company focused on Southeast Asia, has announced its full year results for the 12 months ended 31 December 2024.
Highlights
Corporate
- Completed strategic pivot to focus on building a full-cycle E&P business in Southeast Asia following a detailed board review
- Norwegian exit completed through sale of Company's 50.1% interest in Longboat JAPEX Norge AS to partner JAPEX for £1.9 million ($2.5 million) in cash plus the assumption of £6.5 million ($8.5 million) of debt attributable to the Company
- Company renamed and rebranded as Seascape Energy Asia plc (formerly Longboat Energy plc), along with a new stock exchange ticker symbol: SEA
- Awarded a 28% participating interest in a SFA PSC over the DEWA Complex Cluster off the coast of Sarawak, Malaysia comprised of 12 shallow water gas discoveries near to infrastructure
- Farm-out to INPEX CORPORATION of a 42.5% participating interest in Block 2A in return for upfront cash consideration of $10 million, uncapped carry on its retained 10% interest through the exploration phase (including one firm and one contingent well) plus contingent $10 million in cash on discovery
Financial
- Year end 2024 cash of £2.8 million (2023: £3.7 million) which includes £1.8 million in net proceeds received from issue of 5.7 million ordinary shares in December 2024
- Cash balances substantially enhanced post period end by the receipt of Block 2A farm-out consideration and historic cost reimbursement of ~$11 million
- Group operating loss of £5.7 million (2023: £3.9 million) includes significant non-recurring costs of £2.4 million (2023: £0.4 million) largely associated with the strategic pivot to Southeast Asia
- Total loss for the year of £16.4 million (2023: £4.2 million) impacted by significant write-off (£10.8 million) associated with Norwegian joint venture sale
Outlook:
- Company anticipates continued progress on its existing portfolio with a well commitment on Block 2A (Kertang) during the summer and further progress on the DEWA development including resource sizes and a preferred gas evacuation option prior to year end
- Seascape Energy is actively pursuing opportunities to materially expanding its portfolio during 2025 with a particular focus on ground-floor initiatives which have already proven the potential to deliver significant shareholder value without dilution
- Following the farm-out of Block 2A, Seascape Energy is looking for opportunities to deploy its operating capabilities and nimble mindset to new assets
- Seascape Energy continues to believe Southeast Asia is one of the top global destinations for E&P investment given the crucial role the upstream industry plays in the region's national economies and in delivering the forecast growth in energy demand, with the potential to displace coal fired power generation with natural gas
Nick Ingrassia, Chief Executive Officer, commented:
'It is hard to overstate what a pivotal year 2024 was for Seascape Energy as the business undertook a complete transformation; pivoting to Southeast Asia and undertaking several transactions which have resulted in a fully funded platform to pursue growth opportunities across the region.
The strategic pivot has also highlighted the Company's competitive advantages, including the ability to leverage excellent long-term relationships and networks established across Southeast Asia by a revamped senior leadership team and board.
New business remains a priority for the Company in 2025 with Seascape actively pursuing growth opportunities in Malaysia and elsewhere with a particular focus on high-impact, ground-floor opportunities to materially expanding its portfolio.
We look forward to an exciting year ahead as we continue to build-out the Seascape platform.'
Source: Seascape Energy
