Seascape Energy, an E&P company focused on Southeast Asia, has provided a summary of its Contingent and Prospective Resources from a Competent Person's Report ('CPR') commissioned from Sproule-ERCE covering the Temaris Cluster ('Temaris', 100% PI, operated) and the priority fields in the DEWA Complex Cluster ('DEWA', 28% PI). The Block 2A CPR figures, originally published by Seascape in June 2024, have also been repeated to give an entire corporate figure.
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. Importantly, the CPR highlights new prospective potential in the recently awarded Temaris block.
Seascape has rapidly built a high quality, gas-dominant portfolio using its competitive advantages in Malaysia, illustrating how the Company has created significant value using its key strengths.
Highlights
· Temaris PSC net 2C Contingent Resources of 276 bcf vs 250 bcf estimated at award
· Exploration upside on Temaris PSC of 683 bcf (114 mmboe) mean Prospective Resources located in amplitude-supported prospects analogous to the existing discoveries
· Total net 2C Contingent Resources of 63 mmboe (97% gas), up from nil in past 12 months
· Total unrisked net mean Prospective Resources of 281 mmboe (95% gas), an increase of 69% since completion of the Block 2A farm-down in Q1 2025
|
Net 2C Contingent Resources |
|||
|
Field(s) |
Gas (bcf) |
Liquids (mmbbl) |
Total (mmboe) |
|
Temaris (100%) |
276 |
- |
46 |
|
DEWA priority fields (28%) |
94 |
2 |
18 |
|
Total |
370 |
2 |
63 |
|
Net Mean Prospective Resources |
||||
|
Field(s) |
Gas (bcf) |
Liquids (mmbbl) |
Total (mmboe) |
GCoS Range (%) |
|
Temaris (100%) |
683 |
- |
114 |
30% - 50% |
|
DEWA priority fields (28%) |
7 |
0 |
1 |
34% - 51% |
|
Block 2A (10%) |
908 |
15 |
166 |
16% - 27% |
|
Total |
1,599 |
15 |
281 |
|
Figures may not add up due to rounding. Please see the 'Notes' section at the end of this press release for important disclosures relating to the CPR.
Pierre Eliet, Executive Director and Country Chair Malaysia, commented:
"We are very pleased to announce the results of our CPR which provide an independent validation of our significant resource base. The report confirms our view of the high-quality nature of Seascape's Malaysian portfolio, giving investors exposure to both hard value and significant exploration upside.
In addition to the substantial Tembakau discovery, the report highlights the large, low-risk exploration potential of the Mid-Miocene 'channel' play present across the Temaris block. Prospects on the block, such as Allamanda and Keladi, have the potential to transform Temaris into a new 'gas hub' in Peninsular Malaysia to satisfy growing energy demands.
Seascape's momentum will continue into the second half of 2025 as we move Temaris forward and begin the search for a long-term partner on the block. Additionally, we also anticipate a firm well decision on Block 2A while also actively seeking growth opportunities in Malaysia and across the Southeast Asian region."
