Competent Person’s Report Summary

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."

Temaris Cluster (100% PI, operated)

Seascape was awarded a 100% participating interest and operatorship in Temaris in the current Malaysia Bid Round 2025. The acreage includes two gas discoveries in shallow water (~70 metres) offshore Peninsular Malaysia on the western flank of the Malay basin and covers an area of around 1,200 km2.

The main discovery, Tembakau, was originally made in 2012 and appraised in 2014 and benefits from an extensive dataset including full 3D seismic coverage, well logs, DSTs and extensive well core. Tembakau is located near to infrastructure with the closest producing gas field ~50 km away from the field.

The Tembakau field comprises Early-Mid Miocene channel sandstone reservoirs which are clearly imaged on 3D seismic and exhibit a strong amplitude response. The field has excellent reservoir properties with porosities of 20% to 35% and permeabilities of over one Darcy and contains dry gas with very low levels of impurities. The Tembakau-2 well was tested and produced from the I-10 and I-20 reservoirs, with both reservoirs flowing at gas rates of 16 mmscfd, constrained by the well test equipment used.

The smaller Mengkuang discovery is located 30 km to the northeast of Tembakau in high-quality mid-Miocene sandstones and also demonstrates strong seismic amplitude response. The field is split into several lobes and benefits from a good dataset but was not tested at the time of discovery.

The total, net 2C Contingent Resources assigned to Temaris by Sproule-ERCE of 276 bcf is 10% higher than the 250 bcf estimated by Seascape at the time of award.

In addition to the existing Tembakau and Mengkuang discoveries, significant exploration upside exists in the stacked channel sandstones reservoirs which continue across the Temaris PSC. As part of the CPR, Sproule-ERCE has also provided Prospective Resource estimates of the four main prospects on the block which are located close to the Tembakau discovery.

All prospects exhibit the seismic amplitude characteristics seen at Tembakau and Mengkuang, with the largest prospect, Allamanda, exhibiting a particularly robust and extensive amplitude anomaly.

Together these prospects total 683 bcf (114 mmboe) which is approximately two-and-a-half times the size of the existing discoveries on the block and if proven could be quickly and easily monetised with the newly planned infrastructure from the Tembakau development.

All of the Temaris PSC prospects are anticipated to be further derisked following the 3D seismic reprocessing currently underway on the Temaris block.

DEWA Complex (SEA, 28% PI)

Seascape was awarded the DEWA Complex Cluster ("DEWA") with 28% participating interest, under the Malaysia Bid Round Plus in October 2024 comprised of 12 gas discoveries in shallow water (40-50 metres) located off the coast of Sarawak, Malaysia.

Six fields (D30, Danau, D41, D41W, Dafnah West, Dana) have been prioritised for the initial phases of development ("DEWA Priority") and are broadly characterised as having stacked, clastic reservoirs with large gas columns and good hydrocarbon mobilities. The fields benefit from a significant dataset including 35 well penetrations, well logs, multiple DSTs and MDTs and extensive 3D seismic coverage.

The Sproule-ERCE CPR has focused on the Contingent Resources associated with the initial DEWA Priority fields.

The Sproule-ERCE review also identified additional upside in-and-around the DEWA Complex for future pursuit. This includes an additional 7 bcf of unrisked net mean Prospective Resources (25 bcf gross) in an undrilled fault block on Dafnah West.

Block 2A (Company, 10% PI)

Block 2A is located offshore Sarawak, Malaysia in the North Luconia hydrocarbon province covering approximately 12,000 km2 in water depths between 100-1,400m.

The main prospect on Block 2A is Kertang which is a well-defined, large, four-way dip closed structural high with over 200 km2 of closure with four target intervals comprising of Cycle I and Cycle II/III Oligo-Miocene reservoirs and shallower Cycle V/VII reservoirs. The prospect exhibits direct hydrocarbon indicators (DHIs) including an overlying gas cloud feature and amplitude brights at the Cycle V/VII level.

The CPR figures, originally published by Seascape on 27 June 2024, have been repeated below for reference and updated for the Company's new net equity position of 10% following the successful farm-out to INPEX CORPORATION ("INPEX") in December last year.

Seascape remains fully carried by INPEX on an uncapped basis through the remaining exploration phase which includes one firm wildcat well and one contingent appraisal well (subject to a commercial discovery).

Ends