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").

 

29 September 2025

 

Seascape Energy Asia plc

 

(the "Company", "Seascape Energy" or "Seascape")

 

Interim results and investor presentation via Investor Meet Company

 

 

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to announce 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

o  Total net 2C Contingent Resources of 63 mmboe (97% gas)

o  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."

 

 

 

Ends

Enquiries:

               

Seascape Energy Asia plc                                                       [email protected]

James Menzies (Executive Chairman)

Nick Ingrassia (Chief Executive)

Pierre Eliet (Executive Director)

               

Stifel (Nomad and Joint Broker)                                             Tel: +44 20 7710 7600

Callum Stewart

Jason Grossman

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 & 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 and has a BA Degree in Earth Sciences from Trinity College, Dublin, a PhD in Geology from Manchester University, UK and is a Fellow of the Geological Society (London).

 

 

Glossary

 

"boe"                    means barrels of oil equivalent

"CPR"                    means Competent Persons Report

"LNG"                   means liquified natural gas

"m"                        means metres

"mmbbl"              means millions of barrels

"NGL"                   means natural gas liquids

"PSC"                    means Production Sharing Contract

"TCF"                     means trillion standard cubic feet

 

 

 

 

SEASCAPE ENERGY ASIA PLC

INTERIM REPORT AND FINANCIAL STATEMENTS

 

 FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025

 

 

 

STRATEGIC REVIEW

 

The continuing focus of the Directors is to secure suitable oil and gas assets in Southeast Asia, that will deliver value and represent an appropriate basis to build on the Company's objective to become a full-cycle E&P company.

 

Southeast Asia is home to over 680 million people, accounting for roughly 8.5% of the world's population and making it one of the most populous regions in the world. With a growing middle class, expanding cities, and improving living standards, the region's population is expected to increase steadily over the coming decades. This demographic growth is closely tied to rising energy needs, as more people gain access to electricity, transportation, and modern infrastructure.

 

Economically, Southeast Asia is a powerhouse of growth, driven by manufacturing, trade, and a booming services sector. The region is experiencing robust GDP growth, while regional integration through initiatives such as the ASEAN Economic Community is strengthening cross-border cooperation and investment. This economic expansion is a major driver of rising energy consumption, particularly in industrial and urban areas.

 

As a result, primary energy demand in Southeast Asia is projected to rise sharply through 2050, with the region becoming one of the largest contributors to global energy demand growth. The need for reliable, affordable, and cleaner energy sources is more pressing than ever, particularly as countries aim to balance economic development with environmental sustainability and energy security.

 

Natural gas is expected to play a critical role. According to Wood Mackenzie, natural gas could account for up to 30% of the region's primary energy mix by 2050. With demand set to outpace both oil and coal, gas is increasingly seen as a transitional fuel that can support industrial activity, power generation, and emissions reduction. Countries such as Malaysia, Thailand, Vietnam, and the Philippines are investing in gas infrastructure, including pipelines, LNG terminals, and gas-fired power plants, to secure long-term supply and reduce reliance on more carbon-intensive fuels.

 

In this context, Seascape is well-positioned to help meet regional energy demands. The Company has successfully built a portfolio of high-quality, gas-weighted development assets offshore Malaysia-highlighting its ability to generate significant value by leveraging its core technical strengths and regional relationships. As these projects advance toward production, Seascape will also seek to capitalize on its competitive advantages to further expand our portfolio both in Malaysia and across the region.

 

OPERATIONS AND ACTIVITY

 

Contingent and Prospective Resources

 

In August, the Company published details of its Contingent and Prospective Resources from a Competent Person's Report ("CPR") commissioned from Sproule ERCE covering the Temaris Cluster ("Temaris", 100% operated) and the priority fields in the DEWA Complex Cluster ("DEWA", 28%).

 

The CPR is seen as an important independent third-party verification of Seascape's resources 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.

 

The highlights of the CPR are as follows:

 

·    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

·    Temaris PSC net 2C Contingent Resources of 276 bcf vs 250 bcf estimated at award

·    Additional Temaris PSC mean Prospective Resources of 683 bcf (114 mmboe) located in amplitude-supported prospects analogous to the existing discoveries

 

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	1,598	15	281

 

 

Temaris Cluster (100% operated) In June Seascape was awarded a 100% operated interest in Temaris in the 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 kms 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 though a DST was not performed at the time of discovery.

 

In addition to the existing Tembakau and Mengkuang discoveries, significant exploration upside exists in the stacked channel sandstone reservoirs which continue across the Temaris PSC. As part of the CPR, Sproule ERCE has also provided Prospective Resources 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 Seascape interpreting the largest prospect, Allamanda, to exhibit a particularly robust and extensive amplitude anomaly. 

 

Seascape anticipates the Temaris PSC prospects to be further derisked following the 3D seismic reprocessing currently underway on the Temaris block.

 

 

DEWA Cluster (28%): Seascape was awarded the DEWA Complex Cluster under the Malaysia Bid Round Plus in October 2024 and is 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 gas columns up to 110 metres 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 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, offshore Sarawak, Malaysia (10%):  Block 2A is located in the North Luconia hydrocarbon province covering approximately 12,000 km² in water depths between 100 -1,400 metres. Block 2A contains the world-class Kertang prospect, located across four Oligo-Miocene reservoirs, which is a well-defined, large, four-way dip structural high with over 220 km2 of closure and exhibits direct hydrocarbon indicators (DHIs) including an overlying gas cloud feature and amplitude bright.

 

In March this year, Seascape completed the farm-out of Block 2A to INPEX CORPORATION. In return for cash consideration of US$10 million with the reimbursement of certain historic costs of ~US$1.0 million, the Company assigned a 42.5% interest in Block 2A and retained a fully carried 10% interest through the remaining exploration phase which includes one firm wildcat well and one contingent appraisal well (subject to a commercial discovery). Since the year end, this transaction completed with the Company receiving cash consideration of US$10 million.  In the event of commercial discovery, the Company will receive further contingent cash consideration of US$10 million.

 

A firm well commitment is expected to be made imminently with the drilling of the Kertang prospect being an important part of INPEX CORPORATION's multi-well, deepwater drilling campaign in Sarawak during 2026/2027.

 

Seascape still retains a material exposure to the Kertang prospect with net unrisked mean prospective resources of ~908 bcf and ~15 mmbbl of NGL (~166 mmboe).

 

 

Financial Results

 

At 30 June 2025 the Group had net cash reserves totalling £8.6 million (1H 2024: £1.3 million) of which £2.0 million is restricted and relates to cash-backed collateralised guarantees provided as security for future work programmes in Malaysia.

 

Exploration and evaluation assets of £500k (1H 2024: £700k) represent capitalised expenditures incurred within Malaysia and are deemed fully recoverable at the balance sheet date.

 

Administrative costs for the period totalled £2.8 million (1H 2024: £3.5 million), of which £0.9 million are considered non-recurring. These non-recurring costs include costs associated with farming down the Malaysian 2A PSC to INPEX, the application of and securing the Temaris PSC, other new venture appraisal costs, changes in fair value of contingent consideration and unrealised foreign exchange losses. When adjusting for these items of non-recurring expenditure, the administrative expenses for the periods are £1.9 million (1H 2024: £2.5 million).

 

The total profit for the period was £5.7 million (1H 2024: loss of £12.5 million) and comprised a loss of £2.5 million (2024: £2.7 million) from continuing operations and a profit of £8.2 million (1H 2024: loss of £9.7 million) from discontinuing operations.

 

The total comprehensive profit for the period included currency translation differences that were taken directly to reserves of £73k (1H 2024: £800k) and totalled £5.8 million (1H 2024: loss of £13.4 million).

 

 

Statement of going concern

The Directors have completed the going concern assessment, taking into account cash flow forecasts up to the end of 2026, sensitivities to those forecasts and stress tests to assess whether the Company and its subsidiaries (together the Group) are a going concern. Having undertaken careful enquiry, the directors are of the view that the Group will not need to access additional funds during the period to meet its current work programme and budget.

 

In the event that the business is presented with opportunities to materially grow its portfolio then it is anticipated that the associated funds will be sourced through asset disposals / farm downs, issuing new equity or a combination of these actions. To the extent that growth opportunities will support debt, this will be considered where appropriate, for example, to support production acquisitions.

 

 

On behalf of the board

 

…………………………………………..

Nicholas Andrew Ingrassia

Director

 

26 September 2025