t
Seascape Energy Asia plc announced its unaudited interim results for the six-month period to 30 June 2026, reporting cash reserves of £7.1 million and a loss for the period of £464k. The Company also raised gross proceeds of £5,040,002 by issuing 7,200,000 new ordinary shares at £0.70 each on 25 March 2026. Concurrently, Executive Chairman James Menzies stepped down from the board on 29 September 2026, with Geraldine Murphy appointed Non-Executive Chair and Haida Hazri becoming Senior Independent Director.
| Date | 30 Sept 2026 |
| Time | 07:02:00 |
| Category | Results |
| ID | 8261W |
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").
30 September 2026
Seascape Energy Asia plc
(the "Company", "Seascape Energy" or "Seascape")
Interim results and investor webcast
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 2026.
Operational Highlights
· Temaris Cluster (SEA 100%) on track for Field Development and Abandonment Plan submission ("FDAP") in Q4 2026, only 18 months from award
o all Front-End Engineering and Design contracts awarded
o key subsurface and well-design studies complete
o third-party export route has been agreed
o significantly improved imaging from 3D seismic reprocessing has identified new, low-risk near-field prospectivity
· Active negotiations underway with PETRONAS Malaysia Petroleum Management regarding the inclusion of additional acreage to the Temaris PSC which contains an extension of the high-quality, channelised Miocene sandstone system
· Temaris farm-out process recently restarted with the benefit of the enlarged prospectivity, mature FDAP and a supportive macro environment, with strong interest received
o Ambition to introduce a high-quality partner prior to FDAP submission
· DEWA Cluster (SEA 28%) export route planned via adjacent Shell-operated E8 field, operator EnQuest remains committed to the project sanction in the next few months
o EnQuest's publicly quoted gross 2C resource figure in-line with Seascape's previously announced, independently verified, resource estimates
· Block 2A (SEA 10%) rig tender is moving into its final stages with award anticipated mid-Q4 2026
o Spud of the Kertang well remains on schedule for summer 2027
o Purchase orders for a significant amount of well equipment have been issued
o Debris survey at the well location planned for Q1 2027
Financial Highlights
· Cash reserves of £7.1 million (1H 2025: £6.2 million), including £2.2 million of restricted cash related to guarantees provided as security for future work programmes in Malaysia
o £1.3 million cash-backed guarantees released post period end
· Administrative costs of £0.6 million (1H 2025: £2.8 million) reflecting tight cost controls and capitalisation of personnel and administrative expenses relating to the Temaris project
· Macquarie Bank Limited exclusively mandated as sole Structuring and Technical & Modelling Bank for a debt facility to fund development expenditure
o Discussions progressed to the detailed term sheet stage
o Engagement with the wider lending market underway
Outlook
Seascape has made material operational progress across its gas-weighted Malaysian portfolio during the period. In parallel, the Company has progressed partnering and financing initiatives, including workstreams directed toward securing a strategic partner and exploring multiple debt financing routes to support development funding.
Taken together, these achievements leave the Company well positioned to deliver significant gas production from its Malaysian portfolio by 2028 and deliver superior full-cycle value for shareholders.
Board Changes
As announced separately today, Executive Chairman James Menzies has stepped down from the board to focus on his continuing recovery from a serious cycling accident.
Geraldine Murphy has been appointed Non-Executive Chair on a permanent basis and Haida Hazri, currently Non-Executive Director, has been appointed Senior Independent Director and Chair of the Audit Committee.
Investor Meet Company
Nick Ingrassia (CEO) and Pierre Eliet (Executive Director, Chairman Malaysia) will provide a live presentation via Investor Meet Company on 1 October 2026 at 10:00 BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 30 September 2026, 09:00 BST, or at any time during the live 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 on the Investor Meet Company platform have been invited automatically.
Ends
|
|
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
"2C Resources" means those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources are a class of discovered recoverable resources
"bcf" means billion cubic feet
"bnboe" means billion barrels of oil equivalent
"boepd" means barrels of oil equivalent per day
"CPR" means Competent Persons Report
"FDAP" means Field Development and Abandonment Plan
"GW" means gigawatt(s)
"LNG" means liquified natural gas
"mmbbls" means million barrels
"mmboe" means million barrels of oil equivalent
"mmscfd" means million standard cubic feet per day
"MMstb" means million stock tank barrels
"NGL" means natural gas liquids
"PSC" means Production Sharing Contract
"SFA" means Small Field Area
"tcf" means trillion cubic feet
STRATEGIC REVIEW
The continuing focus of the Company is to build an E&P company in Southeast Asia through the exploration, development and acquisition of a portfolio of oil and gas assets that, when aggregated, deliver superior full-cycle value for shareholders.
Southeast Asia is home to more than 680 million people, approximately 8.5% of the global total, and a population that continues to grow, urbanise and move into the middle class. It is also one of the world's most dynamic economic regions, with a combined GDP now in excess of US$4 trillion and growth forecast at 4.2-4.5% for 2026 - roughly double that of the advanced economies. Growth is broadly based rather than reliant on any single market: manufacturing and export relocation are driving Vietnam and Malaysia, while domestic consumption, services and infrastructure investment underpin Indonesia and the Philippines. Deepening integration through the ASEAN Economic Community continues to support cross-border investment and, with it, industrial and urban energy consumption.
A newer and increasingly material driver is the region's digital infrastructure build-out. Data centres, fuelled by cloud computing and artificial intelligence, have become a distinct load category: the International Energy Agency expects Southeast Asian data-centre electricity demand to more than double by 2030, while Wood Mackenzie forecasts regional data-centre power demand quadrupling from 2.6 GW to 10.7 GW between 2025 and 2035. Malaysia is at the centre of this trend, holding around 60% of the region's proposed project pipeline and expected to lead regional data-centre load by 2035. Because these facilities require continuous, firm, high-quality power, they reinforce rather than displace the need for dispatchable gas-fired generation.
Together, these drivers place Southeast Asia on course to account for approximately 25% of global energy demand growth to 2035, with electricity demand growing at around 5.3% per annum over 2026-2030. The requirement for reliable, affordable and cleaner energy has become increasingly pronounced as governments balance economic development against energy security and environmental objectives.
Natural gas is expected to be central to meeting this demand. According to Wood Mackenzie, gas could account for up to 30% of the region's primary energy mix by 2050, with demand growth outpacing both oil and coal. Malaysia, Thailand, Vietnam and the Philippines continue to invest in pipelines, LNG terminals and gas-fired generation to secure long-term supply and reduce reliance on more carbon-intensive fuels.
Against this backdrop, the Directors believe Seascape is well positioned to contribute to meeting the region's energy needs. The Company has established a portfolio of high-quality, gas-weighted development assets offshore Malaysia, reflecting its ability to generate meaningful value from its core technical capabilities and established regional relationships. As these projects advance towards production, the Company intends to build on these strengths to expand its portfolio, both within Malaysia and across the wider region.
OPERATIONS AND ACTIVITY
Seascape made material operational progress across its gas-weighted Malaysian portfolio during the period. In parallel, the Company progressed partnering and financing initiatives, including workstreams directed toward securing a strategic partner and exploring multiple debt financing routes to support development funding.
Taken together, these achievements leave the Company well positioned to deliver significant gas production from its Malaysian portfolio by 2028.
Temaris SFA PSC
At its operated Temaris Cluster (SEA 100%), the Company remains on track to submit its Field Development and Abandonment Plan ("FDAP") in Q4 2026 - just 18 months from award. The initial development targets the Tembakau gas field (certified net 2C contingent resources of 246 bcf, or 41 mmboe) via two unmanned wellhead platforms tied back to existing infrastructure. First production is expected during H2 2028 at a plateau of 100 mmscfd (~17,000 boepd) with clear growth potential.
All Front-End Engineering and Design ("FEED") contracts have been awarded following competitive tendering processes, key subsurface and well-design studies are complete, including drilling locations, and the third-party export route has been agreed with commercial discussions progressing. Indicative costs remain in-line with expectations, supporting strong returns from this short-cycle project.
A newly completed Multi-Parameter Full Waveform Inversion 3D seismic reprocessing study has significantly improved subsurface imaging of Tembakau and identified new, low-risk near-field prospectivity on trend, which is now being incorporated into development planning which includes several low-cost design features, such as additional well-slots and an upsized pipeline, which increase the flexibility to rapidly monetise any incremental discoveries in the area.
Seascape is currently in active negotiations with PETRONAS Malaysia Petroleum Management ("MPM") regarding the potential inclusion of additional acreage to the Temaris PSC. The additional area contains an extension of the high-quality, channelised Miocene sandstone system identified by Seascape's technical evaluation of the area. The area remains subject to final commercial agreement and approval by MPM in the coming months and the additional firm work commitments are anticipated to be met from the Company's existing cash resources.
Temaris Farm-out
Following the progress made in securing an expanded acreage footprint around the Temaris PSC, Seascape has now restarted the Temaris farm-out process with the benefit of the enlarged prospectivity, a rapidly maturing FDAP and a supportive macro environment.
The Company continues to receive strong interest in the process for this uniquely positioned asset in a geographically advantaged location and Seascape's ambition is to introduce a high-quality partner into the Temaris PSC prior to FDAP submission in late Q4 2026.
DEWA SFA PSC
During the period at the DEWA Cluster (SEA 28%), operator EnQuest plc completed initial development and concept planning for produced gas to be transported to the MLNG plant in Bintulu through adjacent facilities at the E8 field (operated by Shell) which is supported by PETRONAS. EnQuest remains committed to the project and continues to target sanction for approximately the end of 2026 and deliver production no later than 2030 to align with the expected availability of system capacity.
EnQuest's publicly quoted gross 2C resource figure of 350 bcf and approximately 6 MMstb of condensate for DEWA's initial cluster development is in-line with Seascape's previously announced, independently verified, resource estimates.
The Company views EnQuest's recent Malaysian acquisition and pivot towards Southeast Asia as a positive endorsement of the region and of the value Seascape's own asset base.
Block 2A PSC
Work during the first half of 2026 on Block 2A (SEA 10%) by operator INPEX CORPORATION ("INPEX") has focused on detailed drilling plans to test the giant Kertang prospect (certified gross mean unrisked prospective resources of 9.1 Tcf and 145 mmbbls of NGL, or 1.7 bnboe) including the final well design, drilling location and data acquisition programme.
Seascape has recently been informed by INPEX that the rig tender is moving into its final stages with an award now anticipated in mid-Q4 2026. INPEX has confirmed that the timing of the rig award is not expected to impact the planned spud of the Kertang well, which remains scheduled for summer 2027. Purchase orders for a significant amount of well equipment and materials have now been issued and a debris survey at the well location is planned for Q1 2027.
Financing
During the period, Seascape exclusively mandated Macquarie Bank Limited as sole Structuring and Technical & Modelling Bank for a debt facility to fund its development expenditure. Discussions have progressed to the detailed term sheet stage and the Company has begun to engage with the wider market as part of its process to select its core lending group and secure commitments alongside FDAP submission.
Growth
The Company continues to pursue opportunities to grow its portfolio in Malaysia and the wider Southeast Asian region consistent with its strategy, financial capacity and disciplined approach to capital allocation.
Board Changes
Following period end it was announced that Executive Chairman, James Menzies, has stepped down from the board to focus on his continuing recovery from a serious cycling accident in the summer.
Geraldine Murphy, currently Interim Non-Executive Chair, has been appointed Non-Executive Chair on a permanent basis, continuing her strong support of the Company and its growth strategy. Additionally, Haida Hazri, currently Non-Executive Director, has been appointed Senior Independent Director and Chair of the Audit Committee.
Financial Results
At 30 June 2026 the Group had net cash reserves totalling £7.1 million (31 December 2025: £6.2 million) of which £2.2 million (31 December 2025: £2.1 million) is restricted and relates to cash-backed collateralised guarantees provided as security for future work programmes in Malaysia. As at the signature date of these financial statements, Seascape has received £1.3 million from the release of restricted cash balances following the fulfilment of certain work scopes on Temaris, improving the unrestricted cash position.
Exploration and evaluation assets of £5.9 million (2025: £2.9 million) represent capitalised expenditure incurred within Malaysia which are deemed fully recoverable at the balance sheet date. The increase during the period was primarily attributable to capitalised pre-development costs relating to the Temaris project, including seismic reprocessing, drilling and wells related activities, FEED engineering, feasibility and sedimentology studies, and other activities undertaken to advance the project towards the development phase.
Administrative costs for the period totalled £585k (1H 2025: £2.8 million). The reduction from the prior period primarily reflects the capitalisation of personnel and administrative expenses relating to the Temaris project as exploration and evaluation assets from July 2025 onwards, resulting in lower administrative expenses being recognised in the income statement for the period ended 30 June 2026.
The non-recurring costs (refer to Note 6) of £37k (1H 2025: £888k) primarily relate to data storage subscription costs associated with the farm-out exercise (1H 2025: 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 £547k (1H 2025: £1.9 million).
The total loss for the period was £464k (1H 2025: profit of £5.7 million) and comprised a loss of £464k (2025: £2.5 million) from continuing operations and a profit of £ nil (1H 2025: profit of £8.2 million) from discontinuing operations.
The total comprehensive loss for the period included currency translation losses £29k (1H 2025: gain of £73k), which were recognised directly in the reserves, resulting in a total comprehensive loss of £493k (1H 2025: income of £5.8 million).
Statement of going concern
The Directors have completed the going concern assessment, taking into account cash and forecasts up to December 2027, 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 order to make a Final Investment Decision on its development assets, or make a substantial acquisition, the Group will require further funding. However, the timing and associated quantum will generally be at the discretion of the Group. Any required financing will be sourced through a combination of farm-downs, debt instruments and potentially new equity capital if required.
On behalf of the board
Nicholas Andrew Ingrassia
Director
29 September 2026
|
|
|
|
|
Six-months ended 30 June 2026 |
|
Six-months ended 30 June 2025 |
|
|
|
|
|
unaudited |
|
unaudited |
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
Other income |
4 |
|
|
- |
|
209,878 |
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(585,066) |
|
(2,822,246) |
|
Operating loss |
|
|
|
(585,066) |
|
(2,612,368) |
|
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
(7,037) |
|
(27,063) |
|
|
|
|
|
|
|
|
|
Finance income |
|
|
|
26,441 |
|
- |
|
|
|
|
|
|
|
|
|
Investment income |
5 |
|
|
101,550 |
|
111,877 |
|
Loss before taxation from continuing operations |
6 |
|
|
(464,112) |
|
(2,527,554) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
- |
|
- |
|
Loss for the period from continuing operations |
|
|
|
(464,112) |
|
(2,527,554) |
|
Profit for the period from discontinued operations, net of tax |
7 |
|
|
- |
|
8,206,361 |
|
(Loss)/profit for the period |
|
|
|
(464,112) |
|
5,678,807 |
|
|
|
|
|
|
|
|
|
Other comprehensive (expense)/income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation differences from continuing operations |
|
|
|
(28,728) |
|
73,373 |
|
Total items that may be reclassified to profit or loss |
|
|
|
(28,728) |
|
73,373 |
|
Total other comprehensive (loss)/income for the period |
|
|
|
(28,728) |
|
73,373 |
|
Total comprehensive (loss)/income for the period |
|
|
|
(492,840) |
|
5,752,180 |
|
|
|
|
|
|
|
|
|
Earnings/(losses) per share |
8 |
|
|
Pence |
|
Pence |
|
|
|
|
|
|
|
|
|
Basic - continuing |
|
|
|
(0.69) |
|
(4.01) |
|
|
|
|
|
|
|
|
|
Basic - discontinued |
|
|
|
- |
|
13.03 |
|
|
|
|
|
|
|
|
|
Diluted - discontinued |
|
|
|
- |
|
0.11 |
|
|
|
|
|
|
|
|
|
|
Notes |
|
|
30 June 2026 |
|
31 December 2025 |
|
|
|
|
|
unaudited |
|
audited |
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Intangible assets |
9 |
|
|
5,915,711 |
|
2,924,227 |
|
Property, plant and equipment |
|
|
|
23,751 |
|
27,301 |
|
Other financial assets |
10 |
|
|
1,458,586 |
|
1,409,055 |
|
|
|
|
|
7,398,048 |
|
4,360,583 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Trade and other receivables |
11 |
|
|
513,770 |
|
322,964 |
|
Cash and cash equivalents |
12 |
|
|
4,943,441 |
|
4,120,638 |
|
Restricted cash and bank |
12 |
|
|
2,181,384 |
|
2,105,769 |
|
|
|
|
|
7,638,595 |
|
6,549,371 |
|
Total assets |
|
|
|
15,036,643 |
|
10,909,954 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Trade and other payables |
13 |
|
|
833,025 |
|
925,456 |
|
Provisions |
14 |
|
|
- |
|
694,384 |
|
|
|
|
|
833,025 |
|
1,619,840 |
|
Net current assets |
|
|
|
6,805,570 |
|
4,929,531 |
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Other financial liabilities |
15 |
|
|
300,284 |
|
290,087 |
|
Total liabilities |
|
|
|
1,133,309 |
|
1,909,927 |
|
Net assets |
|
|
|
13,903,334 |
|
9,000,027 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Called up share capital |
16 |
|
|
7,033,913 |
|
6,312,798 |
|
Share premium account |
16 |
|
|
40,813,440 |
|
36,880,949 |
|
Other reserves |
|
|
|
450,000 |
|
450,000 |
|
Share option reserve |
|
|
|
1,917,557 |
|
1,177,579 |
|
Currency translation reserve |
|
|
|
8,444 |
|
37,172 |
|
Accumulated losses |
|
|
|
(36,320,020) |
|
(35,858,471) |
|
Total equity |
|
|
|
13,903,334 |
|
9,000,027 |
|
|
|
|
|
|
|
|
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2026 and are signed on its behalf by:
Nicholas Andrew Ingrassia
Director
29 September 2026
|
|
|
Called up Share Capital |
|
Share Premium Account |
|
Other reserves |
|
Share option reserve |
|
Currency translation reserve |
|
Accumulated losses |
|
Total |
|
|
Notes |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2025 |
|
6,281,895 |
|
36,809,420 |
|
450,000 |
|
466,198 |
|
(6,872) |
|
(41,335,681) |
|
2,664,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 30 June 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
- |
|
- |
|
- |
|
- |
|
- |
|
5,678,807 |
|
5,678,807 |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign currency translation from subsidiaries |
|
- |
|
- |
|
- |
|
- |
|
73,373 |
|
- |
|
73,373 |
|
Share-based payments |
|
- |
|
- |
|
- |
|
351,334 |
|
- |
|
- |
|
351,334 |
|
Transfers to reserves |
|
- |
|
- |
|
- |
|
(21,774) |
|
- |
|
21,774 |
|
- |
|
Issue of share capital |
|
27,888 |
|
71,529 |
|
- |
|
- |
|
- |
|
- |
|
99,417 |
|
Balance at 30 June 2025 |
|
6,309,783 |
|
36,880,949 |
|
450,000 |
|
795,758 |
|
66,501 |
|
(35,635,100) |
|
8,867,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 31 December 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(236,423) |
|
(236,423) |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign currency translation from subsidiaries |
|
- |
|
- |
|
- |
|
|
|
(29,329) |
|
- |
|
(29,329) |
|
Share-based payments |
|
- |
|
- |
|
- |
|
394,873 |
|
- |
|
- |
|
394,873 |
|
Transfers to reserves |
|
- |
|
- |
|
- |
|
(13,052) |
|
- |
|
13,052 |
|
- |
|
Issue of share capital |
|
3,015 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
3,015 |
|
Balance at 31 December 2025 |
|
6,312,798 |
|
36,880,949 |
|
450,000 |
|
1,177,579 |
|
37,172 |
|
(35,858,471) |
|
9,000,027 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
|
Called up Share Capital |
|
Share Premium Account |
|
Other reserves |
|
Share option reserve |
|
Currency translation reserve |
|
Accumulated losses |
|
Total |
|
|
Notes |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
GROUP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2026 |
|
6,312,798 |
|
36,880,949 |
|
450,000 |
|
1,177,579 |
|
37,172 |
|
(35,858,471) |
|
9,000,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 30 June 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(464,112) |
|
(464,112) |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign currency translation from subsidiaries |
|
- |
|
- |
|
- |
|
- |
|
(28,728) |
|
- |
|
(28,728) |
|
Share-based payments |
|
- |
|
- |
|
- |
|
742,541 |
|
- |
|
- |
|
742,541 |
|
Transfers to reserves |
|
- |
|
- |
|
- |
|
(2,563) |
|
- |
|
2,563 |
|
- |
|
Issue of share capital |
16 |
721,115 |
|
4,320,002 |
|
- |
|
- |
|
- |
|
- |
|
5,041,117 |
|
Cost of shares issued |
16 |
- |
|
(387,511) |
|
- |
|
- |
|
- |
|
- |
|
(387,511) |
|
Balance at 30 June 2026 |
|
7,033,913 |
|
40,813,440 |
|
450,000 |
|
1,917,557 |
|
8,444 |
|
(36,320,020) |
|
13,903,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes |
|
|
Six-months ended 30 June 2026 |
|
Six-months ended 30 June 2025 |
|
|
|
|
|
unaudited |
|
unaudited |
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
Cash flow from operating activities |
|
|
|
|
|
|
|
Cash used by continuing operations 1 |
17 |
|
|
(851,430) |
|
(3,069,739) |
|
Cash generated by operating activities from discontinued operations |
18 |
|
|
- |
|
165,485 |
|
|
|
|
|
|
|
|
|
Net cash used in operating activities 2 |
|
|
|
(851,430) |
|
(2,904,254) |
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
|
(2,937) |
|
(11,599) |
|
Purchase of exploration and evaluation assets |
9 |
|
|
(2,905,083) |
|
(328,277) |
|
Interest received |
|
|
|
101,550 |
|
112,303 |
|
Investing activities from discontinued operations |
|
|
|
- |
|
(40,782) |
|
Proceeds from disposal of investment in subsidiary |
7 |
|
|
- |
|
8,740,023 |
|
Cash (used in)/generated from investing activities |
|
|
|
(2,806,470) |
|
8,471,668 |
|
Movement in restricted cash and bank balances |
|
|
|
(40,511) |
|
(1,529,634) |
|
|
|
|
|
|
|
|
|
Net cash (used in)/generated from investing activities |
|
|
|
(2,846,981) |
|
6,942,034 |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
Proceeds from issuance of ordinary shares, representing net cash generated from financing activities |
|
|
|
4,653,606 |
|
- |
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
|
955,195 |
|
4,037,780 |
|
Cash and cash equivalents at beginning of the period |
|
|
|
4,120,638 |
|
2,783,262 |
|
Foreign exchange 2 |
|
|
|
(132,392) |
|
(190,101) |
|
Cash and cash equivalents at end of the period |
12 |
|
|
4,943,441 |
|
6,630,941 |
|
|
|
|
|
|
|
|
|
Relating to: |
|
|
|
|
|
|
|
Bank balances and short-term deposits |
|
|
|
7,124,825 |
|
8,646,963 |
|
Cash restricted in use |
|
|
|
(2,181,384) |
|
(2,016,022) |
|
|
12 |
|
|
4,943,441 |
|
6,630,941 |
|
|
|
|
|
|
|
|
1 The comparative cash used by continuing operations for the financial period ended 30 June 2025 have been reclassified to conform with the current period presentation. The reclassification relates to the presentation of unrealised foreign exchange within the operating cash flow and foreign exchange effects on cash and cash equivalents. The reclassification has no impact on net cash flows or the loss for the period. Further details of the reclassification are set out in Note 17.
2 Following the reclassification, the comparative amounts for net cash used in operating activities and foreign exchange effects on cash and cash equivalents have been revised to £2,904,254 and £190,101, respectively.
1.1 Company information
Seascape Energy Asia plc is an AIM public quoted company, limited by shares, incorporated in England and Wales. The registered office is 5th Floor, One New Change, London, EC4M 9AF. The principal activities of the Company and its subsidiaries are to responsibly explore, develop and produce hydrocarbons, particularly gas.
1.2 Accounting convention
The financial statements have been prepared under IAS 34, Interim Financial Reporting, in accordance with UK adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") and with those parts of the Companies Act 2006 applicable to companies reporting under UK adopted IAS.
The financial statements are prepared in British pounds sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The accounting policies adopted in the preparation of the consolidated interim financial statements are consistent with those followed in the preparation of the Group's consolidated financial statements for the year ended 31 December 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Several amendments and interpretations apply for the first time in 2026. The adoption of these Standards has not resulted in any material impact to the Group's results as reported within these financial statements.
1.3 Going concern
The Directors have completed the going concern assessment, taking into account cash and forecasts up to December 2027, 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 order to make a Final Investment Decision on its development assets, or make a substantial acquisition, the Group will require further funding. However, the timing and associated quantum will generally be at the discretion of the Group. Any required financing will be sourced through a combination of farm-downs, debt instruments and potentially new equity capital if required.
In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Exploration and evaluation assets
The Group takes into consideration whether the exploration assets have suffered any impairment, taking into consideration licence status, planned expenditures, the results of the drilling to date, and the likelihood of reserves being found. The Group evaluated information from third parties in making these assessments, where available and these judgements can be subject to change should further information becomes available. Refer to Note 9 for the key assumptions on the impairment review of exploration and evaluation assets.
Expected credit loss
Analysis, which considers both historical and forward looking qualitative and quantitative information is performed by Management to determine whether the credit risk has significantly increased since the time the receivable was initially recognised. Management considers the expected credit losses ("ECL") in accordance with IFRS 9 for the current receivables balances at Group level to be minimal, in view that these companies have no history of default and payment is made in a short period. Refer to Note 11 for the ECL review of trade and other receivables.
Fair value of other financial assets
Estimates and judgements were applied in determining the fair value of contingent assets held by the Group as a result of the disposal of INPEX Malaysia E&P (2A) Limited ("INPEX 2A") formerly Longboat Energy (2A) Limited to INPEX. Management exercised judgement in assessing the expected recoverability and timing of future cash flows associated with these assets, taking into account the terms of the underlying arrangements, relevant project developments and any changes in circumstances up to the reporting date. Where applicable, the expected future cash flows were incorporated into a fair value assessment and discounted using an estimated discount rate to determine the carrying value of the financial asset to be recognised. As disclosed in Note 10, other financial assets remain subject to ongoing estimation and judgement, particularly where the recoverability or timing of settlement is dependent on future events or project outcomes. Refer to Note 10 for the estimates and judgements applied in determining the fair value of other financial assets.
Fair value of financial liabilities payable
Estimate and judgement were applied in fair valuing the contingent consideration payable for the acquisition of Seascape Energy (2A) Limited ("SE 2A") in 2023. Management applied judgement in determining the likelihood of all possible scenarios and this was modelled into a weighted fair value calculation, which was discounted, using an estimated discount rate, to establish the current value of the financial liability payable to be recognised. As disclosed in Note 15, the financial liability was made up of 3 tranches. Tranche 1 was settled in 2023 and tranche 2 was settled in 2025 upon the completion of the farmout of 2A PSC to INPEX. Only tranche 3 remains as contingent on a successful hydrocarbon discovery over a certain volume threshold and therefore subject to ongoing estimation and judgement. Refer to Note 15 for the estimates and judgement applied in determining the fair value of financial liabilities.
During the period, the Group had two reportable operating segments: Malaysia and Head Office. Non-current assets and operating liabilities are located in Malaysia, whilst the majority of current assets are carried at Head Office. The Group has not yet commenced production and therefore has no revenue. Each reportable segment adopts the same accounting policies. The operating segment's operating results are reviewed by executive directors and the audit committee to make decisions about resources to be allocated to the segment and assess its performance, for which discrete financial information is available.
In IFRS 8 'Operating Segments' the following table reconciles the operational profit/(loss) and the assets and liabilities of each reportable segment with the consolidated figures presented in these Financial Statements.
|
|
Malaysia |
Head Office |
Total |
|
30 June 2026 |
£ |
£ |
£ |
|
Loss from operations |
(325,605) |
(259,461) |
(585,066) |
|
Finance (cost)/income |
(1,689) |
21,093 |
19,404 |
|
Investment income |
46,668 |
54,882 |
101,550 |
|
Loss for the period |
(280,626) |
(183,486) |
(464,112) |
|
|
Malaysia |
Head Office |
Total |
|
30 June 2026 |
£ |
£ |
£ |
|
Total assets by reportable segment |
9,324,230 |
5,712,413 |
15,036,643 |
|
Total assets |
9,324,230 |
5,712,413 |
15,036,643 |
|
Total liabilities by reportable segment |
(646,075) |
(487,234) |
(1,133,309) |
|
Total liabilities |
(646,075) |
(487,234) |
(1,133,309) |
|
|
Malaysia |
Head Office |
Total |
|
30 June 2025 |
£ |
£ |
£ |
|
Loss from operations |
(515,523) |
(2,096,845) |
(2,612,368) |
|
Finance cost |
(19,265) |
(7,798) |
(27,063) |
|
Investment income |
15,954 |
95,923 |
111,877 |
|
Loss before tax from continued operations |
(518,834) |
(2,008,720) |
(2,527,554) |
|
Gain from discontinued operations |
- |
8,206,361 |
8,206,361 |
|
(Loss)/profit for period |
(518,834) |
6,197,641 |
5,678,807 |
|
|
Malaysia |
Head Office |
Total |
|
31 December 2025 |
£ |
£ |
£ |
|
Total assets by reportable segment |
6,508,104 |
4,401,850 |
10,909,954 |
|
Total assets |
6,508,104 |
4,401,850 |
10,909,954 |
|
Total liabilities by reportable segment |
(879,226) |
(1,030,701) |
(1,909,927) |
|
Total liabilities |
(879,226) |
(1,030,701) |
(1,909,927) |
|
|
|
|
Six-month period ended 30 June 2026 |
|
Six-month period ended 30 June 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Other income |
|
|
- |
|
209,878 |
|
|
|
|
|
|
|
For the period ended 30 June 2025, other income included a fee recharge with respect to manpower and management services provided by Seascape Energy (SE Asia) Sdn. Bhd. to INPEX 2A. Following the disposal of the Group's interest in INPEX 2A on 17 March 2025, the related service agreements were terminated and no further recharges were recognised thereafter.
|
|
|
|
Six-month period ended 30 June 2026 |
|
Six-month period ended 30 June 2025 |
|
|
|
|
£ |
|
£ |
|
Interest income |
|
|
|
|
|
|
Bank deposits |
|
|
101,550 |
|
111,877 |
|
|
|
|
|
|
|
Investment income comprises bank deposit interest earned from unrestricted and restricted current cash accounts, alongside fixed term deposit interest. The interest rate earned from bank deposits during the period ended 30 June 2026 ranged from 1.85% to 3.55% (30 June 2025: 4.3% to 4.55%).
Operating loss for the period is stated after charging:
|
|
|
|
Six-month period ended 30 June 2026 |
|
Six-month period ended 30 June 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Fees accrued for the year-end audit of the Parent Company and consolidated financial statements: |
|
|
|
|
|
|
Current auditor |
|
|
31,250 |
|
32,500 |
|
|
|
|
|
|
|
|
Fees accrued for the year-end audit of the subsidiary financial statements: |
|
|
|
|
|
|
Subsidiary's Malaysian auditor |
|
|
5,285 |
|
6,177 |
|
|
|
|
|
|
|
|
Fees accrued for non-audit services |
|
|
|
|
|
|
Current auditor |
|
|
3,000 |
|
5,000 |
|
|
|
|
|
|
|
|
Depreciation of property, plant and equipment |
|
|
6,699 |
|
3,933 |
|
|
|
|
|
|
|
|
Amortisation of intangible assets |
|
|
4,982 |
|
- |
|
|
|
|
|
|
|
|
Non-recurring legal, professional and business development expenditures |
|
|
37,589 |
|
887,881 |
On 17 March 2025, the Company completed the sale of its wholly-owned subsidiary, INPEX 2A to INPEX Corporation for initial cash consideration of $10 million plus the reimbursement of historic costs and further contingent cash consideration of $10 million payable on a commercial discovery.
The assets and liabilities of INPEX 2A ceased to be consolidated by the Group following loss of control. The profit or loss of the entity is shown as discontinued operations.
|
|
|
|
Six-month period ended 30 June 2026 |
|
Six-month period ended 30 June 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Other income |
|
|
- |
|
9,669 |
|
Expenses excluding exploration write-offs |
|
|
- |
|
(5,229) |
|
Profit before tax on discontinued operations |
|
|
- |
|
4,440 |
|
|
|
|
|
|
|
|
Gain on disposal 1 |
|
|
- |
|
8,201,921 |
|
|
|
|
|
|
|
|
Total profit after tax from discontinued operations |
|
|
- |
|
8,206,361 |
|
|
|
|
|
|
|
|
Profit per share from discontinued operations (Note 8): |
|
|
|
|
|
|
Basic |
|
|
- |
|
13.03 |
|
Diluted |
|
|
- |
|
0.11 |
1 At the date of disposal, the fair value of the subsidiary was calculated based on the fair value of the consideration received.
|
|
|
|
|
|
Six-month period ended 30 June 2025 |
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
|
Fair value consideration |
|
|
|
|
8,740,023 |
|
Net assets at date of loss of control |
|
|
|
|
(538,102) |
|
Gain on disposal |
|
|
|
|
8,201,921 |
|
|
|
|
|
|
|
At the date of completion, the assets and liabilities of INPEX 2A were deconsolidated reflecting the disposal of the subsidiary. Details of the balances at the date of completion are shown below:
|
Assets and liabilities deconsolidated |
|
|
17 March 2025 |
|
|
|
|
£ |
|
|
|
|
|
|
Intangible assets |
|
|
650,229 |
|
Trade and other receivables |
|
|
67,844 |
|
Cash and bank balances |
|
|
79,398 |
|
Total assets |
|
|
797,471 |
|
|
|
|
|
|
Trade and other payables |
|
|
(243,230) |
|
Other current liabilities |
|
|
(16,139) |
|
Total liabilities |
|
|
(259,369) |
|
|
|
|
|
|
Net assets
|
|
|
538,102 |
|
|
|
|
|
|
|
|
|
Six-month period ended 30 June 2026 |
|
Six-month period ended 30 June 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Number of shares |
|
|
|
|
|
|
Weighted average number of ordinary shares for basic earnings per share |
|
|
66,995,458 |
|
62,980,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares for diluted earnings per share |
|
|
66,995,458 |
|
62,980,721 |
|
Weighted average number of share options for diluted earnings per share |
|
|
11,575,382 |
|
9,127,642 |
|
|
|
|
78,570,840 |
|
72,108,363 |
|
|
|
|
|
|
|
|
Earnings/ (losses) |
|
|
|
|
|
|
Earnings/ (losses) for basic and diluted losses per share being net loss attributable to equity shareholders of the Group for: |
|
|
|
|
|
|
Continuing operations |
|
|
(464,112) |
|
(2,527,554) |
|
Discontinued operations |
|
|
- |
|
8,206,361 |
|
|
|
|
|
|
|
|
Earnings/ (losses) per share (expressed in pence) |
|
|
|
|
|
|
Basic from continuing operations |
|
|
(0.69) |
|
(4.01) |
|
Basic from discontinued operations |
|
|
- |
|
13.03 |
|
|
|
|
|
|
|
|
Diluted from discontinued operations |
|
|
- |
|
0.11 |
Basic and diluted earnings/(losses) per share are calculated by dividing the earnings/(losses) attributable to ordinary shareholders by the weighted average number of shares outstanding during the period. During the period, 11,575,382 share options and awards were excluded from the dilutive calculation as they are anti-dilutive (2025: profit and therefore nil).
|
|
Exploration and evaluation assets |
|
Software |
|
Total |
|
|
£ |
|
£ |
|
£ |
|
Cost |
|
|
|
|
|
|
At 31 December 2025 and 1 January 2026 |
2,899,357 |
|
29,844 |
|
2,929,201 |
|
Additions |
2,905,083 |
|
- |
|
2,905,083 |
|
Foreign currency adjustments |
91,049 |
|
489 |
|
91,538 |
|
At 30 June 2026 |
5,895,489 |
|
30,333 |
|
5,925,822 |
|
|
|
|
|
|
|
|
Accumulated amortisation |
|
|
|
|
|
|
At 31 December 2025 and 1 January 2026 |
- |
|
4,974 |
|
4,974 |
|
Amortisation for the period |
- |
|
4,982 |
|
4,982 |
|
Foreign currency adjustments |
- |
|
155 |
|
155 |
|
At 30 June 2026 |
- |
|
10,111 |
|
10,111 |
|
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
At 31 December 2025 |
2,899,357 |
|
24,870 |
|
2,924,227 |
|
At 30 June 2026 |
5,895,489 |
|
20,222 |
|
5,915,711 |
|
|
|
|
|
|
|
The addition during the period was primarily attributable to capitalised pre-development costs relating to the Temaris project, including seismic reprocessing, drilling and wells related activities, FEED engineering, feasibility and sedimentology studies, and other activities undertaken to advance the project towards the development phase.
The Group reviews its exploration and evaluation assets for indicators of impairment when facts and circumstances suggest that the carrying amount of an asset or cash-generating unit ("CGU") may exceed its recoverable amount.
In performing the review, the Group considered, amongst others:
(i) the validity and remaining tenure of exploration licenses;
(ii) the intention to continue exploration and evaluation activities;
(iii) substantive planned and budgeted expenditure;
(iv) results of exploration activities and technical evaluations; and
(v) the potential for commercial hydrocarbon discoveries.
As at 30 June 2026, a review of impairment indicators under IFRS 6 was undertaken, the results of which were that no facts or circumstances existed at the balance sheet date that indicated an impairment of the Group's exploration and evaluation assets. A full Impairment Assessment was therefore not undertaken.
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
|
At 31 December 2025 and 1 January 2026 |
|
|
|
|
1,409,055 |
|
Foreign exchange |
|
|
|
|
23,090 |
|
Unwinding of discount |
|
|
|
|
26,441 |
|
|
|
|
|
|
|
|
At 30 June 2026 |
|
|
|
|
1,458,586 |
|
|
|
|
|
|
|
On 17 March 2025, the Company completed the sale of its wholly-owned subsidiary, INPEX 2A to INPEX Corporation for an initial cash consideration of $10 million plus the reimbursement of historic costs and further contingent cash consideration of $10 million payable on a commercial discovery.
The contingent cash consideration has been classified as a financial asset under IFRS 9, and as such has been recognised within the financial statements.
As with the financial liability associated with Block 2A (see Note 15) to calculate the fair value of the consideration, the weighted average geological chance of success based on the third-party Competent Persons Report of June 2024 was calculated. The asset was then discounted back to its present value using a suitable risk-free rate, in this instance the UK 3-Year Gilt rate of 3.758% as at 30 June 2026.
|
|
|
|
Six-month period ended 30 June 2026 |
|
Year ended 31 December 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
Receivables from joint venture |
|
|
121,224 |
|
76,499 |
|
VAT recoverable |
|
|
49,664 |
|
41,318 |
|
Other receivables |
|
|
4,868 |
|
11,430 |
|
Deposits |
|
|
7,043 |
|
6,936 |
|
Prepayments |
|
|
330,971 |
|
186,781 |
|
|
|
|
|
|
|
|
|
|
|
513,770 |
|
322,964 |
|
|
|
|
|
|
|
The directors consider that the carrying amount of trade and other receivables approximates to their fair value.
As at 30 June 2026, the management assessed the expected credit losses associated with the Group's receivable balances in accordance with IFRS 9. The assessment considered both historical loss experience and forward-looking information. Based on the review performed, no material expected credit losses were identified and accordingly, no ECL provision has been recognised.
|
|
|
|
Six-month period ended 30 June 2026 |
|
Year ended 31 December 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Cash and bank balances |
|
|
7,124,825 |
|
6,226,407 |
|
|
|
|
|
|
|
|
Less: cash restricted in use |
|
|
(2,181,384) |
|
(2,105,769) |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
4,943,441 |
|
4,120,638 |
|
|
|
|
|
|
|
Cash restricted in use for the period ended 30 June 2026 represents deposits placed with financial institutions in support of guarantees issued in favour of Petroliam Nasional Berhad ("PETRONAS") in respect of the minimum work commitment to be carried out by Seascape Energy Asia (One) Sdn. Bhd ("SEA One") and Seascape Energy (DEWA) Limited ("SE DEWA").
The restricted cash balances in relation to SEA One and SE DEWA amounted to £1,655,964 (US$2,188,402) and £525,420 (US$694,357), respectively (31 December 2025: £1,598,217 (US$2,146,698) and £507,552 (US$681,735) respectively).
Subsequent events in relation to cash restricted in use are disclosed in Note 20.
|
|
|
|
Six-month period ended 30 June 2026 |
|
Year ended 31 December 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Trade payables |
|
|
378,109 |
|
205,949 |
|
Accruals |
|
|
406,958 |
|
634,205 |
|
Pension and social security |
|
|
47,958 |
|
85,302 |
|
|
|
|
|
|
|
|
Trade and other payables |
|
|
833,025 |
|
925,456 |
|
|
|
|
|
|
|
Trade payables and accruals of the Group comprise pre-development project cost for Temaris, audit and accounting fees and other operational related costs at the period/year end.
The directors consider that the carrying amount of trade and other payables approximates to their fair value.
|
|
|
|
Six-month period ended 30 June 2026 |
|
Year ended 31 December 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Provision for bonus |
|
|
- |
|
694,384 |
|
|
|
|
|
|
|
On 13 January 2026, the Company announced annual bonuses for its Executive Directors for the year ended 31 December 2025. The bonus provision was fully settled during the period through the award of nil cost LTIP share options on 13 January 2026 and 22 April 2026.
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
|
At 31 December 2025 and 1 January 2026 |
|
|
|
|
290,087 |
|
Foreign exchange |
|
|
|
|
4,849 |
|
Unwinding of discount |
|
|
|
|
5,348 |
|
|
|
|
|
|
|
|
At 30 June 2026 |
|
|
|
|
300,284 |
|
|
|
|
|
|
|
Acquisition of SE 2A
In September 2023, the Company acquired SE 2A thereby obtaining a 15.75% participating interest in Block 2A PSC. The acquisition includes contingent payment of up to $3.0 million, payable upon a commercial discovery on Block 2A or, in the event of a disposal of the Block 2A PSC interest, by reference to the disposal proceeds received, subject to a maximum payment of US$3.0 million. There were no changes to the acquisition terms or contingent consideration arrangements during the six months ended 30 June 2026.
A weighted average 20% geological chance of success based on the third-party Competent Persons Report of June 2024 has been used to estimate the fair value of the consideration. The liability was then discounted to its present value using a risk-free rate, in this instance the UK 3-Year Gilt rate of 3.758% as at 30 June 2026.
The carrying value of the contingent consideration was calculated to be $397k (£300k). A change in the probability of success of 5% would lead to a 25% change in the fair value of the contingent consideration, equivalent to US$99k (£75k).
|
|
Number of shares |
|
Share capital |
|
Share premium |
|
|
|
|
|
|
|
|
At 31 December 2025 and 1 January 2026 |
63,127,968 |
|
6,312,798 |
|
36,880,949 |
|
Shares issued for employee share-based payment plans 1 |
11,143 |
|
1,115 |
|
- |
|
Shares issued for cash 2 |
7,200,000 |
|
720,000 |
|
4,320,002 |
|
Cost of shares issued |
- |
|
- |
|
(387,511) |
|
|
|
|
|
|
|
|
At 30 June 2026 |
70,339,111 |
|
7,033,913 |
|
40,813,440 |
|
|
|
|
|
|
|
Each ordinary share has a par value of £0.10.
The share capital issues during 2026 are summarized as follows:
1 On 5 February 2026, the Company issued 11,143 new ordinary shares upon the exercise of LTIP share incentives scheme by former employees.
2 On 25 March 2026, the Company raised gross proceeds of £5,040,002 through the issue of 7,200,000 new ordinary shares for cash at £0.70 each. Transaction costs directly attributable to the equity raise amounted to £387,511, resulting in net proceeds of £4,652,491.
|
|
|
|
Six-month period ended 30 June 2026 |
|
Six-month period ended 30 June 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Loss for the period before tax before other comprehensive income |
|
|
(464,112) |
|
(2,527,554) |
|
|
|
|
|
|
|
|
Add back/(deduct): |
|
|
|
|
|
|
Interest receivable |
|
|
(101,550) |
|
(111,877) |
|
Depreciation |
|
|
6,699 |
|
3,933 |
|
Amortisation |
|
|
4,982 |
|
- |
|
Equity settled share-based payment expense |
|
|
737,745 |
|
358,066 |
|
Unrealised foreign exchange 1 |
|
|
(168,020) |
|
607,387 |
|
Unwinding discount on contingent consideration |
|
|
5,348 |
|
5,603 |
|
Changes in estimate on contingent consideration |
|
|
4,849 |
|
(23,879) |
|
Unwinding discount on contingent asset |
|
|
(26,441) |
|
- |
|
Changes in estimate on contingent asset |
|
|
(23,090) |
|
- |
|
|
|
|
|
|
|
|
Movements in working capital: |
|
|
|
|
|
|
Increase in trade and other receivables 1 |
|
|
(49,326) |
|
(402,426) |
|
Decrease in trade and other payables 1 |
|
|
(84,130) |
|
(276,992) |
|
Movement in provision |
|
|
(694,384) |
|
(702,000) |
|
|
|
|
|
|
|
|
Cash used by continuing operations 1 |
|
|
(851,430) |
|
(3,069,739) |
|
|
|
|
|
|
|
1 The comparative cash flow amounts for the financial period 30 June 2025 have been reclassified to conform with the current period presentation. The reclassification relates to the presentation of unrealised foreign exchange within the operating cash flow and cash at bank movement which has no impact on net cash flows or the loss for the period. There was no change to the reported earnings per share as a result of the reclassification. The comparative amounts have been reclassified as follows:
|
|
Previously reported |
|
Reclass |
|
Revised amount |
|
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Cash used by continuing operations |
(3,401,380) |
|
331,641 |
|
(3,069,739) |
|
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
Unrealised foreign exchange |
- |
|
607,387 |
|
607,387 |
|
Movements in working capital: |
|
|
|
|
|
|
Increase in trade and other receivables |
(147,974) |
|
(254,452) |
|
(402,426) |
|
Decrease in trade and other payables |
(255,698) |
|
(21,294) |
|
(276,992) |
|
|
(403,672) |
|
331,641 |
|
(72,031) |
|
|
|
|
|
|
|
|
Foreign exchange effects on cash and cash equivalents |
141,540 |
|
(331,641) |
|
(190,101) |
|
|
|
|
|
|
|
|
|
|
|
Six-month period ended 30 June 2026 |
|
Six-month period ended 30 June 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Profit for the period after tax before other comprehensive income |
|
|
- |
|
8,206,361 |
|
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
Gain on disposal of subsidiary |
|
|
- |
|
(8,201,921) |
|
Interest receivable |
|
|
- |
|
(427) |
|
|
|
|
|
|
|
|
Movements in working capital: |
|
|
|
|
|
|
Increase in trade and other receivables |
|
|
- |
|
(26,509) |
|
Decrease in trade and other payables |
|
|
- |
|
187,981 |
|
|
|
|
|
|
|
|
Cash generated by discontinued operations |
|
|
- |
|
165,485 |
|
|
|
|
|
|
|
|
|
|
|
Six-month period ended 30 June 2026 |
|
Year ended 31 December 2025 |
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Dewa Complex Cluster |
|
|
177,587 |
|
174,723 |
|
Temaris Cluster |
|
|
469,555 |
|
461,985 |
|
|
|
|
|
|
|
|
|
|
|
647,142 |
|
636,708 |
|
|
|
|
|
|
|
The Group's subsidiaries SE DEWA and SEA One are required to fulfil minimum work commitments under the DEWA PSC and Temaris PSC, respectively. These commitments includes submission of FDAP which include resource assessment, field development planning, technical studies and seismic data reprocessing activities as required under the respective PSCs. As at 30 June 2026, the remaining commitments under the DEWA PSC and Temaris PSC were £177,587 (2025: £174,723) and £469,555 (2025: £461,985), respectively.
(i) On 6 July 2026, James Menzies, Executive Chairman of the Group, commenced a three-month medical leave-of-absence and on 29 September stepped down from the board to focus on his continuing recovery. During the initial period, Geraldine Murphy, the Group's Senior Independent Director, was appointed as the Interim Non-Executive Chai and took over the role on a permanent basis upon James Menzies resignation with Haida Hazri becoming the Senior Independent Non-Executive Director.
(ii) On 14 July 2026, the restricted cash of £1.32 million (US$1.76 million) placed by SEA One was released following the completion of the related work commitment as at 30 June 2026. The remaining restricted cash continues to be held with the financial institutions to support the outstanding guarantees.
(iii) Following a short FDAP extension by the regulator for DEWA PSC to 20 October 2026, the bank guarantee supporting the DEWA minimum work commitments of the same amount was extended from 31 Jul 2026 to 30 July 2027.