SEA Seascape Energy Asia Plc

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").

6 February 2025

Seascape Energy Asia plc

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

Corporate Update & Outlook

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to provide the following corporate update and outlook for 2025.

Block 2A Farm-Out

Completion of the previously announced farm-out of a 42.5% participating interest in the Block 2A Production Sharing Contract (the "PSC" or "Block 2A") to INPEX CORPORATION (the "Transaction") remains on-track for completion during Q1 2025 with all necessary regulatory approvals now received.

At completion, Seascape will retain a 10% participating interest in Block 2A through its wholly owned subsidiary, Topaz Number One Limited, providing its shareholders material exposure to the Kertang prospect (gross ~1.7 billion boe) at nil cost.

Following receipt of the upfront Transaction consideration and reimbursement of certain historic costs, the Company estimates that at end Q1-25 it will have unaudited cash balances of approximately US$12 million (£10 million). Seascape remains focused on keeping costs fit-for-purpose without compromising management's ability to pursue the exciting growth opportunities it sees across the region. Corporate overheads, excluding investments, are anticipated to run at approximately £3 million per year.

Seascape Outlook

In addition to Kertang progressing towards a formal drilling commitment in mid-2025 by the new operator, INPEX CORPORATION, Seascape anticipates DEWA will progress towards a detailed Field Development Plan prior to the end of 2025, expected to unlock between 85-100 bcf (14-17 mmboe) of resources net to the Company and targeting production by 2027. The DEWA cluster (Company 28%) was awarded in October 2024 and consists of 12 gas discoveries in shallow water (40-50 metres) near to infrastructure off the coast of Sarawak, Malaysia.

New business activity remains a priority for the Company. So far this year, new licensing rounds have been announced in Malaysia and Thailand covering both discovered resources awaiting development and new exploration acreage, with more likely to follow as host governments strive to keep pace with the forecast growth in regional power demand levels.

Seascape is actively pursuing growth opportunities through both ground-floor initiatives and potential M&A with an ambition of materially expanding its portfolio during the year.

Nick Ingrassia, CEO of Seascape, commented:

"Following our hard work during 2024, Seascape created a platform to pursue the excellent growth opportunities we are seeing in Southeast Asia. Set against a constructive macro backdrop in the region, we are looking forward to an exciting 2025 as we seek to expand our portfolio and continue delivering value for all of our stakeholders."

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, EVP Corporate & Business Development, 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 25 years' experience in the oil and gas industry. Dr Eliet has a BA Degree in Earth Sciences from Trinity College, Dublin and PhD in Geology from Manchester University, UK.

About INPEX CORPORATION

INPEX CORPORATION is Japan's largest exploration and production (E&P) company, and is currently involved in projects across multiple continents, including the Ichthys LNG Project in Australia as Operator. By thoroughly making its oil and gas business cleaner while expanding its 5 net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen, ammonia and renewables as a pioneer in energy transformation. For more information, visit https://www.inpex.co.jp/english/index.html. 

Glossary

"bcf"                means billion standard cubic feet

"boe"                means barrels of oil equivalent

"mmboe"         means million barrels of oil equivalent