Member Info for deeko

$6 per mcf... decent!

7.8 mboe converted to MMscf is (7.8mboe *5.6 MMscf/mboe) 43.7 MMscf.

43.7 MMscf = 43,700,000 scf.

43,700,000 scf / 1000 mscf/scf = 43,700 mscf

43,700 mscf *$6 per mscf... is a nice Chunk of change.

$7.8 million per month revenue from this asset alone.

Also, great to see how stable the production profile is!

Patience needed here. A decent period of consolidation has taken place and now all eyes on the op's report and Vietnam. Should be sitting between 30p-40p right now but expecting more than that in the mid term.

As a side not, glad to see all the nonsense talk around net zero, decarbonisation and oil being phased out. Oil is here to stay.

Don't think so. RNS's are the same usual guff. 'We've shown interest in submitting', 'confirmed our bid has been recived'.

Hard to believe they have a higher Mcap than us, but each investment is different and to me it just highlights how undervalued we are.

Agreed, an acquisition is a double-edged sword, it has to be at the right price and genuinely value accretive (which I believe PM304 would be). I’m less worried about the late-life operations aspect though. At some stage Seascape are going to have to take that jump and bring in people with asset operations experience... Just to get through the partner meetings on DEWA/Temaris etc; a team that’s currently weighted towards geoscience and reservoir engineering just doesn’t cover that gap on its own IMO.

Geoscience talk 'maybes' and reservoir engineers talk 'possibly/probably', you need someone in the room that operates assets that will say 'no thats a stupid idea because of X,Y,Z.'

As I’ve said before, I’d actually be comfortable with some dilution and/or debt if it meant securing the right asset - i.e. one with clear exploration upside or meaningful brownfield redevelopment potential. I genuinely believe these guys look where other operators don'tt, and that, for me, is their real superpower and the main reason I remain heavily invested here.

Equally happy for them to continue hoovering up 2C resources and farming out but at some stage, production needs to be sought to A) increase credibility as a live field operator in other regions and B) provide a steady and dependable cashflow source. Agreed though, this does open us up to volatility with commodity price.

Cheers

*given how relentlessly they’ve chased these*

Yep, patience required - it’s usually the biggest destroyer of value in this game.

Right now we’ve got 64 MMboe of 2C and 280 MMboe of prospective resources. The team are actively adding geoscience staff (going by the recent LinkedIn hires), which to me signals they’re gearing up for more work: preparing for further licence awards and showing Petronas they’ve got the people in place to actually deliver.

I’d be very surprised if we don’t see the Permata Cluster awarded, given how relentlessly they’ve chased it. Whether that comes via a JV or not is unclear. This DRO is being talked about as ~50 MMboe recoverable, which would push us over 100 MMboe of 2C. It’s been said many times, but worth repeating: Total paid around $4/boe for their Sapura acquisition, which implies a regional read-across of >$400m for us. I’m not expecting anything like $4/boe any time soon, but $1/boe should be a realistic minimum benchmark given this region has been hotting up in terms of majors re-entering.

When Menzies said he wanted a “train” of DROs, I think he meant it - and I’m expecting that gravy train to keep rolling into 2026 and beyond.

Personally (and I know I repeat this a lot), I think it’s time to move from being a small shop hoovering up 2C resources to a full-cycle E&P. An acquisition would be the logical next step. Petrofac going into administration is awful for those affected, but it does open the door to a fire sale of PM304, an already producing late life field. I’d like to see Seascape seize that kind of opportunity.

If they make that leap, I genuinely believe this could be a £500m+ company just in Malaysia, with further upside if they branch out into other regions.

Seriously hope there is no "deal" being worked in the background here. Doubt it v.much but I want this to be seen out to its full value.

Yeah I think James said it best... 'Malaysia do things in their own time'... I don't think thats the exact quote but it was something along those lines when they were waiting on 2a approvals.

On a different note, Geraldine was appointed to the board of Ithaca, I completely missed that one.

Ithaca Energy is pleased to announce that Geraldine Murphy will be appointed as an Independent Non-Executive Director to the Board of Directors and as a member of the Health, Safety, Environment and Security Committee, with effect from 1 October 2025.

Geraldine has over 35 years of energy investment banking and M&A advisory experience, currently holding the position of independent non-executive director at Seascape Energy, an AIM listed Southeast Asian E&P business, as well as a senior advisor at TPH&Co, the energy business of Perella Weinberg Partners where she was a partner in the Investment Banking division and head of TPH International since 2017.

She was previously Global Head of Oil & Gas Advisory at Standard Chartered Bank and also served as Head of Corporate Finance Europe. Geraldine started her career as a geologist, before moving into energy advisory with Lovegrove & Associates, then CIBC World Markets as an Executive Director in Calgary and London. In 1999 she joined Harrison Lovegrove, an oil and gas advisory boutique where she led multiple landmark transactions. Geraldine holds a BSc. (Hons) degree in Geology and a MSc. in Petroleum Geology from University College Dublin. Geraldine was previously a non-executive director on the board of privately-held Impact Oil & Gas, a partner in the giant Venus discovery offshore Namibia.

Yaniv Friedman, Executive Chairman commented: "I'm delighted to welcome Geraldine to the Ithaca Energy Board. Her deep expertise in finance and M&A will be a tremendous asset as we continue to drive our growth strategy. The Board and I are looking forward to working with her."

The Company confirms that there is no other information to be disclosed under the requirements of Listing Rule 6.4.8R in relation to these appointments.

Assi Ginzburg will step down as a member of the Health, Safety, Environment and Security Committee following Geraldine's appointment.

Menzies was probably alluding to the Permata Cluster when he mentioned 'I don't know why but...3 regions just seems right' and 'Malaysia is just the right place to be' lines.

I think thats a clear hint that Menzies wants this DRO of the coast of Sabah.

That would tie up his 3 regions comment, Peninsula Malaysia, Sarawak and Sabah.

Agreed Sircadian,

Totally obvious there’s an agenda here. This looks at least 30p undervalued in my view, so I’m happy to keep adding small tranches while it’s still this cheap.

Still plenty to play out.

On Tamari’s, they mentioned on day one after getting the award that companies were already reaching out. Since then, they’ve done a proper deep dive into the geo work and identified some monster prospects with real legs. If there was interest before, this just amplifies it.

What this team does best is picking up assets nobody’s paying attention to, stripping them right back, and rebuilding the story. They’ve taken it from around 250 BCF up to 1 TCF potential - that’s no small upgrade. It was also mentioned that the adjacent block comes up for licensing in December (need to double-check that), but the play looks like it could extend right across. Could easily evolve into a hub-scale development beyond 1 TCF if it plays out.

Also saw a few comments about the “drill location decision” being a red flag that would delay things - not really the case. From drill location decision to spud typically takes about 6–18 months, mainly depending on regulatory timelines. Malaysia usually takes 3–6 months for approvals, while the UK is more like 6–9 months. The Environmental Impact Assessment (EIA) can take up to 3 months, but if the EIA is already in place for drilling (Which would be likely since this isn't the first well being drilled), that can shorten things to around 3 months total for approvals.

So all in all, my take is we’re looking at late Q3/Q4 next year for drilling as a guess - pretty reasonable.

And then DEWA just takes care of itself. I'm expecting to see a block award for the adjacent Temaris block, Farmout, News on drilling, DEWA updates, possible acquisition.... Thats my Hitlist.

£8-£9 million per exploration well! shallow water jack-up rig and short time flows. Amazing news, Imagine 0.5 TCF coming in at an exploration cost of £8 million.

Menzie also talks acquisitions of a producing field. Apparently, bids have been made previously but sounds like nothing has gone through. They are aware and wanting production but only at the right cost. I have a feeling something will click here on the acquisition side. Right place, right time kind of deal.

Q&A still ongoing so may change my mind!

5h1t - you didn't miss anything IMO. The slides were a regurgitation of the last presentation. I feel like they have really missed the beat with this one. This was an opportunity to really fly the flag of Jadestone but it feels like they've just gone through the motions.

These guys need to watch the Seascape folks for how this sort of thing is done to drum up interest. I remain invested because there is hard value here, but honestly I'm not wow'ed

Unless he's just trying to speak really clearly.... maybe tone down an accent or prevent being misunderstood....

I'm not sure.

One thing I'm not keen on is Mitche's very obvious reading of his notes. It's something I'd expect from a graduate rather than a CEO. Ultimately, I'll judge him on performance but I would have thought for someone of his experience level, he'd be able to just speak off bullet points.

Lots of cash to be made here though regardless!

Moves up and down so quickly on limited volume. Imagine a find a 2a. This shoots to multiple £'s on the gap IMO

Agreed, SEA = South East Asia. If they were to just buy into a random asset it would signal to me that they are out of ideas and out of their mind.

Wouldn't mind a producing asset in Vietnam, Indonesia, Thailand, Cambodia or Philippines coming through right about now though.

Deeko

Ohhhh, Mcap £100-115 million... shares like this don't come along too often.

I know long termers have had a bad ride but if this does a Seascape, you'll all be very happy very soon.

-broker upgrades in excess of 150% on current business.

-Malcy likes it again.

-Plans in the pipeline for growth in Vietnam with a substance resource base.

-Plans for growth in Malaysia via DRO

-Producing 21,000 boe and revenue expected to exceed $0.5 billion this year.

-Profitable!!!!

-Decomissioning cost has now been confirmed by the company to be substantially less than envisaged and tranched well into the 2035's.

-Additional infill drilling may push this out further on Montara

Easiest buy and hold since Seascape Energy IMO. Gutted I'm all out of cash for now but will be buying more in due course. GLA

p.s. where the hell is my special dividend :p

Loving the strategy here, the share price can't go down if it's suspended. Just suspend for the entire decade and when oil finally hits $300 a barrel we'll unleash on the world.

Honestly though, I've never experience this before. Glad I didn't take a sizeable position. The cost of missed opportunity elsewhere is depressing.