Member Info for ZENGAS

More upgardes to come post CPR.

For reference https://seascape-energy.com/operations-malaysia/ on what we actually now have -

DEWA Complex Fields 28%

1) We've got 14-18 mmboe recoverable in DEWA. This is attributed to 6 of the 12 fields so looking at their size on the map, they could offer the same again. "DEWA is comprised of 12 gas discoveries and includes; D30, D30W, Danau, Daya, Daya North, D41, D41W, Dafnah West, Dana, Darma, West Acis and Spaoh." and "The DEWA partnership is anticipated to focus initially on the D30, Danau, D41, D41W, Dana and Dafnah West discoveries which are estimated by Seascape to contain circa 500 bcf GIIP (gross, ~83 mmboe)."

83 mmboe in place at a gas recovery rate of 60% - 80% = 50/66 mmboe and our interest of 28% = 14-18 mmboe net - and this is for 6 of the 12 fields.

2) Considerable upside in untested reservoirs and step out around those discoveries in DEWA + the other 6 fields.

-------------------

TEMARIS 1,200 km2 PSC 100%.

1) Temaris 42 mmboe recoverable in 2 fields - possibly farm some of that down for cash but who knows.

2) Believe considerable upside in PSC and 'adjoining acreage' (Are we after that ?).

----------------------------

2A 12,000 km2 PSC 10%. (For anyone that hasn't followed - it has a whopping 6350 km2 of 3D seismic, 17,500 km lines of 2D and over 2400 km2 of seabed geochemsitry)

Biggest structure is drill ready 'Kertang' structure with a gas chmney and brights at multiple levels and seabead methane tests. 1.659 bilion boe mid case or 169 mmboe net (High side case is 3.7 billion boe or 370 mmboe net) - Kertang only. Page 15 March 2025 https://seascape-energy.com/wp-content/uploads/2025/03/SEA-Q1-Investor-Update-20250319.pdf

Post farmout - Kertang Total gross volume upside = 3.7 billion boe - Page 17 Dec 2024 https://seascape-energy.com/wp-content/uploads/2024/12/Stratos-Presentation-20241203-vF.pdf

Analogue to Kasawari 6 TCF, Lang Lebah 5 TCF, Marjoram 2 TCF

Also moving down left on the same presentation it shows other giant structures in 2A but not as big as this supergiant Kertang play.

So if Kertang were a success it has a lot of follow on structures as well as the Turbidite play.

Also there were 2 discoveries just outside the block in 2023 ie Sinsing and Machinchang confirming sweet gas in a 'Turbidite play trend' that has emerged in the south side of our Block 2A. In this presentation you will also see the number of structures around Kertang and the new 'Turbidite play trend' page 9. https://seascape-energy.com/wp-content/uploads/2024/06/Longboat-AGM-Presentation-20240626-vF.pdf This offers considerable further upside. Rest is history with Inpex now in for around $100m+ committment.

Cavendish target yesrtday was upped to 111p and unrisked over £25. £5-£10 target on the current shares in issue and non to minimal dilutive strategy would still only place it in a m/cap region of £300-£600m and very doable given the free carry/farm down strategy and having actual BOEs with more upgardes t

I actually think it was a steal and a sit up and take notice moment when industry veteran specialist Geraldine Murphy was brought on board re the new focus just a year ago. She advised on the Cove Energy sale and present in some big farmouts for another major private oil Co. I thought these guys were seriously looking at going places and the 2A/Inpex deal clearly evident of that.

Barely a few weeks since the last presentation.

On asset transactions - 'We've identified some things that we particularly like and we want to pull a trigger on in short order'

'Ambition to become operator' - now ticked with Temaris.

Another flagship asset sought - versus this mornings comment about further open adjacent acreage after gaining a 1200 km2 psc with 2 notable discoveries with hard assets ie gas discovered and tested as in DEWA all with considerable upside on those numbers.

People have talked about getting production but they won't overpay and let's remember they don't need to. They can make very hard cash by gaining assets and farming down where they got approx 12p/share upfront for 2A.

I think there is a lot more in the pipeline here and this could be much, much more substantial than first thoughts.

The PSC is actually 1,200 km2 and has 42 mmboe recoverable in two discoveries - Tembakau and Mengkuang which are 30 km apart and small field status.

Why would they be bothered about maturing neighbouring existing open acreage if it wasn't of interest to them ?

They've made some interesting comments about this and a clue here re 'across neighbouring open acerage' - Perhaps another major farmout opportunity similar to 2A if awarded open acreage on top of the 1200 km2 in Temaris announced this morning.

"The continuation of the Tembakau and Mengkuang channel sandstone reservoirs across the Temaris PSC also represents significant exploration upside. **** Seascape has been using high-end geophysical techniques to identify these channelised targets and is confident additional exploration potential will be matured both within the PSC and across neighbouring open acreage." ****

And the CEOs comment - 'The Temaris Cluster not only contains two, high-quality gas fields with excellent reservoir characteristics, but also benefits from significant exploration upside both in the Award itself and the surrounding open acreage.'

Leaving aside 2A, this could be huge news given their statement of materially growing their portfolio this year.

Cavendish valuing Temaris at 171p unrisked or 86p on a 50% farm down.

Upped their current valuation from 85p to 111p.

I posted on the 27th May - 'With us also seeking operator-ship of an asset, i don't see it as overly ambitious to reach the 30-50 mmboe range in the not too distant future from the planned broadening of the asset base."

This far exceeds my own expectations so soon of discovered recoverable boe.

Being 100% operator of Temaris brings around 42 mmboe to add to the 14-18 mmboe net in DEWA gives around 50-60 mmboe recoverable and both expected to have further upside.

March presentation page 10 had a core 143p hard value target of which approx 100p was for DEWA at 14-18 net mmboe.

Temaris at 42 mmboe is a minimum of 2.3 times greater so i would expect a hard value of over 200p to be attributed = 300p range with 2A to follow.

They could easily farm down 20-25% Temaris for a considerable cash sum.

In an absolutely excellent position now. Currently valued at £22m (36p) and should be worth 3x on the above or £65m which is barely 80c/boe, cash and the huge Kerrtang/Block 2A fully carried for free.

The Uquo gas field has been outstanding since the acquisition was completed in November 2019.

After almost 6 years of production and only having to drill one new development well, we have replaced all that 2P production and is higher today than when acquired.

There is still a mid-high case of prospective resources of 65 - 123 mmboe with a risk factor of 50%.

Very good chance that Uquo could replenish its reserves for another 4-8 years at 28-30k boepd production helping to maintain the fields valuation well into the future.

An absolutely first class update on that.

Current assets valued at $1.6 billion, Arbitration claim circa $1.4 billion, Receivables $500m+ = $3.5 billion versus net debt $600m (versus ongoing income/increased oil revenue).

Directed to ad v fn - To hear some you would be mistaken for thinking that we get paid for no gas at all with comments like if we can't get paid for what we produce. Try and keep it in some kind of perspective. I fully agree $500m of gas debt is high but there was susbtantial legacy debt to my knowledge parked up from years ago. We do get paid a high proportion, otherwise where did collections of $248m for f/y 2024 come from versus gas sold as well as $135m collections for the first 3 months of this year. The receivables were exacerbated by the FX losses and the time taken to recover those through the true up mechanism. Counterbalancing that, we have increased the income as of two months ago by an increase of substantial denominated dollar revenue that is only coming into play and should soon be reaching $100m/yr paid for via an oil marketer.

Happy with progress and away for a long awaited break.

I wonder if Lekoil is struggling ?

We still have a SAVE Nigerian director on the Fenikso board so should know whats going on.

Receipt of funds which are all 8.65% of their gross crude payments.

5th Jul 2024 $1.332m

15th Aug $838.5k.

24th Sept $690.9k.

28th Oct $403.9k.

12th Dec $543.2k.

31st Jan 2025 $417.9k.

19th Mar $676.4k

4th June $553.67k

Over the last 12 months they'e paid $5m to Fenikso - meaning Lekoils gross for a year was under $60m revenue so even using a low of $60/barrel, production must be under 2800 bopd ?

It's taken from 31 Dec 2022 to reduce the loan by $15.2m from $51.9m to $36.7m after a period of high oil prices or $6m/year average. In the last year it has reduced by only $4m so at the current lower oil price it will take another 9 years if production/investment holds up.

That seems to be Lekoils only income so how do they even begin to progress that big 700 mmbo discovery (even if they still have an interest). I posted on Optimum/Save a number of times here about that huge discovery ?

Would Save be back at the negotiating table with Lekoil ( and/or Optimum) and sort out that hefty crippling loan and by doing so allow Fenikso to move on in some way also ? Fenikso will have only $1.5m including their energy investments valuation end of December 2025 and are looking for energy investments but they were also using some of their money buying up their own shares/reducing the number in issue which i didn't understand if they wish to grow. In the original deal, Lekoil would have gotten $50m deferred consideration (Fenikso pro-rata 8.65% ??)

As part of the deal Lekoil was prevented from buying shares in Fenikso while their loan was outstanding.

Save originally had the option to take on the assignment of the $135m loan between the company and Mayfair assets and Trust ltd.

The original deal - "The Company entered into the Option Agreement with Savannah Energy granting it an option to be assigned the inter company debt owed to the Company by Mayfair, its associated security related to OPL 310 and all rights and benefits of the Company with respect to the Mayfair Loan. A US$1 million payment is payable by Savannah Energy to the Company upon such exercise and assignment (which has not currently been exercised). Pursuant to the Option Agreement, the Company would be paid deferred consideration in the event that Savannah Energy obtains a working interest in OPL 310 (for example, upon enforcement of security for repayment of the Mayfair Loan) and OPL 310 is developed. Such deferred consideration (capped at US$50 million) is structured as a royalty of 0.5% on crude oil sales attributable to Mayfair's actual participating interest in OPL 310 (being a 17.14% participating interest). "

Save have received $3.053m in the last 6 weeks from Fenikso with $2.7m due on or before year end.

25th April 2025: Fenikso Limited (AQSE: FNK) (the "Company"), the Cayman Islands enterprise company, refers to the Savanah Energy Investments Limited loan. The loan currently has an outstanding balance of US$11,525,424 and it has been agreed that it will be settled for US$5,762,712. Fenikso has agreed to pay US$2,500,000 immediately on signing with the remaining US$3,262,712 payable on or before the 31st December 2025.

4th June 2025: Fenikso Limited (AQSE: FNK) (the "Company"), the Cayman Islands enterprise company, announces the receipt of funds under the Lekoil & Gas Investments ("LOGI") Loan entered in to on 31 December 2022 as part of the Fenikso restructuring. Fenikso Limited received US$553,669.47 as partial repayment of the loan of US$51,919,467 the remaining balance is US$36,791,908. The amount received equates to 8.65% of the most recent payment from crude oil sales received by LOGI. The next payment is scheduled for August 2025.

The proceeds will go towards paying down the Savanah Energy Investments Limited loan ("SEIL Loan").

After this payment US$2,709,042 will be remaining under the SEIL Loan which is payable on or before 31 December 2025, in accordance with the renegotiated terms of the SEIL Loan announced on 25 April 2025.

Again in considering SEPLAT

The seizure of our Chad assets 2.5 years ago cost us considerably where we would now be in a much different situation price and value wise and doubtful that we would have needed to endure the South Sudan suspension.

At the 3rd March 2025 update this claim was for $1.335m. Interest in the preceeding 2 years appears to be $180m total + costs so i would expect this to increase by circa $90m to over $1.4 billion + costs by March next year.

That represents a claim of over £1 billion or 60p/share (incl the Sept investor shares). It's that high because that's the equivalent damage it has done and not some fanciful figure. To berate the company/CEO for something out of its/his control is blatantly ridiculous. It happened to Cairn and others and no doubt if it happened to Seplat they'd have done the same. As i see it, we're taking all positive reasonable steps to seek a positive outcome and reported that the Govt says we are entitled to some level of compensation has to be a positive even if its 25% or $350m. Recovering $150m in a year (from $500m owed) of recievables would put us in a net cash positive position with Sipec income.

The strings/strands need pulled together but patience is the key. There is visibility on both those issues.

Sipec throws off near $50m and on the above scenario happening - AK could well achieve the first dividend of $10m late '26.

Add in the possibility of reciveables reducing even by $50m a year x 3-4 years of further income on top of $50m from Sipec at a time when they can up production of gas to new customers by up to 10-13k boepd late Q1 26 - half that figure brings in $30m FCF and its a fair game changer regardless of Niger or a $200m hydrocarbon asset or whatever the reasoning by the September strategic investor.

(Directed to ad vf n) - This isn't an investment game for Chickens. We either get behind it/rationalise the story/overall position we are in or go on with the daily negativity. We can't do anything until those boxes are ticked off, some outside our control timewise. We could well overtake our well reminded IPO price before long - See Seplat !

In all fairness Seplat were blessed with initial oil production of 24k bopd and had net debt of $304m and IPO'd at 210p and a m/cap of £1.1 billion on 9th April 2014

RNS Number : 4066E SEPLAT 09 April 2014

The Offer Price has been set at 210 pence per Ordinary Share for shares to be traded on the LSE's main market

Chairman of SEPLAT, said: "We have a production target of 85,000 barrels of oil and condensate per day by the end of 2016 from our current assets, "

How it went

2014 24.2k bopd + 39.4 mmcf/d = 30.8k boepd. Net debt $304m.

2015 29k bopd + 86 mmcf/d = 43.3k boepd. Net debt $573m.

2016 10k bopd + 95 mmcf/d = 25.87k boepd. Net debt $516m

2017 17.8k bopd + 114 mmcf/d = 36.9k boepd. Net debt $141m.

2018 25.6k bopd + 145 mmcf/d = 47.87k boepd. Net cash positive $135m

2019 23.9k bopd + 131 mmcf/d = 46.5k boepd. Net debt $456m.

2020 33k bopd + 101 mmcf/d = 51k boepd. Net debt $439m.

2021 29k bopd + 108 mmcf/d = 47.6k boepd. Net debt $426m.

2022 24.7k bopd + 112mmcf/d = 44.1k boepd. Net debt $365m.

2023 28k bopd + 114mmcf/d = 47k boepd. Net debt $305m.

At the end of October 2024 prior to the Exxon acquistion completing they had

29.6k bopd + 103mmcf/d = 47.5k boepd. Net debt $270m.

$690m paid in dividends from ipo to end October 2024 or about £500m given the exchange averages over those 11 years of yearly, half yearly and quarterly payments of 85-90p/share in total.

Despite the goal at IPO of 85,000 boepd for 2016 they never got near it. They didn't clear their net debt ever bar for one year in those 11 years.

Share price high 2 months after IPO at 266p.

It consistently was down 50 -75 and 80% and has taken a full 11 years to get back over its ipo price. Yes the dividends of 85-90p help from ipo (paying it actually kept the company in significant net debt all those years bar 1) but is that anymore of a return since ipo than money invested in the bank unless you got a better entry point, sat through all the court cases, a $26m cost of an aborted acquisition, oil theft, pipelines out of action, targets not met on production, infighting, immigration case trying to expel the CEO 2023 etc.

Share price

Dec 2014 102p. Jan 2016 55p. Jan 2017 67p. Dec 2017 107p. Aug 2018 154p.

Sep 2019 101p. March 2020 40.75p. Nov 2021 71p. Dec 2022 85p. Jan 2024 121p. April 2025 161p. Now 220p post 2.75 year deal completion of Exxon assets.

As regards anyone saying this is how Save should have done it. I doubt those saying it would have been any happier along the way since their ipo. The lack of BB interest and discussion speaks volumes ie a combined 742 posts over 3 threads (ad v fn) in 11 years showed not many brave enough or stuck with it.

Worth remembering that the target prices are for mid case 1.7 billion boe numbers.

The high side is 3.7 billion boe in Kertang .

In addition there are a number of giant structures in the rest of the block with similar features to Kertang. The gravity of the opportunity will become clearer/of interest nearer drilling - but try picking up stock on the low free float in due course !

The immediate value focus is DEWA and i expect a fair uplift in numbers there. These wells are flow tested with high pay zones and already 14-18.5 mmboe net to sea. Other assets to be added at zero cost.

63.1m shares. Currently just £22m m/cap . Easy to see what the m/cap could be at 75-100-150p on a further asset prior to 2A coming into view.

From SEAs March presentation page 10

Stifel price target 80p. Cavendish 85p.

On Cash, DEWA unrisked and the farm-out they have a hard value of 143p.

Adding Kertang unrisked and the contingent payment brought it up to £10.12 of implied value.

https://seascape-energy.com/wp-content/uploads/2025/03/SEA-Q1-Investor-Update-20250319.pdf

--------------------

Cavendish note from 23rd May 2025.

Price target of 85p maintained. Unrisked NAV £24.60 and full success. Obviously that is on a long timescale if successful and represents development. They estimate that Seascpaes 10% interest could yield $300m fcf/yr at its peak. So selling out early like COVE Energy in this particular part of the world could yield the £10 valuation in SEAs own estimate if successful.

--------------------

In the meantime, given they are seeking to non dilute, it will be interesting to see what value will be attributed to the next assets particularly as they seek another flagship asset as well as an asset with operatorship.

From the company website shareholding page. Sometimes better to screenshot it.

See the date and time of my post.

Transaction happened since then. 6m exactly sold by Premier now showing on the web page but not showing as when it was last updated even though it read 85.04m on the 22nd and now 79.04m

He also mentioned Upland Resources looking at Brunei, saying we were looking at it as well.

Could you imagine the Upland excitement and overhyped valuation if awarded a psc interest and yet to drill a well never mind having a net 14-18.5 mmboe equivalent yet.

DEWA gave us a net 14-18.5 mmboe recoverable upgrade for our 28% at zero cost. Enquest as operator on 42% gives them 21-27.5 mmboe on the same asset. (Before any expected upside).

With us also seeking operatorship of an asset, i don't see it as overly ambitious to reach the 30-50 mmboe range in the not too distant future from the planned broadening of the asset base given what they say about being competitively advantaged in Malaysia.

Having 28% of DEWA gives them 14 - 18.5 mmboe net of recoverable confirmed by drilling and production tests.

We are going to get more resource numbers in the near future on DEWA.

It shouldn't be lost on people that we picked these up at zero cost 'ZERO'. How much would it have taken to raise capital to drill and test a well in getting those boe numbers ?

How much is the next deal going to land in proven discovered boe's, again at zero cost ?

We could soon be at 30-50 mmboe via additional awards and resource upgrades without having to spend anything to drill for them in the first place. Also looking for a further flagship asset as well as operatorship of assets.

They are already working on the DEWA development plan and with that in place and early production expected - SEA on a parcel of long life 30-50 mmboe would look very compelling at under $3/boe as an acquisition target in due course and a price range imo of £1-£1.70 could imo easily alone be achievable not counting the impact of 2A or any similar asset in that scale that they would also likely farm down for cash.

Just see the updated shareholdings list dated ' 22/5/25 ' of shareholdings above 3%.

Aberdeen which had 64.2m shares have disappeared below the radar but there is an article from 3 weeks ago saying they have suffered a massive £5.2 billion of outflows.

Phoenix reduced 2.2m. Cavendish (the Employee Benefit Trust shares) down by 5.3m. TT down from 116.5m to no longer showing. They had 34.29m left at 5th March so could be all out or close to. At the time this was a reduction of 82.2m shares. However the directors bought over 96m shares from institution(s ) selling in the secondary sales process.

Ingalls & Snyder a previous top shareholder have added further by over 40.5m shares to now hold 179.664m and are the biggest shareholder.

RWC have also increased by almost 9m from 47m to 55.9m.

J O Hambro previously on 80.5m have increased by almost 21m to 106.2m.

Capital Research and Management have increased by almost 23m from 96.1m to 119.05m.

Those last 4 shareholders show they bought over 93m shares.

The placing at the time was for 298.13m shares. Blacksea bought 165m. If those 4 shareholders above bought the 93m via the placing, this accounts for 205m bought meaning there were new or existing buyers for another 40m shares in the placing.

AK then bought a further 3.59m shares since the placing and the Chairman picked up 900k so accounts for another 4.5m shares bought up.

The strategic investor is to get 113.378m new shares by 4th Sept.

AK has already paid £8.5m for the shares he has bought to date since 4th March (£12.5m in the last number of years).

In addition he has to pay £1.8m for the 25.598m shares he must subscribe for by 4th Sept (meaning £10.3m invested this year or £14.3m this last number of years).

Added 250k at 6.6p 10 mins ago, not yet showing.

AK adding and £8.5m in since March - can't think of a better signpost that this is undervalued on the back of yesterdays positive update.

If you look at the latest presentation Slide 9 Corporate -

'Potential Oil and Gas business development H1, H2 2025, H1 2026.'

'Potential Power development activity H1, H2 2025, H1 2026'.

Then refer to the 4th March RNS and mention of organic and inorganic growth.

"Enable the potential acceleration of key business development opportunities under consideration".

You have 2 new strategic investors (one still to come in) -

One of them (Blacksea) buying 165m shares or about $15m worth. That investor has come up with a facility of $200m to buy hydrocarbon assets.

The 2nd strategic investor is being afforded until 4th Sept to buy 113.378m shares for around $10m. What do we get in return from the 2nd investor for allowing this when the first investor provides $200m. Surely the 2nd investor must have something to offer ? No ?

This is why i think there is more to this as why would you give away 10% of the then company for a really paltry $10-$11m and could be mitigated by a similar size payment from the outstanding recievables. It has never added up at the time for me.

I just don't see how or why we need that investment on the cheap and at the time i said why give them 6 months (from 4th March). Is this to tie up some other deal ?

Many are/were concerned about suspension ? If the company was going to acquire anything of size, it would likely lead to suspension - so what other way is there of doing a deal and prevent suspension ?

For the $60m Sipec deal, we got a mountain of extra gas ie 38 mmboe 2C. Plus 8 mmbo 2P and new production of 1900 bopd - which in 2 months has yielded a further increase of 3.1 mmbo 2P and 400 bopd. Overall 41 mmboe and production expectation of 4700 bopd within 12 months roughly. There's a decent chance the gas reserves could increase as well so has looked a really, really good deal already.

What other deals are out there ?

What will $200m buy versus the Sipec metrics ?

What may (or may not) come from the 2nd strategic investor for $10-$11m. I can't see any logic for letting them in on the cheap without an incentive to us and why there's more possibly to this.