Seascape Energy Regulatory News (SEA)

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").

21 October 2024

Seascape Energy Asia plc

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

Award of DEWA Complex Cluster SFA ("Small Field Area") PSC Malaysia

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to announce that it has been awarded a 28% participating interest in a Small Field Asset Production Sharing Contract ("SFA PSC") over the DEWA Complex Cluster ("DEWA" or the "Award") off the coast of Sarawak, Malaysia. The Award was made under the Malaysia Bid Round Plus ("MBR+") by Petroliam Nasional Berhad (PETRONAS) ("PETRONAS") through Malaysia Petroleum Management.

The DEWA partners are EnQuest Petroleum Production Malaysia Ltd (42%, operator) ("EnQuest") and Petroleum Sarawak Exploration & Production Sdn. Bhd. (30%) ("PSEP").

DEWA is comprised of 12 gas discoveries in shallow water (40-50 metres) near to infrastructure off the coast of Sarawak and includes; D30, D30W, Danau, Daya, Daya North, D41, D41W, Dafnah West, Dana, Darma, West Acis and Spaoh. Gas was originally found in the area in 1982 but overlooked by previous partnerships which were focused on oil production.

The DEWA partnership is anticipated to initially focus on the D30, Danau, D41, D41W, Dana and Dafnah West discoveries which are estimated by the Company to contain circa 500 bcf GIIP (gross, ~83 mmboe). These fields are broadly characterised as having clastic reservoirs with large gas columns and good hydrocarbon mobilities. There is a significant dataset including 35 well penetrations, well logs, multiple DSTs and MDTs as well as extensive 3D seismic coverage across the entire PSC area.

Given the shallow water depths and nearby infrastructure, the partnership is targeting a low-cost development plan utilising normally unmanned platform(s) with minimal processing which could support a potential production plateau of up to 100 mmscfd.

The initial low-cost work commitment (approximately $0.6 million net to Seascape) is to conduct a detailed resource assessment and deliver a Field Development and Abandonment Plan within two years. The development of these fields will be under the innovative, new Small Field Asset terms which are specifically designed to simplify and incentivise rapid development of smaller hydrocarbon accumulations in Malaysia.

Investor Meet Company

Nick Ingrassia (CEO), James Menzies (Executive Chairman) and Pierre Eliet (EVP Corporate and Country Chair Malaysia) will host a live presentation for investors via Investor Meet Company on 22 October 2024 at 10:00 AM 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 21 Oct 2024, 09:00 AM BST, or at any time during the live presentation.

Investors can sign up for free via: https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor

Investors who follow Seascape Energy on the Investor Meet Company platform will automatically be invited.

James Menzies, Executive Chairman of Seascape, commented:

"This award supports our recent decision to strategically pivot the business to focus on Southeast Asia. It builds on our existing position in Malaysia and in one step provides Seascape with an immediate portfolio of gas discoveries with over 500 bcf of in-place resources from four main fields with considerable upside.

DEWA represents an opportunity for the Company together with its partners, EnQuest and Petros, to pursue a low-cost, near-term development located close to existing infrastructure. While the financial commitment and costs over this initial planning phase are expected to be minimal, the prize is very material for Seascape. The award perfectly illustrates how an Independent E&P company can compete and create value in this environment.

On behalf of our entire team, I would like express our gratitude to PETRONAS for the award and we look forward to continued collaboration with all of our partners as we seek to grow the Seascape business for the benefit of both our shareholders and our Malaysian 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.

Glossary

"bcf" means billion standard cubic feet

"DST" means drill stem test

"GIIP" means Gas Initially In Place

"m" means metres

"MDT" means modular formation dynamic tester

"mmboe" means million barrels of oil equivalent

"mmscfd" means million standard cubic feet per day

"PSC" means Production Sharing Contract