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Highlights
- Block 2A Farm-Out Completion on Track: Seascape to retain 10% interest in 1.7 billion boe Kertang prospect at zero cost after finalizing its deal with INPEX CORPORATION.
- Strengthened Financial Position: Expected cash balance of $12 million by end-Q1 2025, with disciplined cost management.
- Strategic Growth Plans: Advancing DEWA Field Development Plan and actively pursuing new licensing and M&A opportunities in Malaysia and Thailand.
Seascape Energy (LSE:SEA), an E&P company focused on Southeast Asia, has provided a corporate update outlining key developments and its outlook for 2025. The company remains on track to complete the farm-out of a 42.5% interest in Block 2A to INPEX CORPORATION in Q1 2025, with all regulatory approvals secured.
Following this transaction, Seascape will retain a 10% participating interest in Block 2A through its subsidiary, Topaz Number One Limited, maintaining exposure to the high-potential Kertang prospect (gross ~1.7 billion boe) at no cost.
Financial Outlook: Strong Cash Position & Cost Discipline
Upon completion of the Block 2A farm-out, Seascape expects to hold approximately $12 million (£10 million) in unaudited cash reserves by the end of Q1 2025. The company remains committed to efficient cost management, with annual corporate overheads, excluding investments, expected to be around £3 million.
Development & Growth Strategy for 2025
- Block 2A – Kertang Prospect: The project is moving towards a formal drilling commitment in mid-2025, to be led by INPEX CORPORATION.
- DEWA Cluster Progress: Seascape anticipates that the DEWA Field Development Plan (FDP) will be finalized by late 2025, unlocking 85-100 bcf (14-17 mmboe) of resources net to Seascape. The DEWA cluster, awarded in October 2024, consists of 12 shallow-water gas discoveries near existing infrastructure off Sarawak, Malaysia, targeting production by 2027.
New Business & M&A Expansion
Seascape remains actively engaged in expansion efforts, focusing on:
- New licensing rounds in Malaysia and Thailand, targeting both discovered resources and new exploration acreage.
- Potential M&A opportunities, aiming for material portfolio expansion in 2025.
