Business
Block 2A Farm-Out Completion
Block 2A Farm-Out Completion.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n\nTHIS 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\").\n \n18 March 2025\n \n \nSeascape Energy Asia plc\n(the \"Company\", \"Seascape Energy\" or \"Seascape\")\nBlock 2A Farm-Out Completion\nSeascape Energy, an E&P company focused on Southeast Asia, is pleased to announce it has completed the 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\").\nSeascape retains a 10% participating interest in Block 2A (the \"Retained Interest\") through its wholly owned subsidiary, Topaz Number One Limited (\"TNOL\") providing its shareholders with material exposure to the Kertang prospect (gross ~1.7 billion boe) at nil cost.\nFollowing completion of the Transaction, the Company estimates that at end Q1-25 it will have unaudited cash balances of approximately US$12 million (£10 million).\nNew business activity remains a priority for the Company and 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.\nInvestor Meet Company\nNick Ingrassia (CEO) and James Menzies (Executive Chairman) will host a live presentation for investors via Investor Meet Company at 10:00 AM GMT on Wednesday19 March 2025.\nThe presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00 AM GMT on Wednesday 19 March 2025, or at any time during the live presentation.\nInvestors 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.\nNick Ingrassia, CEO of Seascape, commented:\n\"I would like to express my gratitude towards MPM and our partners, INPEX CORPORATION, PETRONAS Carigali and Petros for moving the farm-out of Block 2A to completion so quickly. We believe the world-class Kertang prospect remains one of the largest, undrilled structures in Sarawak and we look forward to supporting the partnership in moving th...