Seascape Energy Asia Plc · LSE:SEA
Seascape Energy Asia — H1 2024 Earnings Presentation
12 slides from Seascape Energy Asia's earnings presentation, September 2024
Slide 1: Interim Results
September 2024 Interim Results for the six-month period ending 30 June 2024 1
Slide 2: Disclaimer
Disclaimer The information contained herein has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Seascape Energy Asia plc (the “Company”). This presentation and the information contain
Slide 3: Presenters
Presenters Key executive & board members Key executive & non-executive board directors James Menzies Pierre Eliet Executive Chairman EVP Corporate & Business Development, • Founder/CEO of SE Asian-focused Salamander Energy Country Chair Malaysia • Previously: Coro Energy (CEO), TAP Oil (Exec Chair)
Slide 4: Turning point reached after a busy H1 2024
Turning point reached after a busy H1 2024 Repositioning the business for success Strategic pivot Rebuilding Significant complete portfolio costs cut • Changes to executive team & • Block 2A farm-out underway – • Significant cost cutting to ‘right- board complete targeting transaction in Q4 size’ bu
Slide 5: Financial summary
Financial summary Interim results for the six-month period ending 30 June 2024 £ millions Notes Other income 0.7 Recharged services to Norway JV Admin expenses 3.5 Includes cost of a new venture which failed to transact Loss from discontinued operations 9.8 Write-offs related to Norwegian JV Cash 1.
Slide 6: Assets
One of very few 2 Block 2A small-cap E&Ps active in Southeast Asia (52.5%) • Technically • Limited peers Investment driven • Positive Asian macro growth • Supportive host Thesis • Well positioned governments 1 1 New • Found & • Imminent PSC • FDP <2 years Sarawak forgotten award • Low-cost PSC (tbc%
Slide 7: Imminent award of new Sarawak PSC
Imminent award of new Sarawak PSC Portfolio of gas fields represents a huge opportunity Imminent award of new PSC Special licensing round for • Shallow water Sarawak existing operators only • Partnered with well-known • Scarcity of qualified, smaller E&Ps operator • Sweetened economic terms, • Nil c
Slide 8: Block 2A (Kertang)
Block 2A (Kertang) Block 2A Right block, right place, right time (52.5%) Kertang PSC signed in Feb-23 Block awarded with high-quality • Large block (12,000 km2) 3D seismic at nil cost • Water depth 100-1,400m • Prior wells drilled on vintage 2D seismic • Low commitment Giant, well-defined ‘Kertang’
Slide 9: Kertang: Malaysia's largest undrilled structure?
Kertang: Malaysia’s largest undrilled structure? Sarawak analogue comparisons a potential 1.7 billion boe giant ERCE Gross Mean Prospective Resources1 Gas (Bscf) NGL (Mmbbl) CoS (%) A A’ Cycle V/VII AA2 514 14 27% 3 Cycle V/VII AA1 143 4 24% amplitude brightening A A’ 3 Cycle V/VII 2 Cycle II/III 3,
Slide 10: Regional activity ramp-up
Regional activity ramp-up Host governments moving urgently to meet growing demand Upcoming licensing First licensing round in rounds (’24/’25)? 10 years (’24) Major ‘play opening’ discoveries in (‘23/’24) One of the largest global gas discoveries (’23) Significant gas-to-LNG giant brought onstream (
Slide 11: Multiple, near-term catalysts ahead
Multiple, near-term catalysts ahead Seascape Energy Asia Seascape is a rare commodity • Well positioned, technically driven E&P solely focused on Southeast Asia Pending PSC award gives instant portfolio alongside existing high-impact Block 2A • Firm value in gas fields + significant blue-sky Kertang
Slide 12: seascape-energy.com @SeascapeEnergy Seascape Energy Asia
seascape-energy.com @SeascapeEnergy Seascape Energy Asia