Seascape Energy Asia Plc · LSE:SEA
Seascape Energy Asia — Q1 2025 Earnings Presentation
16 slides from Seascape Energy Asia's earnings presentation, Mar 19, 2025
Slide 1: Q1 Investor Update
March 2025 Q1 Investor Update Seascape Energy Asia 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: Seascape Board
Seascape Board Key executive & board members James Menzies Non-executive board directors Executive Chairman • Founder/CEO of SE Asian-focused Salamander Energy • Previously Coro Energy (CEO), TAP Oil (Exec Chair) Haida Hazri Non-executive director • Senior Partner Lambert Energy Advisory • MSc in Ge
Slide 4: Seascape overview
Seascape overview Growing portfolio in Southeast Asia Block 2A Kertang London-listed (SEA) SE Asian focused limited universe large opportunity DEWA Experienced team Technically driven regional history create subsurface value Bintulu LNG Key Regional Players 4
Slide 5: Positioned for success
Positioned for success Q1 2025 corporate update • Block 2A farm-out complete • Delivered on-schedule • Highly-structured transaction • Strong financial position post-completion: • ~£10 million cash (no debt) anticipated end-Q1 • ~£3 million corporate overheads (ex-investments) p.a. • Added two board
Slide 6: Firm value underpins portfolio
Firm value underpins portfolio DEWA DEWA near-term development Initial focus fields Additional gas fields Block 2A D30 DANAU • Initially focused on six priority fields for development in three main east-west ‘fold trends’ D41 W D41 DANA • Significant data; 35 wells, 3D seismic, logs, DSTs, MDTs DAFN
Slide 7: Low-cost route to growth
Low-cost route to growth DEWA development uses existing technology and nearby infrastructure Royalty: 10% Gov ‘Alpha’: 10% Cost & Tax ~30% Contractor ~50% Source: Company Source: Operator, Source: Company • New “SFA PSC” fiscal terms • Simple, shallow water (40-50m) • Close to infrastructure develop
Slide 8: Block 2A: Malaysia's largest undrilled structure?
Block 2A: Malaysia’s Block 2A largest undrilled structure? Kertang Kertang: a potential 9 TCF giant amplitude Cycle V/VII brightening gas chimney Cycle II/III DEWA Cycle I Bintulu LNG Mature Company WI% source Petronas Carigali 40.0% INPEX Corporation 42.5% Petros (Sarawak state) 7.5% Seascape 10.0%
Slide 9: Cash & Carry
Cash & Carry Block 2A farm-out to INPEX Corporation marks major milestone • Farm-out to INPEX Corporation • 10% interest retained by Seascape Japan’s largest E&P company • Full, uncapped carry on 2 wells (1+1) 631,000 boepd production (FY24), ~10% of Japan’s • Upfront cash: US$10 million annual ener
Slide 10: Significant farm-out value uplift
Significant farm-out value uplift Exposure to unrisked value ~30x current share price Seascape implied value from recent transaction (£/share)2 Analyst Price Targets (£/share) at 18 March 2025 £10.50 £2.50 £10.12 £2.00 £1.43 £1.50 £1.00 £0.80 £0.85 £0.50 recent share price range £0.00 Farm Out Farm
Slide 11: Flurry of activity already in 2025
Flurry of activity already in 2025 Host governments capitalising on renewed hydrocarbon interest Upcoming licensing round? • Activity levels remain elevated • Numerous opportunities identified Significant oil • ‘Right-sized’ for Seascape discovery Onshore exploration – possible offshore H2? First ro
Slide 12: Significant regional growth ambitions
Significant regional growth ambitions Leveraging the platform Seeking to build a substantial, full-cycle portfolio • Competitively advantaged position in Malaysia, established regional network • Limited regional peer group, one of few listed entities • Quality assets available of material scale with
Slide 13: Appendix
p SEA SIEINSC/NPIE ENERGY ASIA Appendix fe;
Slide 14: Block 2A farm-out valuation
Block 2A farm-out valuation Block 2A Read-through summary Kertang Interest acquired by INPEX 42.5% Interest retained by Seascape 10.0% Back costs ($M) 1.0 Cash consideration ($M) 10.0 Full carry on exploration phase ($M) 17.1 Contingent cash consideration ($M) 10.0 Total payments and funding to SEA
Slide 15: ERCE CPR Summary
ERCE CPR Summary Block 2A (Kertang) Notes 1. Unrisked mean total is not representative of the expected total from the four reservoir intervals and assumes a success case in all intervals. 2. ERCE’s volumes assume a gas case only. ERCE allocates a phase risk of 90% gas (vs oil 10%). 3. COS represents
Slide 16: seascape-energy.com @SeascapeEnergy Seascape Energy Asia
seascape-energy.com @SeascapeEnergy Seascape Energy Asia