Seascape Energy Asia Plc · LSE:SEA
Seascape Energy Asia — Corporate Update (October 2024)
18 slides from Seascape Energy Asia's corporate update, Oct 21, 2024
Slide 1: DEWA PSC Award
21 October 2024 DEWA PSC Award Growing our Malaysian portfolio 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 team members James Menzies Nick Ingrassia Pierre Eliet Executive Chairman Chief Executive EVP Corporate & Business Development, Country Chair Malaysia • Founder/CEO of SE Asian-focused • BD Head of SE Asian-focused • Broad range of technical and Salamander Energy Salamander
Slide 4: DEWA PSC Award
DEWA PSC Award Block 2A Adding firm value to Seascape’s growing portfolio (52.5%) DEWA PSC (SEA 28%) signed 21-Oct-24 • Strong partnership: EnQuest (42%, op) and Petros (30%) • Nil cost award via MBR+ licensing round • Low work commitment of US$640k (~£500k, net) over ~2 years Found & forgotten gas
Slide 5: Assets
J SEA SENS CARE ENERGY ASIA Assets
Slide 6: Immediate portfolio of gas fields
Immediate portfolio of gas fields Initial focus fields Additional gas fields DEWA represents a huge opportunity for Seascape D30 DANAU Special licensing round for existing operators only D41 • DEWA ‘earmarked’ for Seascape DANA • Scarcity of qualified, smaller E&Ps DAFNAH WEST • Sweetened economic t
Slide 7: Large prize close to infrastructure
Large prize close to infrastructure Significant, high-quality dataset means no appraisal needed Discoveries date from A late-1980s & mid-2000s A A’ • Shell & PCPP A’ High quality dataset, no appraisal anticipated 50–100m gas columns in some wells, excellent reservoir properties Limited historic oil
Slide 8: Large gas columns in well-developed, high-quality reservoirs
Large gas columns in well-developed, high-quality reservoirs Example DEWA “type” well TVDSS (m) Gamma Ray Resistivity Density Example DEWA well drilled in 2009 by a previous Operator Two gross sand intervals with gas columns encountered in the exploration well 97m • a 97m gas column; and • a deeper
Slide 9: Valuable award: Low-cost route to growth
Valuable award: Low-cost route to growth Simple DEWA development using existing technology Bentara Wellhead Platform Plateau production Simple development potential • Shallow water (40-50m) • 80-100 mmscfd (13-17 kboepd) • Monopod platforms • ~2,500 bcpd • Jack-up rig drilling Close to export infras
Slide 10: 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 11: 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 12: Kertang: significant structural upside
Kertang: significant structural upside Strike section demonstrating over 200 km2 of closure A KERTANG 4-WAY CLOSURE EXTENT B gas cloud amplitude brightening in indicating charge Cycle V/VII turbidite play Prolific coal source rocks in surrounding grabens Max extent of Kertang 4-way closure Kertang P
Slide 13: Summary
J SEA SENS CARE ENERGY ASIA Summary 13
Slide 14: Key near-term catalysts
Key near-term catalysts H2-24 H1-25 H2-25 Process Announce Complete Farm-Out Process Block 2A Well commitment Near-term Secure Rig Announced PSC award Completed Development plan DEWA Gas sales negotiations CPR/valuation Continue to pursue growth opportunistically 14
Slide 15: SEA: a rare commodity
SEA: a rare commodity 2 Block 2A One of very few small-cap E&Ps active in Southeast Asia Opportunity to own a well-positioned, technically driven E&P with significant upside catalysts ahead 1 DEWA PSC 2 Block 2A PSC • Equity: 28% • Target Equity (post farm-down): 15.75% 1 • Net estimated resources2:
Slide 16: Appendix
J SEA SENS CARE ENERGY ASIA Appendix 16
Slide 17: SFA PSC overview
SFA PSC overview Mechanism and terms Revenue Royalty [Sales liquids x price] + minus [Liquids revenue x 10%] + [Sales gas x price] [Gas revenue x 10%] Post royalty revenue Contractor State share ‘α’ Government take Negotiated to 10% share ‘β’ Negotiated to 90% 100% costs [opex, capex, abex] Income t
Slide 18: seascape-energy.com
seascape-energy.com @SeascapeEnergy Seascape Energy Asia
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