Seascape Energy Asia Plc · LSE:SEA
Seascape Energy Asia — Shareholder Meeting (June 2025)
13 slides from Seascape Energy Asia's shareholder meeting presentation, Jun 26, 2025
Slide 1: Annual General Meeting 2025
Annual General Meeting 2025 26 June 2025
Slide 2: Executive team
Executive team Significant regional experience James Menzies Nick Ingrassia Pierre Eliet Executive Chairman Chief Executive Executive Director, Chair Malaysia • Salamander Energy (Founder/CEO) • Salamander Energy (BD Head) • IPC and ROC Oil Malaysia • Coro Energy, TAP Oil • DNO, Longboat, Faroe, Val
Slide 3: Material, Malaysian-focused portfolio
Material, Malaysian-focused portfolio Three PSCs awarded in 28 months, operatorship secured Block 2A (Kertang) (SEA 10%) Temaris Cluster High Impact Exploration (SEA 100%, op) Discovered Resources + A 9 TCF giant Exploration Upside +250 bcf gas cluster development + upside DEWA Cluster (SEA 28%) Dis
Slide 4: Riding a regional growth wave
Riding a regional growth wave Why we are focused on SE Asia USA: $89k Gas Demand to 2035 32% GDP Per Capita Europe: $38k -16% -22% Europe USA SE Asia Malaysia SE Asia: $6k $13k Median Age Thailand $8k 42 38 30 Indonesia & Vietnam $5k Timor Leste 4 Sources: IEA World Energy Outlook 2024, UN Populatio
Slide 5: Substantial resources vs listed peers
Substantial resources vs listed peers Seascape development PSCs bring significant growth potential Peer Group Reserves, Resources & Market Cap £500 150 2P 2C M/Cap £400 120 £300 90 £200 60 £100 30 £0 0 Jadestone Valeura EnQuest Seascape Sunda Conrad Pharos Criterium Upland 5 Source: Company disclosu
Slide 6: Temaris: appraised and ready to develop
Temaris: appraised and ready to develop New award on accelerated development timeline Originally drilled by Lundin Oil (now IPC) • Tembakau (2012, 2014); Mengkuang (2015) • Recently relinquished due to geographic priorities Significant data set gained with award • Full 3D seismic coverage, DSTs, + 1
Slide 7: Temaris exploration: low-risk, step-out targets
Temaris exploration: low-risk, step-out targets Upside could more than double resource size Temaris Cluster PSC Exploration upside already identified in multiple horizons on Temaris PSC • Largely ‘low risk’ near-field potential Seismic reprocessing will allow amplitude Mengkuang calibration against
Slide 8: DEWA: progressing toward development plan
DEWA: progressing toward development plan Subsurface work substantially complete Discoveries from late-1980s & mid-2000s Initial focus fields Additional gas fields D41W D41 • Shell & PCPP D30 DANAU • Significant nil-cost data set with award Dana D41 12 gas fields & discoveries DANA D41 trend static
Slide 9: Block 2A: Nil-cost blue-sky upside
Block 2A: Nil-cost blue-sky upside Progressing towards final well commitment on Malaysia’s largest undrilled structure Block 2A London 42.5% 40% 7.5% 10% Kertang M25 DEWA INPEX has become a significant Malaysian operator • 2A an important part of its multi-well, deepwater drilling campaign during 20
Slide 10: Growing value at minimal cost
Growing value at minimal cost Exposure to unrisked value >20x current share price SEA implied value from recent precedent transaction (£/sh) £5.00 £11.15 £11.00 2A Cont’ Payment £4.00 £3.24 £3.00 Kertang (2A) (unrisked) Temaris (unrisked) £2.00 £1.00 2A Carry DEWA (unrisked) Value Recent share price
Slide 11: Key near-term asset catalysts
Key near-term asset catalysts Q3-25 Block 2A Well commitment Secure rig Temaris Seismic reprocessing Independent CPR DEWA Independent CPR 11
Slide 12: Proven ability to deliver
Proven ability to deliver Material portfolio in Malaysia assembled with more to come Material, high-quality portfolio assembled quickly with limited capital • Low cost-of-capture by adding development-ready resources in licensing rounds • Production potential of >20,000 boepd net to SEA within ~3 ye
Slide 13: seascape-energy.com IR@seascape-energy.com @SeascapeEnergy
seascape-energy.com IR@seascape-energy.com @SeascapeEnergy Seascape Energy Asia
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