Seascape Energy Asia Plc · LSE:SEA
Seascape Energy Asia — Longboat Energy — Shareholder Meeting (June 2024)
16 slides from Seascape Energy Asia's shareholder meeting presentation, Jun 26, 2024
Slide 1: A new Southeast Asian-focused E&P
A new Southeast Asian-focused E&P June 2024
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 Longboat Energy plc (the “Company”). This presentation and the information contained in
Slide 3: Transformation complete
Transformation complete Significant overhaul of Longboat’s business undertaken in the past six weeks • Appointment of new CEO and Executive Chairman; slimmed-down, fit-for-purpose board • Detailed review of business resulting in sale of holding in Norwegian JV • Extensive cost-reduction measures imp
Slide 4: Refocused management & board
Refocused management & board James Menzies Executive Chairman • Founder/CEO of SE Asian-focused Salamander (inception to sale) • Previously CEO of Coro Energy and Exec Chairman at TAP Oil • MSc in Geophysics Graham Stewart Non-executive director Nick Ingrassia Chief Executive Officer • Previously BD
Slide 5: Why Asia? Strong energy growth story
Why Asia? Strong energy growth story Primary Energy Consumption by Fuel Type1 Other Oil 42 Oil Other 36% Oil Other 31% 36% 16% 26% 30 41% Gas Gas Gas Coal 46% 12% EU Median 19% 22% & SEA Coal Coal 4% 11% UK Age 13 North America Europe Asia-Pac Hydrocarbon Demand Forecast2 rebased to 100 +50% Primary
Slide 6: Why Asia? Opportunity rich, limited competition
Why Asia? Opportunity rich, limited competition Go Southeast Rebalance Asia Grow Majors North IOCs Sea NOCs 6
Slide 7: Prime position in emerging Malaysian hotspot
Prime position in emerging Malaysian hotspot PETRONAS LNG (Bintulu) is one of the largest LNG production facilities globally • Nine production trains • ~30 MTPA of LNG (1.5 TCF) production capacity • Majority purchased by Japan Majors re-entering the region for big gas-to-LNG opportunities • Recent
Slide 8: Block 2A summary
Block 2A summary Kertang Company WI% Petronas Carigali 40.0% Longboat Energy (op)1 52.5% Petros 7.5% Block 2A PSC awarded Feb-23 (MBR 2022) • 12,000 km2, water depth 100-1,400m • First term (3-years) : G&G studies work commitment • Second term (2-years): drill one firm well to depth > 3,000m North L
Slide 9: Block 2A play trends
Block 2A play trends Block 2A two major prospective trends emerging • Kertang trend of pre-MMU prospects 2A • Additional major ponded turbidite trend emerging to the south of the block ‘Kertang’ play Ponded turbidite trend upgraded by recent Ponded turbidite trend PETRONAS Carigali discoveries play
Slide 10: Kertang prospect CPR results
Kertang prospect CPR results SW NE Independent CPR produced by ERCE validates Longboat’s internal estimates Total mean prospective resources of 9.1 TCF and 146 mmbbl 3 Cycle VII / VIII • Volume located across four target horizons Chance of Success range 16-27% 2 Cycle II / III Malaysia’s largest und
Slide 11: Major Malaysian discoveries & Kertang
Major Malaysian discoveries & Kertang Kasawari (~6TCF)1 988m HC Column 5 km Marjoram (~2TCF)3 Kertang (9.1 TCF) 455m HC column Unrisked Mean Prospective Resource Sources: 1 Kasawari image from “Geophysical Applications in Malaysian Basins”. PETRONAS, 2019, in co-operation with EAGE 2 Lang Lebah imag
Slide 12: Regional CO2 occurrence map
Regional CO2 occurrence map Recent regional isotopic study suggests Additional CO2 risk CO2 origin is mainly inorganic 2A due to possible hydrothermal fluids • Mantle degassing with the deep-seated faults as conduits for the migration of CO2 • Carbonate degassing could also contribute Seabed core st
Slide 13: Malaysia Discovered Resource Opportunities (DRO)
Malaysia Discovered Resource Opportunities (DRO) Recent push by PETRONAS to accelerate the development of fallow discoveries Small Field Assets (SFA) PSC • Generally offered under ‘Small Field’ PSC terms PETRONAS introduced MBR+ in late 2023 offering a total of five DRO clusters • Three DRO clusters
Slide 14: Longboat Energy: a pure-play Asian E&P
Longboat Energy: a pure-play Asian E&P Key Assets Summary Block 2A, offshore Sarawak, Malaysia (52.5% operator) Revamped board and management: Right-sized team • Large, 12,000 km2 block, industry hot-spot, high quality 3D seismic SE Asian focused • Giant Kertang prospect, gross 9.1 TCF potenti
Slide 15: Appendix
Longboat Energy Appendix
Slide 16: Kertang (Block 2A) ERCE CPR Summary
Kertang (Block 2A) ERCE CPR Summary 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