Corporate Update

‌Corporate update

Taking Seascape to the next level

July 2025

‌Executive & board

Significant regional experience

Graham Stewart

Non-executive director

2

Geraldine Murphy

Non-executive director

Haida Hazri

Non-executive director

‌Seascape snapshot

Material, Malaysian-focused, gas-weighted portfolio built in ~2 years

Sabah

Peninsular Malaysia

Brunei

Indonesia

~£40 million

Market cap

3 Source: Seascape estimates

£10 million

cash, no debt

Sarawak`

+50 mmboe

est 2C resources

+170 mmboe

est prospective resources

‌Competitively advantaged in Malaysia

Delivering success where others struggle

SEA key achievements from Feb-23

2023

• Block 2A award

• EnQuest/SEA AMI

H1

2024

H2

H1

2025

H2

• DEWA application

• Southeast Asia pivot

• DEWA award (28%)

• Block 2A farm-out!

• Temaris application

• Temaris award (100%)

pursuing further growth opportunities

High barriers-to-entry in Malaysia

• Few qualified small-cap, international E&Ps

• Well-established, long-standing relationships

• Timing is everything

  Working in tandem with regulator
  
  

• Trust earned from delivery on promises

• Strong connections at all levels

  Malaysian team in Malaysia
  
  

• Focused on growing regional team

• Young, well-respected, technical excellence

• Long-term commitment to the country

4

‌Structurally short gas position

LNG imports into Peninsular Malaysia required to meet soaring demand

Peninsular Malaysia Gas Demand

2A

Kerteh

Peninsular Malaysia

Temaris

Sarawak Gas Demand

Brunei

Gas power plant Petchem plant

LNG

Regas

Auz+

DEWA

Bintulu

Sarawak

LNG Regas Terminal

LNG

Regas

4 BCM

LNG

5 Sources: Energy Institute Statistical Review of Energy 2024, Petronas MPM, Woodmac

‌Huge opportunity

Malaysia has ~10 billion boe of stranded resources*

6 *Source: Wood Mackenzies estimates

‌Asset overview

7

‌Temaris: appraised and ready to develop

New award on accelerated development timeline

Tembakau

8

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, + 145m of core

• DST test rates of up to 16 mmscfd

• Normally-pressured, dry gas, low impurities

  Shallow water (~68m), near infrastructure (~50 km) Targeting low-cost development plan

• Enhanced 'SFA PSC' terms

• Minimal, unmanned facilities

• Production plateau of up to 100 mmscfd (~17 kboepd)

‌Temaris exploration: low-risk, high-potential

Upside could more than double resource size

Significant exploration upside already identified

• Mid-Miocene fluvial channel systems

• High-quality reservoirs, excellent porosity/permeability

• Evident in multiple horizons across Temaris PSC

• Largely 'low risk' near-field potential

  Seismic reprocessing underway
  
  

• Allow amplitude calibration against existing wells

• De-risking sands vs gas-filled sands

• Potential to explore/appraise during development

  Opportunities extend into adjacent acreage
  
  

• Acreage available in 'second phase' of MBR 2025

• End 2025 application deadline, early 2026 award

Prospective resource review in upcomiing CPR

9 Source: Seascape, photos of Mulu National Park (Sarawak, Malaysia)

Composite Map - Sum of Amplitudes

‌DEWA: progressing toward development plan

Subsurface work substantially complete

Discoveries from late-1980s & mid-2000s

• Shell & PCPP

  300-400 bcf gas cluster development

• Significant nil-cost data set with award

  42% 30% 28%

12 gas fields & discoveries

• Six fields high-graded

• ~300-400 bcf recoverable

  Shallow water (~50m), near infrastructure (~45 km)
  
  
  Significant progress made on subsurface models, now progressing preferred development plan/route
  
  

• Minimal, unmanned facilities, est $5-7/boe of capex

• Production plateau of up to 100 mmscfd (~17 kboepd)

Bintulu LNG

Sarawak

10 Source: Seascape

‌Large prize close to infrastructure

Significant, high-quality dataset means no appraisal needed

Wellhead Platform

11 Source: Seascape, picture from Tarpon Systems website

‌Block 2A: 9 TCF of nil-cost, blue-sky upside

Full, uncapped carry on Malaysia's largest undrilled structure

amplitude brightening

A'

A

Block 2A

Cycle V/VII

gas chimney

Cycle II/III

A A'

Cycle I

Brunei

coals

(SEA 10%)

A 9 TCF giant

42.5%

40%

7.5%

10%

Firm well commitment during Q3 2025

• Important part of its multi-well, deepwater drilling campaign during 2026/2027 in Sarawak

12 Source: Seascape

Bintulu LNG

DEWA

Sarawak

‌Outlook

13

‌Traction & catalysts

Industry and market are only just starting to realise Seascape's potential

Current Asset Base Next Steps Future Growth Steps

DEWA (SEA 28%)

CPR: publish contingent resource figures Temaris (SEA 100%, op)

CPR: publish contingent & prospective resource figures Block 2A (SEA 10%)

Final partner approval of Kertang drilling

Granular geology, define well location/cost/timing

Beyond Kertang: additional on-block prospectivity

• Step-out "Kertang-look-a-like" prospects

• Shallow Turbidite play in south of block

Continue acreage build-out around existing Malaysian position

Initiate Temaris farm-out to long-term, strategic partner

• Retain significant, operated interest

Potential to establish a third 'core area' in Malaysia

Opportunistic approach to growth elsewhere in the region

Interest in Seascape is building as an emerging, high-quality pure play

14 "CPR": Independent, Third-Party Competent Persons Report

‌Substantial resources vs listed peers

Seascape development PSCs bring significant growth potential

Peer Group Market Cap v Reserves & Resources

2P

2C

M/Cap

£500

150

£400 120

£300 90

£200 60

£100 30

£0

Jadestone Valeura EnQuest

Seascape

Seascape

0

Sunda Conrad Pharos Criterium Upland

15 Source: Company disclosures and Seascape estimates

Note: Figures only include reserves & resources in Southeast Asia held by each Company and adjusted for recent transactions, M/Cap as at 7 July 2025 converted to GBP

‌Taking Seascape to the next level

Summary

Competitively  Advantaged

Limited peer group Deep regional network

Part of the Malaysian ecosystem

High-Quality  Portfolio

Hard value + nil-cost blue sky upside Greenfield, simple developments Gas-weighted

Just Getting Started…

Significant opportunities in Malaysia Potential to expand regionally

Grow where we have a role to play

16

‌

seascape-energy.com

IR@seascape-energy.com

@SeascapeEnergy



















Seascape Energy Asia