THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO
UK LAW IN ACCORDANCE WITH THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK MAR").
21 October 2024
Seascape Energy Asia
plc
(the "Company", "Seascape
Energy" or "Seascape")
Award of DEWA Complex Cluster SFA
("Small Field Area") PSC Malaysia
Seascape Energy, an E&P company
focused on Southeast Asia, is pleased to announce that it has been
awarded a 28% participating interest in a Small Field Asset
Production Sharing Contract ("SFA PSC") over the DEWA Complex
Cluster ("DEWA" or the "Award") off the coast of Sarawak, Malaysia.
The Award was made under the Malaysia Bid Round Plus
("MBR+") by Petroliam Nasional Berhad
(PETRONAS) ("PETRONAS") through Malaysia Petroleum
Management.
The DEWA partners are EnQuest
Petroleum Production Malaysia Ltd (42%, operator) ("EnQuest") and
Petroleum Sarawak Exploration & Production Sdn. Bhd. (30%)
("PSEP").
DEWA is comprised of 12 gas
discoveries in shallow water (40-50 metres) near to infrastructure
off the coast of Sarawak and includes; D30, D30W, Danau, Daya, Daya
North, D41, D41W, Dafnah West, Dana, Darma, West Acis and Spaoh.
Gas was originally found in the area in 1982 but overlooked by
previous partnerships which were focused on oil
production.
The DEWA partnership is anticipated
to initially focus on the D30, Danau, D41, D41W, Dana and Dafnah West
discoveries which are estimated by the Company to contain circa 500
bcf GIIP (gross, ~83 mmboe). These fields are broadly characterised
as having clastic reservoirs with large gas columns and good
hydrocarbon mobilities. There is a significant dataset including 35
well penetrations, well logs, multiple DSTs and MDTs as well as
extensive 3D seismic coverage across the entire PSC
area.
Given the shallow water depths and
nearby infrastructure, the partnership is targeting a low-cost
development plan utilising normally unmanned platform(s) with
minimal processing which could support a potential production
plateau of up to 100 mmscfd.
The initial low-cost work commitment
(approximately $0.6 million net to Seascape) is to conduct a
detailed resource assessment and deliver a Field Development and
Abandonment Plan within two years. The development of these fields
will be under the innovative, new Small Field Asset terms which are
specifically designed to simplify and incentivise rapid development
of smaller hydrocarbon accumulations in Malaysia.
Investor Meet Company
Nick Ingrassia (CEO), James Menzies
(Executive Chairman) and Pierre Eliet (EVP Corporate and Country
Chair Malaysia) will host a live presentation for investors via
Investor Meet Company on 22 October 2024 at 10:00 AM
BST.
The presentation is open to all
existing and potential shareholders. Questions can be submitted
pre-event via your Investor Meet Company dashboard up until 21 Oct
2024, 09:00 AM BST, or at any time during the live
presentation.
Investors can sign up for free
via:
https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor
Investors who follow Seascape Energy
on the Investor Meet Company platform will automatically be
invited.
James Menzies, Executive Chairman of Seascape,
commented:
"This award supports our recent
decision to strategically pivot the business to focus on Southeast
Asia. It builds on our existing position in Malaysia and in one
step provides Seascape with an immediate portfolio of gas
discoveries with over 500 bcf of in-place resources from four main
fields with considerable upside.
DEWA represents an opportunity
for the Company together with its partners, EnQuest and Petros, to
pursue a low-cost, near-term development located close to existing
infrastructure. While the financial commitment and costs over this
initial planning phase are expected to be minimal, the prize is
very material for Seascape. The award perfectly illustrates how an
Independent E&P company can compete and create value in this
environment.
On behalf of our entire team, I
would like express our gratitude to PETRONAS for the award and we
look forward to continued collaboration with all of our partners as
we seek to grow the Seascape business for the benefit of both our
shareholders and our Malaysian stakeholders."
Ends
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Enquiries:
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Seascape Energy Asia plc
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info@seascape-energy.com
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Nick Ingrassia (Chief
Executive)
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Stifel (Nomad and Joint Broker)
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Tel: +44 20 7710 7600
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Callum Stewart
Jason Grossman
Ashton Clanfield
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SNELLongboatEnergy@Stifel.com
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Cavendish Capital Markets Limited (Joint
Broker)
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Tel: +44 20 7397 8900
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Neil McDonald
Pete Lynch
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Standard
Estimates of reserves and resources
have been carried out in accordance with the June 2018
SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management
System ("PRMS") as the standard for classification and reporting. A
summary of the PRMS can be downloaded
from:-https://www.spe.org/en/industry/petroleum-resources-management-system-2018/.
Review by Qualified Person
The technical information in this
release has been reviewed by Dr Pierre Eliet, EVP Corporate &
Business Development, Country Chair Malaysia, who is a qualified
person for the purposes of the AIM Guidance Note for Mining, Oil
and Gas Companies. Dr Eliet is a geologist with more than 25 years'
experience in the oil and gas industry. Dr Eliet has a BA Degree in
Earth Sciences from Trinity College, Dublin and PhD in Geology from
Manchester University, UK.
Glossary
"bcf" means billion standard cubic
feet
"DST" means drill stem
test
"GIIP" means Gas Initially In
Place
"m" means metres
"MDT" means modular formation
dynamic tester
"mmboe" means million barrels of oil
equivalent
"mmscfd" means million standard
cubic feet per day
"PSC" means Production Sharing
Contract