Seascape Energy Asia’s interim results: bigger Malaysian gas footprint, stronger balance sheet
Seascape Energy Asia has delivered a tidy set of interim results for the six months to 30 June 2025. The business now looks squarely like a Malaysia-focused gas play with a growing resource base, a high-impact exploration shot fully carried by a major, and a healthier cash position to fund the next steps.
Headline numbers: net 2C Contingent Resources of 63 mmboe (97% gas), net unrisked mean Prospective Resources of 281 mmboe (95% gas), and cash reserves of £8.6 million, including £2.0 million of restricted cash held against licence guarantees.
What moved the dial in H1 2025
- Completed the Block 2A farm-out to INPEX CORPORATION, retaining a 10% interest and securing an uncapped carry for one firm and one contingent well. “Uncapped carry” means the partner pays Seascape’s exploration costs without a cap during this phase.
- Won operatorship of the Temaris Cluster PSC with 100% participating interest offshore Peninsular Malaysia.
- Published an independent CPR by Sproule ERCE post-period confirming and upgrading resource estimates.
- Trimmed adjusted admin costs to £1.9 million (1H 2024: £2.5 million), with £0.9 million of non-recurring items taken in the period.
Key numbers investors should know
| Metric | 1H 2025 | Prior period |
|---|---|---|
| Cash reserves | £8.6 million | £1.3 million (1H 2024) |
| Restricted cash (licence guarantees) | £2.0 million | £0.05 million (1H 2024) |
| Adjusted admin costs | £1.9 million | £2.5 million (1H 2024) |
| Statutory admin costs | £2.8 million | £3.5 million (1H 2024) |
| Total profit/(loss) | £5.7 million | £(12.5) million (1H 2024) |
| Continuing operations loss | £(2.5) million | £(2.8) million (1H 2024) |
| Discontinued operations profit | £8.2 million | £(9.8) million (1H 2024) |
| Net 2C Contingent Resources | 63 mmboe (97% gas) | Nil (12 months ago) |
| Net unrisked mean Prospective Resources | 281 mmboe (95% gas) | Up 69% since Q1 2025 |
CPR-backed resources: what’s in the ground and where
Quick definitions: 2C Contingent Resources are discovered volumes not yet commercial. Prospective Resources are estimates for undiscovered accumulations; “unrisked” means not adjusted for the chance of discovery. GCoS is the geological chance of success.
Contingent Resources by area (net to Seascape)
| Area | Gas | Liquids | Total |
|---|---|---|---|
| Temaris (100%) | 276 bcf | – | 46 mmboe |
| DEWA priority fields (28%) | 94 bcf | 2 mmbbl | 18 mmboe |
| Total | 370 bcf | 2 mmbbl | 63 mmboe |
Prospective Resources by area (net, unrisked mean)
| Area | Gas | Liquids | Total | GCoS range |
|---|---|---|---|---|
| Temaris (100%) | 683 bcf | – | 114 mmboe | 30% – 50% |
| DEWA priority (28%) | 7 bcf | 0 mmbbl | 1 mmboe | 34% – 51% |
| Block 2A (10%) | 908 bcf | 15 mmbbl | 166 mmboe | 16% – 27% |
| Total | 1,598 bcf | 15 mmbbl | 281 mmboe | – |
Project-by-project: why these assets matter
Temaris PSC (operator, 100%) – shallow-water gas with near-field upside
Temaris contains two discoveries, Tembakau and Mengkuang, in ~70 m water depth and close to existing infrastructure (~50 km). The CPR upgraded Temaris to 276 bcf net 2C and flagged 683 bcf of additional mean Prospective Resources across amplitude-supported prospects analogous to the discoveries. Tembakau-2 tested 16 mmscfd from two reservoirs, with high-quality sands (20% to 35% porosity) and dry gas with low impurities. Seismic reprocessing is underway and should help de-risk drilling locations.
Opinion: This is the backbone of Seascape’s discovered resource base. Proximity to infrastructure and reservoir quality are real positives for development timing and costs, subject to commercial terms.
DEWA Cluster (28%) – multi-field development in Sarawak
DEWA comprises 12 shallow-water gas discoveries; six “DEWA Priority” fields are the initial focus. The dataset is substantial (35 well penetrations, DSTs, MDTs, and 3D seismic). Net 2C is 18 mmboe with modest additional exploration upside (7 bcf net mean). Seascape plans to submit a formal resource assessment, finalise a draft field development plan and begin commercial talks.
Opinion: Smaller per-field but diversified, DEWA can provide a platform for multi-field phasing. Watch for regulatory milestones and gas sales terms to crystallise value.
Block 2A (10% carried) – the Kertang high-impact exploration
Post farm-out to INPEX, Seascape retains a 10% interest fully carried through one firm wildcat and one contingent appraisal well. The world-class Kertang prospect is a large four-way dip closure of over 220 km2 with direct hydrocarbon indicators. Net unrisked mean Prospective Resources are 166 mmboe (908 bcf gas and 15 mmbbl NGL). A formal JV commitment to drill is expected imminently, with drilling part of INPEX’s 2026/2027 Sarawak campaign.
Opinion: The carry is a strong deal for shareholders – exposure to a potential company-maker without capital outlay in the exploration phase. GCoS is 16% to 27% though, so risk remains real until the bit turns.
Financial position: cash up, costs down, runway intact
- Cash reserves at £8.6 million, including £2.0 million restricted against minimum work commitments in Malaysia.
- Adjusted admin costs dropped to £1.9 million from £2.5 million, showing discipline.
- Total profit of £5.7 million driven by an £8.2 million gain in discontinued operations linked to the 2A transaction.
- Going concern affirmed: management does not expect to raise additional funds to meet the current work programme and budget through to the end of 2026.
Minimum financial commitments are manageable: £1.53 million at Temaris and £0.47 million at DEWA, aligned with the restricted cash already posted.
Near-term catalysts to watch
- Block 2A: formal JV commitment to drill Kertang (expected imminently) and well scheduling for 2026/2027.
- Temaris: results from 3D seismic reprocessing, development studies and team build-out.
- DEWA: resource assessment submission, field development plan progress and start of commercial negotiations.
- New ventures: participation in Malaysian and regional licensing rounds.
My take: momentum building, execution now key
Strategically, Seascape has pivoted cleanly into Malaysian gas with a mix of discovered resources (Temaris and DEWA) and one genuine swing for the fences (Kertang) on a highly attractive carry. The CPR adds credibility and, in Temaris’ case, upgrades the narrative.
On the flip side, the company is still pre-production, so value crystallisation depends on development approvals, commercial terms and, for Prospective Resources, drilling results. The Kertang GCoS range reminds us this is exploration risk, albeit cleverly financed. Costs are trending the right way, and the cash runway looks comfortable for the stated work programme.
Overall, a confident half-year: the portfolio is larger, better defined, and more balanced between development and exploration. The next moves are about converting resources into reserves and line of sight to cash flow.
Join the investor presentation
Seascape will host “A Subsurface ‘Deep Dive’ into Seascape’s Malaysian Portfolio” on 13 Oct 2025 at 09:30 BST via Investor Meet Company. You can submit questions up to 09:00 BST on 12 Oct 2025 or during the event.
