19th Aug 2025 11:30
(Alliance News) - Seascape Energy Asia PLC on Tuesday said an independent third party verified and upgraded an assessment of its resource base in Malaysia.
The Southeast Asia-focused exploration and production company said the competent person's report highlighted "new prospective potential" in the recently awarded Temaris block.
The report also covered the priority fields in the DEWA complex cluster, Seascape said.
The Temaris production sharing contract net contingent resources increased 10% to 276 billion cubic feet from the 250 billion cubic feet estimated at award.
Seascape said the exploration upside at Temaris of 683 billion cubic feet means prospective resources are located in amplitude-supported prospects comparable to the existing discoveries.
It said the total net contingent resources of 63 million barrels of oil equivalent are up from nil in the past 12 months.
The total unrisked net mean prospective resources of 281 million barrels of oil equivalent were up 69% since completion of the block 2A farm-down in the first quarter of 2025.
"We are very pleased to announce the results of our CPR which provide an independent validation of our significant resource base. The report confirms our view of the high-quality nature of Seascape's Malaysian portfolio, giving investors exposure to both hard value and significant exploration upside," said Executive Director Pierre Eliet.
"Seascape's momentum will continue into the second half of 2025 as we move Temaris forward and begin the search for a long-term partner on the block. Additionally, we also anticipate a firm well decision on block 2A while also actively seeking growth opportunities in Malaysia and across the Southeast Asian region."
Shares in Seascape Energy Asia were up 4.1% at 71.82 pence in London on Tuesday morning.
By Michael Hennessey, Alliance News reporter
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