6th Feb 2025 11:51
(Alliance News) - Seascape Energy Asia said the Kertang prospect in Malaysia was progressing towards a formal drilling commitment in mid-2025.
Seascape shares rose 5.9% to 36.00 pence each late on Thursday morning in London.
The Southeast Asia-focused exploration & production company said completion of the previously announced farm-out of a 42.5% participating interest block 2A production sharing contract remains on track for completion during the first quarter of 2025. The company said it had now received all regulatory approvals.
Seascape Energy said at completion, it will retain a 10% participating interest in block A2 via its subsidiary Topaz Number One Ltd, which provides shareholders exposure to the Kertang prospect.
Seascape Energy said new business activity remains a priority for the company.
It added: "In addition to Kertang progressing towards a formal drilling commitment in mid-2025 by the new operator, Inpex Corp, Seascape anticipates DEWA will progress towards a detailed Field Development Plan prior to the end of 2025, expected to unlock between 85-100 billion cubic feet of resources net to the company and targeting production by 2027."
Chief Executive Officer Nick Ingrassia said: "Following our hard work during 2024, Seascape created a platform to pursue the excellent growth opportunities we are seeing in Southeast Asia.
"Set against a constructive macro backdrop in the region, we are looking forward to an exciting 2025 as we seek to expand our portfolio and continue delivering value for all of our stakeholders."
By Tom Budszus, Alliance News slot editor
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