Seascape Energy Asia (SEA) H1 2025 earnings summary

Executive summary

• Completed Block 2A farm-out to INPEX, securing an uncapped carry through exploration and a 10% retained interest.

• Awarded Temaris Cluster PSC as operator with 100% interest, expanding operated portfolio in Malaysia.

• Published independent CPR confirming 63 mmboe net 2C Contingent Resources (97% gas) and 281 mmboe net unrisked mean Prospective Resources (95% gas).

• Achieved a significant turnaround with a £5.7 million profit for the period, compared to a £12.5 million loss in 1H 2024.

Financial highlights

• Cash reserves increased to £8.6 million at 30 June 2025 (1H 2024: £1.3 million), including £2.0 million restricted for Malaysian guarantees.

• Adjusted administrative costs reduced to £1.9 million (1H 2024: £2.5 million), excluding £0.9 million non-recurring items.

• Total profit for the period was £5.7 million, driven by an £8.2 million gain from discontinued operations (Block 2A sale).

• Comprehensive profit for the period was £5.8 million (1H 2024: loss of £13.4 million).

• No revenue reported as production has not commenced.

Outlook and guidance

• Near-term focus on formal JV commitment to drill Kertang well in Block 2A, seismic reprocessing and development studies at Temaris, and resource assessment and commercial negotiations at DEWA.

• Actively pursuing further growth opportunities in Malaysia and the wider Southeast Asia region, including licensing rounds.

• Directors expect no need for additional funding to meet current work programme and budget through 2026.