Seascape Energy Asia (SEA) H1 2026 earnings summary

Executive summary

• Portfolio includes three Malaysian PSCs: Temaris (flagship, 100% owned), Block 2A (deepwater, carried by INPEX), and Tualang/DEWA Cluster (non-operated, EnQuest-operated), with significant operational progress and active farm-out processes.

• Temaris development progressing rapidly, with first gas targeted for H2 2028 and FDP submission in December 2026; all FEED contracts awarded.

• Robust cash position of £7.1 million as of 30 June 2026, no debt, and successful Q1 fundraise support ongoing project development.

• Active negotiations with PETRONAS to expand Temaris acreage, aiming to capture additional resource upside.

• Board changes include Executive Chairman stepping down and new appointments to Chair and Audit Committee roles.

Financial highlights

• Administrative expenses reduced to £0.6 million due to capitalisation of project costs; loss for the period was £0.5 million.

• Cash and equivalents at £7.1 million, with £1.3 million restricted cash released post-period end; non-current assets increased, mainly from Temaris investment.

• Market capitalisation is approximately £70 million.

• No revenue reported as production has not commenced; segment results reviewed by executive directors and audit committee.

Outlook and guidance

• Temaris FDP submission planned for December 2026, with FID targeted for Q1 2027 and first gas expected in H2 2028.

• Kertang (Block 2A) drilling by INPEX scheduled for summer 2027, fully carried with no cost exposure and multi-Tcf exploration upside.

• DEWA/ Tualang Cluster advancing toward FID, with gas to be delivered to Malaysia LNG plant by 2030; project sanction expected by end-2026.

• No need for additional funds to meet current work programme and budget through December 2027; further funding required for FID or acquisitions.