Seascape Energy Asia (SEA) H2 2024 earnings summary

Executive summary

• 2024 marked a pivotal transformation, with a strategic pivot from Norway to Southeast Asia, focusing on Malaysia and divesting all Norwegian operations, including the sale of Longboat JAPEX Norge AS to JAPEX for $2.5 million and the assumption of £13 million in debt by JAPEX.

• The company secured a 28% interest in the DEWA Complex Cluster and farmed out 42.5% of Block 2A to INPEX, retaining a 10% carried interest and receiving $10 million in cash plus reimbursement of historic costs.

• The rebranding to Seascape Energy Asia plc reflects the new regional focus and growth ambitions in Southeast Asia.

Financial highlights

• Group EBITDAX loss was £2.4 million in 2024, a slight improvement from a £2.6 million loss in 2023, reflecting non-recurring costs related to the strategic pivot and asset transactions.

• Total loss for the year was £16.4 million (2023: £4.2 million), including a £10.8 million loss from discontinued operations (Norway).

• Year-end cash and cash equivalents stood at £2.8 million, unchanged from 2023, with net cash at £2.5 million.

• Market capitalisation increased to £19.7 million (2023: £11.3 million) with a closing share price of 31.3p (2023: 19.8p).

• Raised £1.8 million in new equity and issued 5.7 million new shares in December 2024.

Outlook and guidance

• The company is actively pursuing further acquisitions and M&A opportunities in Malaysia and Southeast Asia, aiming to materially expand its portfolio in 2025.

• Focus remains on building a full-cycle E&P business, with an emphasis on gas as a transition fuel and supporting the energy transition.

• Directors believe current cash reserves are sufficient for the existing work programme and budget through 2026, with additional funds to be sourced for growth opportunities.