Seascape Energy Asia (SEA) H2 2025 earnings summary

Executive summary

• Achieved significant growth, establishing a strong position in the Malaysian upstream sector, with the Temaris Cluster PSC awarded and progress on DEWA and Block 2A PSCs.

• Transitioned to a gas-weighted portfolio, targeting over 20,000 boepd by 2028, and completed a major farm-down of Block 2A to INPEX, securing cash and a carried interest.

• Focused on delivering "Asian gas into Asia" to support regional energy security amid global market volatility and geopolitical tensions.

Financial highlights

• Reported a profit for the year of £5.4 million, reversing a prior year loss of £16.4 million, driven by the sale of the 2A PSC interest.

• EBITDAX from continuing operations was a loss of £2.3 million, broadly flat year-over-year.

• Year-end cash and cash equivalents increased to £6.2 million (2024: £3.0 million), with net cash at £4.1 million.

• Market capitalisation rose to £42.6 million, with a closing share price of 68p (2024: 31p).

• Equity raised during the year was £102k, following a substantial raise in 2024.

Outlook and guidance

• Near-term focus on advancing existing Malaysian assets through development, with first gas from Temaris and DEWA targeted for 2028.

• Plans to secure additional oil and gas assets via licensing rounds or acquisitions in Southeast Asia.

• Long-term ambition to become a full-cycle E&P company, with capital growth as the primary objective.