Seascape Energy Asia (SEA) Investor Update summary

Strategic positioning and market environment

• Malaysia offers prolific hydrocarbon basins, strong data access, and a supportive regulatory environment, attracting major industry players and enabling agile operations for smaller companies.

• High demand for gas in Malaysia, with shortages in Sarawak and Peninsular Malaysia, creates a favorable backdrop for rapid exploration and development.

• Entry as operator in Malaysia in 2024, targeting significant growth and regional gas demand.

• Over 200 undeveloped offshore fields and ~10 billion boe of stranded resources in Malaysia.

• Extensive seismic and geological data coverage across mature and frontier basins.

Portfolio overview and asset highlights

• The portfolio centers on key assets: Topaz/Temaris (Malay Basin), Dewa (Sarawak Basin), and Block 2A (Sarawak Basin), all in prolific geological settings.

• Topaz/Temaris features the Tembakau field (246 BCF 2C resource), with significant upside in nearby prospects like Keladi and Alamanda, potentially creating a 1 TCF gas hub.

• Dewa cluster comprises 12 gas fields, with >335 BCF recoverable, high-quality reservoirs, and plateau production targeted at 100 mmscfd.

• Block 2A contains the giant undrilled Kertang structure (up to 9.1 TCF prospective resources), with additional upside in the toe thrust play, adjacent to recent major discoveries.

• Certified 2C resources total 63 mmboe, with 281 mmboe of prospective resources.

Technical strengths and resource potential

• Extensive access to seismic, well, and production data via the myPROdata database enables detailed prospect evaluation and de-risking.

• Topaz/Temaris benefits from high-quality, stacked Miocene channel sands with excellent porosity and permeability, supporting strong flow rates and sweet gas quality.

• Seismic amplitude analysis and analogs support the identification of new prospects and the extension of proven plays across the blocks.

• Block 2A's Kertang structure is a large, well-defined four-way dip closure with direct hydrocarbon indicators and is analogous to other giant Sarawak fields.

• CPR by Sproule ERCE (2024) assigns 9.1 TCF of unrisked mean prospective resources and 146 mmbbl of NGLs (~1.7 billion boe) to Kertang, with a ~20% chance of success.