Seascape Energy Asia (SEA) Q1 2025 earnings summary

Executive summary

• Completed farm-out of Block 2A to INPEX, retaining 10% interest and securing full carry on two wells plus $10M upfront and $10M contingent cash.

• Strong financial position with ~£10M cash and no debt anticipated at end-Q1 2025.

• Added two board members with deep regional expertise, expanding to six directors.

• Actively pursuing further growth opportunities and portfolio expansion in Southeast Asia.

Financial highlights

• Anticipated ~£10M cash at end-Q1 2025, with annual corporate overheads of ~£3M (excluding investments).

• Block 2A farm-out deal value (cash + carry + retained) net to Seascape estimated at $47.1M, or 61p/share, representing 165% of share price at 18 Mar 2025.

• Recent transaction implies significant value uplift, with exposure to unrisked value ~30x current share price.

Outlook and guidance

• Targeting DEWA production from 2027, with plateau of 100 mmscfd plus liquids.

• Full resource assessment for DEWA targeted for Q3 2025.

• Block 2A well commitment scheduled for summer 2025.

• Key near-term catalysts include completion of Block 2A farm-out, DEWA resource assessment, and further portfolio build-out.