Seascape Energy Asia (LSE:SEA) told investors it has been awarded a 100% interest and operatorship in the Temaris Cluster SFA PSC, offshore Malaysia.
The award in Malaysia Bid Round 2025, managed by PETRONAS, sees the London-listed firm gain two shallow water gas discoveries, Tembakau and Mengkuang.
This new acreage is, in total, estimated to hold more than 250 billion cubic feet of discovered resources, equal to 42 million barrels of oil equivalent.
Seascape said it plans a low-cost development strategy with submission of a field development plan within 18 months, to be funded through existing cash resources.
"The Temaris award marks yet another pivotal moment in Seascape's growth, becoming operator and 100% owner of a material gas development in Malaysia and delivering on our promise to expand our portfolio materially during 2025 through low-cost, high-value ground floor opportunities,” said Seascape chief executive Nick Ingrassia.
“The Temaris Cluster not only contains two high-quality gas fields with excellent reservoir characteristics, but also benefits from significant exploration upside both in the award itself and the surrounding open acreage.”
In London, Seascape shares were up 31%, changing hands at 48p (having traded as high as 50p in earlier deals).