Seascape Energy Asia (LSE:SEA) started Tuesday on the front foot after giving details from its new Competent Person’s Report pertaining to the Temaris Cluster and DEWA Complex Cluster assets, offshore Malaysia.
The report, prepared by Sproule-ERCE, estimated net 2C Contingent Resources were confirmed at 276 billion cubic feet (bcf) for Temaris, up from 250 bcf, and also identified 683 bcf of mean Prospective Resources across nearby prospects like Allamanda and Keladi.
In the DEWA Complex, the CPR focused on six priority fields which show net 2C Contingent Resources of 18 million boe.
"The report confirms our view of the high-quality nature of Seascape's Malaysian portfolio, giving investors exposure to both hard value and significant exploration upside," said executive director Pierre Eliet.
Group wide it results in total net 2C Contingent Resources of 63 million barrels of oil equivalent (mmboe), of which 97% is gas.
Total unrisked net mean prospective resources have reached 281 million barrels oil equivalent, representing an increase of 69% since a farm-down deal for Block 2A in early 2025.
Block 2A contains the Kertang prospect, which holds 908 bcf of gas and 15 million barrels (mmbbl) of liquids in unrisked net mean Prospective Resources - now, Seascape retains a 10% interest, fully carried by INPEX for exploration activities.
"Seascape's momentum will continue into the second half of 2025 as we move Temaris forward and begin the search for a long-term partner on the block.
"Additionally, we also anticipate a firm well decision on Block 2A while also actively seeking growth opportunities in Malaysia and across the Southeast Asian region," Eliet added.
In London, Seascape shares were up 1.45% at 70p, after settling into the session. In opening trades, the price saw 74p (approaching the share's year high of 75p).