AI Terminal
SEASCAPE ENERGY ASIA PLC
Interim / Quarterly Report • Sep 29, 2025
7907_ir_2025-09-29_f5b42992-03d6-4cfa-94f7-a064ce266336.html
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information 
RNS Number : 1084B
Seascape Energy Asia PLC
29 September 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
29 September 2025
Seascape Energy Asia plc
(the "Company", "Seascape Energy" or "Seascape")
Interim results and investor presentation via Investor Meet Company
Seascape Energy, an E&P company focused on Southeast Asia, is pleased to announce its unaudited interim results for the six-month period to 30 June 2025.
Operational & Financial Highlights
• Completion of the Block 2A farm-out to INPEX CORPORATION with uncapped carry through the exploration phase of one firm and one contingent well (10% participating interest)
• Award of the Temaris Cluster PSC as operator (100% participating interest)
• Post-period end, publication of an independent Competent Persons Report by Sproule ERCE
o Total net 2C Contingent Resources of 63 mmboe (97% gas)
o Total net unrisked mean Prospective Resources of 281 mmboe (95% gas)
• Cash reserves of £8.6 million (1H 2024: £1.3 million), including £2.0 million of restricted cash related to guarantees provided as security for future work programmes in Malaysia
• Adjusted administrative costs of £1.9 million (1H 2024: £2.5 million) excluding £0.9 million of non-recurring costs
Outlook
• Seascape remains focused on maximising value in its existing, high-quality portfolio while selectively adding accretive growth opportunities. Near term activities include:
• Block 2A: formal joint venture commitment to drill the giant Kertang well, expected imminently;
• Temaris: progressing seismic reprocessing, detailed development studies and development team build-out;
• DEWA: submission of formal resource assessment to regulator, finalising draft field development plan and commencement of commercial negotiations; and
• Pursuing growth opportunities in Malaysia and the wider region, including participating in licensing rounds.
Investor Meet Company
The Company will host an online presentation: A Subsurface 'Deep Dive' into Seascape's Malaysian Portfolio via Investor Meet Company on 13 Oct 2025, 09:30 BST.
The presentation will provide investors with further insight into the subsurface aspects of its exploration and development portfolio following the publication of its Competent Persons Report on 19 August 2025.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 12 Oct 2025, 09:00 BST, or at any time during the presentation.
Investors can sign up to Investor Meet Company for free and add to meet SEASCAPE ENERGY ASIA PLC via: https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor
Investors who already follow SEASCAPE ENERGY ASIA PLC on the Investor Meet Company platform will automatically be invited.
Nick Ingrassia, CEO of Seascape, commented:
"The first half of 2025 has been a period of significant transformation for Seascape as it has diversified and increased the scope and scale of its portfolio with both non-operated exploration and development projects offshore Sarawak and a new, material operated gas field cluster development offshore Peninsular Malaysia with significant exploration upside.
Seascape's focussed strategy of building a portfolio of gas assets in Malaysia has begun to gain momentum and the Company looks forward to using its strong financial position, competitive advantage and strong stakeholder relationships to continue to develop and expand its portfolio."
Ends
Enquiries:
Seascape Energy Asia plc [email protected]
James Menzies (Executive Chairman)
Nick Ingrassia (Chief Executive)
Pierre Eliet (Executive Director)
Stifel (Nomad and Joint Broker) Tel: +44 20 7710 7600
Callum Stewart
Jason Grossman
Ashton Clanfield
Cavendish Capital Markets Limited (Joint Broker) Tel: +44 20 7397 8900
Neil McDonald
Pete Lynch
Standard
Estimates of reserves and resources have been carried out in accordance with the June 2018 SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System ("PRMS") as the standard for classification and reporting. A summary of the PRMS can be downloaded from:-https://www.spe.org/en/industry/petroleum-resources-management-system-2018/.
Review by Qualified Person
The technical information in this release has been reviewed by Dr Pierre Eliet, Executive Director & Country Chair Malaysia, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies.
Dr Eliet is a geologist with more than 30 years' experience in the oil and gas industry and has a BA Degree in Earth Sciences from Trinity College, Dublin, a PhD in Geology from Manchester University, UK and is a Fellow of the Geological Society (London).
Glossary
"boe" means barrels of oil equivalent
"CPR" means Competent Persons Report
"LNG" means liquified natural gas
"m" means metres
"mmbbl" means millions of barrels
"NGL" means natural gas liquids
"PSC" means Production Sharing Contract
"TCF" means trillion standard cubic feet
SEASCAPE ENERGY ASIA PLC
INTERIM REPORT AND FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025
STRATEGIC REVIEW
The continuing focus of the Directors is to secure suitable oil and gas assets in Southeast Asia, that will deliver value and represent an appropriate basis to build on the Company's objective to become a full-cycle E&P company.
Southeast Asia is home to over 680 million people, accounting for roughly 8.5% of the world's population and making it one of the most populous regions in the world. With a growing middle class, expanding cities, and improving living standards, the region's population is expected to increase steadily over the coming decades. This demographic growth is closely tied to rising energy needs, as more people gain access to electricity, transportation, and modern infrastructure.
Economically, Southeast Asia is a powerhouse of growth, driven by manufacturing, trade, and a booming services sector. The region is experiencing robust GDP growth, while regional integration through initiatives such as the ASEAN Economic Community is strengthening cross-border cooperation and investment. This economic expansion is a major driver of rising energy consumption, particularly in industrial and urban areas.
As a result, primary energy demand in Southeast Asia is projected to rise sharply through 2050, with the region becoming one of the largest contributors to global energy demand growth. The need for reliable, affordable, and cleaner energy sources is more pressing than ever, particularly as countries aim to balance economic development with environmental sustainability and energy security.
Natural gas is expected to play a critical role. According to Wood Mackenzie, natural gas could account for up to 30% of the region's primary energy mix by 2050. With demand set to outpace both oil and coal, gas is increasingly seen as a transitional fuel that can support industrial activity, power generation, and emissions reduction. Countries such as Malaysia, Thailand, Vietnam, and the Philippines are investing in gas infrastructure, including pipelines, LNG terminals, and gas-fired power plants, to secure long-term supply and reduce reliance on more carbon-intensive fuels.
In this context, Seascape is well-positioned to help meet regional energy demands. The Company has successfully built a portfolio of high-quality, gas-weighted development assets offshore Malaysia-highlighting its ability to generate significant value by leveraging its core technical strengths and regional relationships. As these projects advance toward production, Seascape will also seek to capitalize on its competitive advantages to further expand our portfolio both in Malaysia and across the region.
OPERATIONS AND ACTIVITY
Contingent and Prospective Resources
In August, the Company published details of its Contingent and Prospective Resources from a Competent Person's Report ("CPR") commissioned from Sproule ERCE covering the Temaris Cluster ("Temaris", 100% operated) and the priority fields in the DEWA Complex Cluster ("DEWA", 28%).
The CPR is seen as an important independent third-party verification of Seascape's resources figures. The report confirms (and in the case of Temaris, upgrades) management's technical view of resources at the time of license application. Importantly, the CPR highlights new prospective potential in the recently awarded Temaris block.
The highlights of the CPR are as follows:
· Total net 2C Contingent Resources of 63 mmboe (97% gas), up from nil in past 12 months
· Total unrisked net mean Prospective Resources of 281 mmboe (95% gas), an increase of 69% since completion of the Block 2A farm-down in Q1 2025
· Temaris PSC net 2C Contingent Resources of 276 bcf vs 250 bcf estimated at award
· Additional Temaris PSC mean Prospective Resources of 683 bcf (114 mmboe) located in amplitude-supported prospects analogous to the existing discoveries
| Net 2C Contingent Resources | |||
| Field(s) | Gas (bcf) |
Liquids (mmbbl) |
Total (mmboe) |
| Temaris (100%) | 276 | - | 46 |
| DEWA priority fields (28%) | 94 | 2 | 18 |
| Total | 370 | 2 | 63 |
| Net Mean Prospective Resources | ||||
| Field(s) | Gas (bcf) |
Liquids (mmbbl) | Total (mmboe) |
GCoS Range (%) |
| Temaris (100%) | 683 | - | 114 | 30% - 50% |
| DEWA priority fields (28%) | 7 | 0 | 1 | 34% - 51% |
| Block 2A (10%) | 908 | 15 | 166 | 16% - 27% |
| Total | 1,598 | 15 | 281 |
Temaris Cluster (100% operated) In June Seascape was awarded a 100% operated interest in Temaris in the Malaysia Bid Round 2025. The acreage includes two gas discoveries in shallow water (~70 metres) offshore Peninsular Malaysia on the western flank of the Malay basin and covers an area of around 1,200 km2.
The main discovery, Tembakau, was originally made in 2012 and appraised in 2014 and benefits from an extensive dataset including full 3D seismic coverage, well logs, DSTs and extensive well core. Tembakau is located near to infrastructure with the closest producing gas field ~50 km away from the field.
The Tembakau field comprises Early-Mid Miocene channel sandstone reservoirs which are clearly imaged on 3D seismic and exhibit a strong amplitude response. The field has excellent reservoir properties with porosities of 20% to 35% and permeabilities of over one Darcy and contains dry gas with very low levels of impurities. The Tembakau-2 well was tested and produced from the I-10 and I-20 reservoirs, with both reservoirs flowing at gas rates of 16 mmscfd, constrained by the well test equipment used.
The smaller Mengkuang discovery is located 30 kms to the northeast of Tembakau in high-quality mid-Miocene sandstones and also demonstrates strong seismic amplitude response. The field is split into several lobes and benefits from a good dataset though a DST was not performed at the time of discovery.
In addition to the existing Tembakau and Mengkuang discoveries, significant exploration upside exists in the stacked channel sandstone reservoirs which continue across the Temaris PSC. As part of the CPR, Sproule ERCE has also provided Prospective Resources estimates of the four main prospects on the block which are located close to the Tembakau discovery.
All prospects exhibit the seismic amplitude characteristics seen at Tembakau and Mengkuang, with Seascape interpreting the largest prospect, Allamanda, to exhibit a particularly robust and extensive amplitude anomaly.
Seascape anticipates the Temaris PSC prospects to be further derisked following the 3D seismic reprocessing currently underway on the Temaris block.
DEWA Cluster (28%) : Seascape was awarded the DEWA Complex Cluster under the Malaysia Bid Round Plus in October 2024 and is comprised of 12 gas discoveries in shallow water (40-50 metres) located off the coast of Sarawak, Malaysia.
Six fields (D30, Danau, D41, D41W, Dafnah West, Dana) have been prioritised for the initial phases of development ("DEWA Priority") and are broadly characterised as having stacked, clastic reservoirs with gas columns up to 110 metres and good hydrocarbon mobilities. The fields benefit from a significant dataset including 35 well penetrations, well logs, multiple DSTs and MDTs and extensive 3D seismic coverage.
The Sproule-ERCE review also identified additional upside in-and-around the DEWA Complex for future pursuit. This includes an additional 7 bcf of unrisked net mean Prospective Resources (25 bcf gross) in an undrilled fault block on Dafnah West.
Block 2A, offshore Sarawak, Malaysia (10%) : Block 2A is located in the North Luconia hydrocarbon province covering approximately 12,000 km2 in water depths between 100 -1,400 metres. Block 2A contains the world-class Kertang prospect, located across four Oligo-Miocene reservoirs, which is a well-defined, large, four-way dip structural high with over 220 km2 of closure and exhibits direct hydrocarbon indicators (DHIs) including an overlying gas cloud feature and amplitude bright.
In March this year, Seascape completed the farm-out of Block 2A to INPEX CORPORATION. In return for cash consideration of US$10 million with the reimbursement of certain historic costs of ~US$1.0 million, the Company assigned a 42.5% interest in Block 2A and retained a fully carried 10% interest through the remaining exploration phase which includes one firm wildcat well and one contingent appraisal well (subject to a commercial discovery). Since the year end, this transaction completed with the Company receiving cash consideration of US$10 million. In the event of commercial discovery, the Company will receive further contingent cash consideration of US$10 million.
A firm well commitment is expected to be made imminently with the drilling of the Kertang prospect being an important part of INPEX CORPORATION's multi-well, deepwater drilling campaign in Sarawak during 2026/2027.
Seascape still retains a material exposure to the Kertang prospect with net unrisked mean prospective resources of ~908 bcf and ~15 mmbbl of NGL (~166 mmboe).
Financial Results
At 30 June 2025 the Group had net cash reserves totalling £8.6 million (1H 2024: £1.3 million) of which £2.0 million is restricted and relates to cash-backed collateralised guarantees provided as security for future work programmes in Malaysia.
Exploration and evaluation assets of £500k (1H 2024: £700k) represent capitalised expenditures incurred within Malaysia and are deemed fully recoverable at the balance sheet date.
Administrative costs for the period totalled £2.8 million (1H 2024: £3.5 million), of which £0.9 million are considered non-recurring. These non-recurring costs include costs associated with farming down the Malaysian 2A PSC to INPEX, the application of and securing the Temaris PSC, other new venture appraisal costs, changes in fair value of contingent consideration and unrealised foreign exchange losses. When adjusting for these items of non-recurring expenditure, the administrative expenses for the periods are £1.9 million (1H 2024: £2.5 million).
The total profit for the period was £5.7 million (1H 2024: loss of £12.5 million) and comprised a loss of £2.5 million (2024: £2.7 million) from continuing operations and a profit of £8.2 million (1H 2024: loss of £9.7 million) from discontinuing operations.
The total comprehensive profit for the period included currency translation differences that were taken directly to reserves of £73k (1H 2024: £800k) and totalled £5.8 million (1H 2024: loss of £13.4 million).
Statement of going concern
The Directors have completed the going concern assessment, taking into account cash flow forecasts up to the end of 2026, sensitivities to those forecasts and stress tests to assess whether the Company and its subsidiaries (together the Group) are a going concern. Having undertaken careful enquiry, the directors are of the view that the Group will not need to access additional funds during the period to meet its current work programme and budget.
In the event that the business is presented with opportunities to materially grow its portfolio then it is anticipated that the associated funds will be sourced through asset disposals / farm downs, issuing new equity or a combination of these actions. To the extent that growth opportunities will support debt, this will be considered where appropriate, for example, to support production acquisitions.
On behalf of the board
…………………………………………..
Nicholas Andrew Ingrassia
Director
26 September 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Six-months ended 30 June 2025 | Six-months ended 30 June 2024 | Year to 31 December 2024 | ||||
| unaudited | unaudited | audited | ||||
| Notes | ||||||
| £ | £ | £ | ||||
| Other income | 4 | 209,878 | 718,620 | 934,570 | ||
| Administrative expenses | (2,822,246) | (3,531,475) | (6,709,728) | |||
| Operating loss | (2,612,368) | (2,812,855) | (5,775,158) | |||
| Finance costs | 7 | (27,063) | (6,075) | (21,681) | ||
| Investment income | 8 | 111,877 | 62,782 | 111,758 | ||
| Loss before taxation from continuing operations | 6 | (2,527,554) | (2,756,148) | (5,685,081) | ||
| Income tax expense | - | - | (419) | |||
| Loss for the period/year from continuing operations | (2,527,554) | (2,756,148) | (5,685,500) | |||
| Profit/(loss) for the period/year from discontinued operations, net of tax | 9 | 8,206,361 | (9,778,587) | (10,761,709) | ||
| Profit/(loss) for the period/year | 5,678,807 | (12,534,735) | (16,447,209) | |||
| Other comprehensive income/(expense) | ||||||
| Currency translation differences from discontinued operations | - | (836,527) | 349,929 | |||
| Currency translation differences from continuing operations | 73,373 | 11,753 | (32,254) | |||
| Total items that may be reclassified to profit or loss | 73,373 | (824,774) | 317,675 | |||
| Total other comprehensive income/(loss) for the period/year | 73,373 | (824,774) | 317,675 | |||
| Total comprehensive income/(loss) for the period/year | 5,752,180 | (13,359,509) | (16,129,534) | |||
| Earnings/(losses) per share | 10 | Pence | Pence | Pence | ||
| Basic - continuing | (4.01) | (4.83) | (9.88) | |||
| Basic - discontinued | 13.03 | (17.12) | (18.70) | |||
| Diluted - discontinued | 0.11 | - | - | |||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Notes | 30 June 2025 |
30 June 2024 |
31 December 2024 | |||
| unaudited | unaudited | audited | ||||
| £ | £ | £ | ||||
| Non-current assets | ||||||
| Investments in subsidiary and equity accounted joint venture | - | - | - | |||
| Intangible assets | 11 | 549,835 | 675,559 | 285,358 | ||
| Property, plant and equipment | 12 | 18,456 | 10,201 | 11,495 | ||
| 568,291 | 685,760 | 296,853 | ||||
| Current assets | ||||||
| Cash and cash equivalents | 13 | 6,630,941 | 1,219,285 | 2,467,899 | ||
| Restricted cash and bank | 13 | 2,016,022 | 50,668 | 520,708 | ||
| Trade and other receivables | 14 | 260,901 | 1,391,656 | 112,927 | ||
| 8,907,864 | 2,661,609 | 3,101,534 | ||||
| Asset in disposal group held for sale | 15 | - | 1,935,913 | 1,018,570 | ||
| Total assets | 9,476,155 | 5,283,282 | 4,416,957 | |||
| Current liabilities | ||||||
| Trade and other payables | 16 | 413,659 | 1,373,870 | 669,357 | ||
| Provisions | 17 | - | - | 702,000 | ||
| 413,659 | 1,373,870 | 1,371,357 | ||||
| Liabilities in disposal group held for sale | 15 | - | - | 71,388 | ||
| Net current assets | 8,494,205 | 1,287,739 | 2,677,359 | |||
| Non-current liabilities | ||||||
| Contingent consideration | 18 | 194,215 | 245,763 | 308,825 | ||
| Deferred tax | 390 | - | 427 | |||
| 194,605 | 245,763 | 309,252 | ||||
| Total liabilities | 608,264 | 1,619,633 | 1,751,997 | |||
| Net assets | 8,867,891 | 3,663,649 | 2,664,960 | |||
| Equity | ||||||
| Called up share capital | 19 | 6,309,783 | 5,710,812 | 6,281,895 | ||
| Share premium account | 20 | 36,880,949 | 35,605,370 | 36,809,420 | ||
| Other reserves | 450,000 | 450,000 | 450,000 | |||
| Share option reserve | 21 | 795,758 | 1,108,914 | 466,198 | ||
| Currency translation reserve | 66,501 | (513,971) | (6,872) | |||
| Accumulated losses | (35,635,100) | (38,697,476) | (41,335,681) | |||
| Total equity | 8,867,891 | 3,663,649 | 2,664,960 | |||
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2024 and are signed on its behalf by:
…………………………………………..
Nicholas Andrew Ingrassia
Director
26 September 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Share Capital |
Share Premium Account |
Share option reserve |
Currency translation reserve |
Other reserves |
Accumulated losses | Total | ||||||||
| Notes | £ | £ | £ | £ | £ | £ | £ | |||||||
| Balance at 1 January 2024 | 5,710,812 | 35,605,370 | 1,024,486 | 310,803 | 450,000 | (26,162,741) | 16,938,730 | |||||||
| Period ended 30 June 2024 | ||||||||||||||
| Loss for the period | - | - | - | - | - | (12,534,735) | (12,534,735) | |||||||
| Other comprehensive income | ||||||||||||||
| - Foreign currency translation from joint venture | - | - | - | (836,527) | - | - | (836,527) | |||||||
| - Foreign currency translation from subsidiaries | - | - | - | 11,753 | - | - | 11,753 | |||||||
| Share-based payments | - | - | 84,428 | - | - | - | 84,428 | |||||||
| Balance at 30 June 2024 | 5,710,812 | 35,605,370 | 1,108,914 | (513,971) | 450,000 | (38,697,476) | 3,663,649 | |||||||
| Period ended 31 December 2024 | ||||||||||||||
| Loss for the period | - | - | - | - | - | (3,912,474) | (3,912,474) | |||||||
| Other comprehensive income | ||||||||||||||
| - Foreign currency translation from joint venture | - | - | - | 486,598 | - | - | 486,598 | |||||||
| - Foreign currency translation from subsidiaries | - | - | - | 20,501 | - | - | 20,501 | |||||||
| Share-based payments | - | - | 631,553 | - | - | - | 631,553 | |||||||
| Transfers to reserves | - | - | (1,274,269) | - | - | 1,274,269 | - | |||||||
| Issue of share capital | 571,083 | 1,427,460 | - | - | - | - | 1,998,543 | |||||||
| Cost of shares issued | - | (223,410) | - | - | - | - | (223,410) | |||||||
| Balance at 31 December 2024 | 6,281,895 | 36,809,420 | 466,198 | (6,872) | 450,000 | (41,335,681) | 2,664,960 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Share Capital |
Share Premium Account |
Share option reserve |
Currency translation reserve |
Other reserves |
Accumulated losses | Total | ||||||||
| Notes | £ | £ | £ | £ | £ | £ | £ | |||||||
| GROUP | ||||||||||||||
| Balance at 1 January 2025 | 6,281,895 | 36,809,420 | 466,198 | (6,872) | 450,000 | (41,335,681) | 2,664,960 | |||||||
| Period ended 30 June 2025 | ||||||||||||||
| Profit for the period | - | - | - | - | - | 5,678,807 | 5,678,807 | |||||||
| Other comprehensive income | ||||||||||||||
| - Foreign currency translation from subsidiaries | - | - | - | 73,373 | - | - | 73,373 | |||||||
| Share-based payments | - | - | 351,334 | - | - | - | 351,334 | |||||||
| Transfers to reserves | - | - | (21,774) | - | - | 21,774 | - | |||||||
| Issue of share capital | 27,888 | 71,529 | - | - | - | - | 99,417 | |||||||
| Balance at 30 June 2025 | 6,309,783 | 36,880,949 | 795,758 | 66,501 | 450,000 | (35,635,100) | 8,867,891 | |||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
| Notes | 30 June 2025 |
30 June 2024 |
31 December 2024 | |||
| unaudited | unaudited | audited | ||||
| £ | £ | £ | ||||
| Cash flow from operating activities | ||||||
| Cash absorbed by continuing operations | 22 | (3,401,380) | (2,344,097) | (3,323,980) | ||
| Cash generated by operating activities from discontinued operations | 23 | 165,485 | - | (610,151) | ||
| Net cash used in operating activities | (3,235,895) | (2,344,097) | (3,934,131) | |||
| Investing activities | ||||||
| Purchase of property, plant and equipment | (11,599) | (4,362) | (8,437) | |||
| Purchase of intangible assets | (328,277) | (51,524) | (63,579) | |||
| Interest received | 112,303 | 62,782 | 112,301 | |||
| Investing activities from discontinued operations | (40,782) | - | (214,308) | |||
| Proceeds from disposal of investment in subsidiary/ joint venture | 9 | 8,740,023 | - | 1,935,912 | ||
| Cash generated from investing activities | 8,471,668 | 6,896 | 1,761,889 | |||
| Movement in restricted cash and bank balances | (1,529,634) | (50,668) | 329,976 | |||
| Net cash generated from investing activities | 6,942,034 | (43,772) | 2,091,865 | |||
| Financing activities | ||||||
| Proceeds from issuance of ordinary shares, representing net cash generated from financing activities |
- | - | 1,775,133 | |||
| Net increase/(decrease) in cash and cash equivalents | 3,706,139 | (2,387,869) | (67,133) | |||
| Cash and cash equivalents at beginning of the period/year | 2,783,262 | 3,684,541 | 2,833,857 | |||
| Foreign exchange | 141,540 | (77,387) | 16,538 | |||
| Cash and cash equivalents at end of the period/year | 13 | 6,630,941 | 1,219,285 | 2,783,262 | ||
| Relating to: | ||||||
| Bank balances and short-term deposits | 8,646,963 | 1,269,953 | 2,988,607 | |||
| Cash classified as held for sale | - | (50,668) | 315,363 | |||
| 8,646,963 | 1,219,285 | 3,303,970 | ||||
| Cash restricted in use | (2,016,022) | - | (520,708) | |||
| 6,630,941 | 1,219,285 | 2,783,262 | ||||
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
1.1 Company information
Seascape Energy Asia plc is an AIM public quoted company, limited by shares, incorporated in England and Wales. The registered office is 5th Floor, One New Change, London, EC4M 9AF. The principal activities of the Company and its subsidiaries are to responsibly explore, develop, and produce hydrocarbons, particularly gas.
On 25 April 2025, the Group invested in its newly incorporated subsidiary, Seascape Energy Asia (One) Sdn. Bhd. at a nominal initial cost of £0.17 (equivalent to MYR 1.00).
1.2 Accounting convention
The financial statements have been prepared in accordance with UK adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The financial statements are prepared in British pounds sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group's consolidated financial statements for the year ended 31 December 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Several amendments and interpretations apply for the first time in 2025, but do not have an impact on the interim financial statements of the Group.
1.3 Going concern
The Directors have completed the going concern assessment, taking into account cash flow forecasts up to the end of 2026, sensitivities to those forecasts and stress tests to assess whether the Company and its subsidiaries (together the Group) is a going concern. Having undertaken careful enquiry, the directors are of the view that the Group will not need to access additional funds during the period to meet its current work programme and budget.
In the event that the business is presented with opportunities to materially grow its portfolio then it is anticipated that the associated funds will be sourced through asset disposals / farm downs, issuing new equity or a combination of these actions. To the extent that growth opportunities will support debt, this will be considered where appropriate for example to support production acquisition.
1.4 Discontinued operations
In accordance with IFRS 5 "Non-current assets held for sale and discontinued operations" the net results relating to the disposal group are presented within discontinued operations in the Income Statement. Please refer to note 10 for further details.
2. Critical accounting estimates and judgements
In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Share-based payments
The fair value of share-based compensation expense arising from the Long-Term Incentive Plan, the Co-investment Plan and the NED Long Term Incentive Plan were estimated using the Black Scholes model and, where appropriate, the average Monte Carlo fair values and is recognised in the statement of comprehensive income from the date of grant over the vesting period with a corresponding increase directly in equity. The Monte Carlo model projects and averages the results for a range of potential outcomes for the vesting conditions, the principal assumptions for which the Group using in the estimation of the fair value are the historical 3 years share price volatility and dividend yields. The Black Scholes model is similar to the Monte Carlo model, but is more appropriate for estimating results with a single unknown variable. The Company currently values its share-based payment awards using the Black Scholes model.
Fair value of contingent consideration payable
Estimate and judgment was applied in fair valuing the contingent consideration payable for the acquisition of SE 2A (previously Topaz Number One Limited) in 2023. Management applied judgement in determining the likelihood of all possible scenarios and this was modelled into a weighted fair value calculation, which was discounted, using an estimated discount rate, to establish the current value of the contingent consideration payable to be recognised. As disclosed in note 20, the contingent consideration was made up of 3 tranches. Tranche 1 was settled in 2023 and tranche 2 was settled in 2025 upon the completion of the farmout of 2A PSC to INPEX. Only tranche 3 remains as contingent on a successful hydrocarbon discovery over a certain volume threshold and therefore subject to ongoing estimation and judgement.
3. Operating segment
During the period, the Group had two reportable operating segments: Malaysia and Head Office (30 June 2024 and 31 December 2024: Malaysia, Norway and Head Office). Non-current assets and operating liabilities are located in Malaysia, whilst the majority of current assets are carried at Head Office. The Group has not yet commenced production and therefore has no revenue. Each reportable segment adopts the same accounting policies. The operating segment's operating results are reviewed regularly by the Chief Operating Decision Maker ("CODM"), who is the Group's CEO, to make decisions about resources to be allocated to the segment and assess its performance, for which discrete financial information is available.
In compliance with IFRS 8 'Operating Segments' the following table reconciles the operational loss and the assets and liabilities of each reportable segment with the consolidated figures presented in these Financial Statements.
| Malaysia | Head Office | Norway | Total | |
| 30 June 2025 | £ | £ | £ | £ |
| Loss from operations | (515,523) | (2,096,845) | - | (2,612,368) |
| Finance cost | (19,265) | (7,798) | - | (27,063) |
| Investment income | 15,954 | 95,923 | - | 111,877 |
| Loss before tax from continued operations | (518,834) | (2,008,720) | - | (2,527,554) |
| Loss after tax from continued operations | (518,834) | (2,008,720) | - | (2,527,554) |
| Gain from discontinued operations | - | 8,206,361 | - | 8,206,361 |
| (Loss)/gain for period | (518,834) | 6,197,641 | - | 5,678,807 |
| Malaysia | Head Office | Norway | Total | |
| 30 June 2025 | £ | £ | £ | £ |
| Total assets by reportable segment | 3,812,351 | 5,663,804 | - | 9,476,155 |
| Total assets | 3,812,351 | 5,663,804 | - | 9,476,155 |
| Total liabilities by reportable segment | (169,886) | (438,378) | - | (608,264) |
| Total liabilities | (169,886) | (438,378) | - | (608,264) |
| Malaysia | Head Office | Norway | Total | |
| 30 June 2024 | £ | £ | £ | £ |
| Loss from operations | (333,830) | (2,479,025) | - | (2,812,855) |
| Finance cost | - | (6,075) | - | (6,075) |
| Investment income | - | 62,782 | - | 62,782 |
| Loss before tax from continued operations | (333,830) | (2,422,318) | - | (2,756,148) |
| Loss after tax from continued operations | (333,830) | (2,422,318) | - | (2,756,148) |
| Loss from discontinued operations | - | - | (9,778,587) | (9,778,587) |
| Loss for period | (333,830) | (2,422,318) | (9,778,587) | (12,534,735) |
| Malaysia | Head Office | Norway | Total | |
| 30 June 2024 | £ | £ | £ | £ |
| Total assets by reportable segment | 1,239,780 | 2,107,589 | - | 3,347,369 |
| Assets in disposal group held for sale | - | - | 1,935,913 | 1,935,913 |
| Total assets | 1,239,780 | 2,107,589 | 1,935,913 | 5,283,282 |
| Total liabilities by reportable segment | (255,129) | (1,364,504) | - | (1,619,633) |
| Total liabilities | (255,129) | (1,364,504) | - | (1,619,633) |
| Malaysia | Head Office | Norway | Total | |
| 31 December 2024 | £ | £ | £ | £ |
| Loss from operations | (663,087) | (5,112,071) | - | (5,775,158) |
| Finance cost | (1,711) | (19,970) | - | (21,681) |
| Investment income | 10,332 | 101,426 | - | 111,758 |
| Loss before tax from continued operations | (654,466) | (5,030,615) | - | (5,685,081) |
| Income tax expense | (419) | - | - | (419) |
| Loss after tax from continued operations | (654,885) | (5,030,615) | - | (5,685,500) |
| Loss from discontinued operations | (7,766) | (33,063) | (10,720,880) | (10,761,709) |
| Loss for year | (662,651) | (5,063,678) | (10,720,880) | (16,447,209) |
| Malaysia | Head Office | Norway | Total | |
| 31 December 2024 | £ | £ | £ | £ |
| Total assets by reportable segment | 1,097,267 | 2,301,120 | - | 3,398,387 |
| Assets in disposal group held for sale | 942,659 | 75,911 | - | 1,018,570 |
| Total assets | 2,039,926 | 2,377,031 | - | 4,416,957 |
| Total liabilities by reportable segment | (337,870) | (1,342,739) | - | (1,680,609) |
| Liabilities in disposal group held for sale | (67,426) | (3,962) | - | (71,388) |
| Total liabilities | (405,296) | (1,346,701) | - | (1,751,997) |
4. Other income
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Other income | 209,878 | 718,620 | 934,570 | ||
For the period ended 30 June 2024 and the year ended 31 December 2024, other income included a fee recharge with respect to manpower and management services provided by Seascape Energy (SE Asia) Sdn. Bhd. to INPEX Malaysia E&P (2A) Limited ("INPEX 2A"). Also included within 30 June 2024 number was amounts charged to Longboat JAPEX Norge AS, which was fully divested in July 2024. INPEX 2A was sold on 17 March 2025. In both cases all agreements and recharges were terminated at the date of disposal.
5. Employees
The average monthly number of persons (including directors) employed by the Group during the year was as follows, noting that these figures include employees of Longboat JAPEX up until the date of completion of its disposal on 12 July 2024:
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Executive Directors | 3 | 3 | 4 | ||
| Non-executive Directors | 3 | 5 | 2 | ||
| Staff | 5 | 13 | 10 | ||
| Total | 11 | 21 | 16 | ||
Their aggregate remuneration comprised:
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Wages, salaries and bonuses (including directors' remuneration) | 672,262 | 1,178,827 | 2,827,915 | ||
| Social security costs and insurance | 152,109 | 120,111 | 182,191 | ||
| Pension costs | 60,656 | 51,928 | 102,675 | ||
| Share based payment charge | 358,066 | 84,427 | 527,411 | ||
| Remuneration - continuing operations | 1,243,093 | 1,435,293 | 3,640,192 | ||
| Remuneration - discontinued operations | - | - | 591,495 | ||
In the financial year ended 31 December 2024, remuneration for discontinued operations relates to the Company's 50.1% share in Longboat JAPEX up to the date of disposal of 12 July 2024.
6. Operating loss from continuing operations
Operating loss for the period is stated after charging:
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Fees payable for the audit of the Parent Company and consolidated financial statements: |
|||||
| - Current auditor | 32,500 | 37,500 | 57,500 | ||
| - Former auditor | - | - | 20,510 | ||
| 32,500 | 37,500 | 78,010 | |||
| Fees payable for the audit of the subsidiary financial statements: | |||||
| - Subsidiary's auditor | 6,177 | - | 13,311 | ||
| Fees payable for non-audit services: | |||||
| - Current auditor | 5,000 | 8,000 | - | ||
| - Former auditor | - | 188,790 | 188,200 | ||
| 5,000 | 196,790 | 188,200 | |||
| Depreciation of property, plant and equipment | 3,933 | 4,522 | 7,407 | ||
| Legal, professional and business development expenditures | 887,881 | 1,048,757 | 1,679,985 |
7. Finance costs
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Bank charges | 2,922 | - | 7,567 | ||
| Bank guarantee commission for Temaris PSC | 18,538 | - | - | ||
| Unwinding of discount on contingent consideration (Note 18) | 5,603 | 6,075 | 14,114 | ||
| 27,063 | 6,075 | 21,681 | |||
8. Investment income
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Interest income | |||||
| Bank deposits | 111,877 | 62,782 | 111,758 | ||
Investment income comprises bank deposit interest earned from unrestricted and restricted current cash accounts, alongside fixed term deposit interest. The interest rate earned from bank deposits during the reporting period ranged from 4.3% to 4.55%.
9. Profit/(loss) for the period from discontinued operations
On 17 March 2025, the Company completed the sale of its wholly-owned subsidiary, Longboat Energy (2A) Limited (since renamed INPEX Malaysia E&P 2A Limited " INPEX 2A") to INPEX Corporation for initial cash consideration of $10 million plus the reimbursement of historic costs .
The assets and liabilities of INPEX 2A ceased to be consolidated by the Group following loss of control. The profit or loss of the entity is shown as discontinued operations up to 17 March 2025.
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Other income | 9,669 | - | - | ||
| Expenses excluding exploration write-offs | (5,229) | - | (40,829) | ||
| Profit/(loss) before tax on discontinued operations | 4,440 | - | (40,829) | ||
| Gain on disposal 1 | 8,201,921 | - | - | ||
| Share of loss from equity accounted joint venture | - | (3,009,250) | (3,009,250) | ||
| Impairment loss on equity accounted joint venture 2 | - | (6,769,337) | (6,505,191) | ||
| Share based payments and currency translation difference from joint venture |
- | - | (1,206,439) | ||
| Total profit/(loss) after tax from discontinued operations | 8,206,361 | (9,778,587) | (10,761,709) | ||
| Profit/(loss) per share from discontinued operations (note 10): | |||||
| Basic | 13.03 | (17.12) | (18.30) | ||
| Diluted | 0.11 | (17.12) | (18.30) |
1 At the date of disposal, the fair value of the subsidiary was calculated based on the fair value of the consideration received.
| 30 June 2025 | |||
| £ | |||
| Fair value consideration | 8,740,023 | ||
| Net assets at date of loss of control | (538,102) | ||
| Gain on disposal | 8,201,921 | ||
At the date of completion, the assets and liabilities of INPEX 2A were deconsolidated reflecting the disposal of the subsidiary. Details of the balances at the date of completion are shown below:
| Assets and liabilities deconsolidated | 18 March 2025 £ |
||
| £ | |||
| Intangible assets | 650,229 | ||
| Trade and other receivables | 67,844 | ||
| Cash and bank balances | 79,398 | ||
| Total assets | 797,471 | ||
| Trade and other payables | (243,230) | ||
| Other current liabilities | (16,139) | ||
| Total liabilities | (259,369) | ||
| Net Assets | 538,102 | ||
2 At the date of disposal of the Company's remaining 50.1% share in Longboat JAPEX, the carrying value of the investment was written down to the recoverable amount of $2.5 million (£1.9 million), resulting in an impairment charge of £6.5 million.
10. Earnings/(losses) per share
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Number of shares | |||||
| Weighted average number of ordinary shares for basic earnings per share |
62,980,721 | 57,108,136 | 57,545,029 | ||
| Number of share options issued for basic earnings per share | 9,127,642 | - | - | ||
| 72,108,363 | 57,108,136 | 57,545,029 | |||
| Earnings/ (losses) | |||||
| Earnings/ (losses) for basic and diluted losses per share being net loss attributable to equity shareholders of the Company for: |
|||||
| Continuing operations | (2,527,553) | (2,756,148) | (5,685,500) | ||
| Discontinued operations | 8,206,361 | (9,778,587) | (10,761,709) | ||
| Earnings/ (losses) per share (expressed in pence) | |||||
| Basic from continuing operations | (4.01) | (4.83) | (9.88) | ||
| Basic from discontinued operations | 13.03 | (17.12) | (18.70) | ||
| Diluted from discontinued operations | 0.11 | - | - |
Basic and diluted earnings/ (losses) per share are calculated by dividing the earnings/ (losses) attributable to ordinary shareholders by the weighted average number of shares outstanding during the period. Share options and awards are not included in the dilutive calculation for loss making periods because they are anti-dilutive.
11. Intangible assets
| Exploration and evaluation assets | Software | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 1 January 2024 | 572,512 | - | 572,512 | ||
| Additions 1 | 100,586 | - | 100,586 | ||
| Foreign currency adjustments | 2,461 | - | 2,461 | ||
| At 30 June 2024 | 675,559 | - | 675,559 | ||
| Additions 1 | 177,411 | - | 177,411 | ||
| Foreign currency adjustments | 14,862 | - | 14,862 | ||
| Reclass to Asset held for sale2 | (582,474) | - | (582,474) | ||
| At 31 December 2024 and 1 January 2025 | 285,358 | - | 285,358 | ||
| Additions 1 | 297,383 | 30,894 | 328,277 | ||
| Disposal | (26,973) | - | (26,973) | ||
| Foreign currency adjustments | (35,131) | (1,696) | (36,827) | ||
| At 30 June 2025 | 520,637 | 29,198 | 549,835 | ||
| Carrying amount | |||||
| At 30 June 2024 | 675,559 | - | 675,559 | ||
| At 31 December 2024 | 285,358 | - | 285,358 | ||
| At 30 June 2025 | 520,637 | 29,198 | 549,835 | ||
1 During the period, the Group capitalised addition of Intangible Assets primarily relates to the pre-development costs incurred for newly awarded Production Sharing Contract for the DEWA Complex Cluster and Temaris Cluster awarded on 21 October 2024 and 13 June 2025 respectively
2 On 30 November 2024, the Group entered into an agreement with INPEX Corporation to farm out its interest in the 2A PSC through the sale of INPEX 2A. As at 31 December 2024, the exploration and evaluation assets held in the 2A PSC had been reclassified to Assets held for sale. On 17 March 2025, the assets held for sale were fully disposed of upon the completion of the sale of 2A PSC to INPEX Corporation.
12. Property, plant and equipment
| Fixtures and fittings |
Computers | Total | |||||
| £ | £ | £ | |||||
| Cost | |||||||
| At 1 January 2024 | 1,407 | 38,132 | 39,539 | ||||
| Additions | - | 4,362 | 4,362 | ||||
| At 30 June 2024 | 1,407 | 42,494 | 43,901 | ||||
| Additions | - | 4,075 | 4,075 | ||||
| Foreign currency adjustments | - | 126 | 126 | ||||
| At 31 December 2024 | 1,407 | 46,695 | 48,102 | ||||
| Additions | 1,787 | 9,812 | 11,599 | ||||
| Foreign currency adjustments | - | (901) | (901) | ||||
| At 30 June 2025 | 3,194 | 55,606 | 58,800 | ||||
| Accumulated depreciation | |||||||
| At 1 January 2024 | 938 | 28,240 | 29,178 | ||||
| Charge for the six-month period | 235 | 4,288 | 4,523 | ||||
| At 30 June 2024 | 1,173 | 32,528 | 33,701 | ||||
| Charge for the six-month period | 234 | 2,650 | 2,884 | ||||
| Foreign currency adjustments | - | 22 | 22 | ||||
| At 31 December 2024 | 1,407 | 35,200 | 36,607 | ||||
| Charge for the six-month period | 178 | 3,755 | 3,933 | ||||
| Foreign currency adjustments | - | (196) | (196) | ||||
| At 30 June 2025 | 1,585 | 38,759 | 40,344 | ||||
| Carrying amounts | |||||||
| At 30 June 2024 | 234 | 9,967 | 10,201 | ||||
| At 31 December 2024 | - | 11,495 | 11,495 | ||||
| At 30 June 2025 | 1,609 | 16,847 | 18,456 | ||||
13. Cash and cash equivalents
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Cash and bank balances | 8,646,963 | 1,269,953 | 2,988,607 | ||
| Less: cash restricted in use | (2,016,022) | (50,668) | (520,708) | ||
| Unrestricted cash and bank balances | 6,630,941 | 1,219,285 | 2,467,899 | ||
| Add: cash included as held for sale | - | - | 315,363 | ||
| Cash and cash equivalents | 6,630,941 | 1,219,285 | 2,783,262 | ||
Cash restricted in use for the period ended 30 June 2025 represents deposits placed with financial institutions in support of guarantees issued in favour of PETRONAS equivalent to the value of the minimum work commitments to be carried out by SE One (£1,529,634) and SE Dewa (£486,388) (31 December 2024: SE Dewa amounted to £520,708 and 30 June 2024: Longboat Japex amounted to £3,197 and INPEX 2A amounted to £47,471).
14. Trade and other receivables
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Current | |||||
| Trade receivables | 1,182 | - | 1,220 | ||
| Receivables from joint venture | - | 752,697 | - | ||
| VAT recoverable | 88,546 | 136,211 | 71,383 | ||
| Other receivables | 42,093 | 444,039 | 14,678 | ||
| Deposits | 5,797 | - | 1,522 | ||
| 137,618 | 1,332,947 | 88,803 | |||
| Prepayments | 123,283 | 58,709 | 24,124 | ||
| 260,901 | 1,391,656 | 112,927 | |||
The directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Receivables from joint venture include expenses and management service charges to Longboat JAPEX, all amounts were fully repaid during the financial year 2024.
15. Assets and liabilities held for sale
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Intangible assets | - | - | 582,474 | ||
| Other receivables | - | - | 120,733 | ||
| Cash at bank | - | - | 315,363 | ||
| Investment in joint venture | - | 1,935,913 | - | ||
| Total assets classified as held for sale | - | 1,935,913 | 1,018,570 | ||
| Trade and other payables | - | - | 71,388 | ||
| Total liabilities classified as held for sale | - | - | 71,388 | ||
On 17 March 2025, the assets and liabilities classified as held for sale were fully derecognised upon the completion of the sale of 2A PSC to INPEX Corporation. Please refer to note 9 for further details.
16. Trade and other payables
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Trade payables | 170,996 | 102,758 | 76,299 | ||
| Accruals | 198,912 | 652,705 | 540,068 | ||
| Social security and other taxation | 43,751 | 65,204 | 39,085 | ||
| Payables to joint venture | - | 443,833 | - | ||
| Other payables | - | 109,370 | 13,905 | ||
| Trade and other payables | 413,659 | 1,373,870 | 669,357 | ||
Included within payables to joint venture are time writing expenses recharged to Longboat JAPEX, all amounts were fully repaid during 2024.
Accruals comprise audit and accounting fees and other operational related costs at the period end.
The directors consider that the carrying amount of trade and other payables approximates to their fair value.
17. Provisions
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Provision for deferred salaries and bonus | - | - | 702,000 | ||
On 1 July 2024, the Executive Chairman and the CEO deferred a proportion of their salaries pending an improvement in the financial position of the Group. As at 31 December 2024, the Group and the Company made a provision for these deferred salaries and performance bonuses for directors and employees in view of the successful farm-out of Block 2A on 30 November 2024. The bonus and deferred salaries were fully paid during the financial period 30 June 2025.
18. Contingent consideration
| £ | |||||
| At 1 January 2024 | 239,688 | ||||
| Unwinding of discount (Note 7) | 6,075 | ||||
| At 30 June 2024 | 245,763 | ||||
| Change in estimate | 55,023 | ||||
| Unwinding of discount | 8,039 | ||||
| At 31 December 2024 | 308,825 | ||||
| Change in estimate | (23,879) | ||||
| Unwinding of discount (Note 7) | 5,603 | ||||
| Settlement of tranche 2 consideration | (96,334) | ||||
| At 30 June 2025 | 194,215 | ||||
Acquisition of SE 2A
As part of the purchase agreement with the vendor of SE 2A , the consideration was made up of three tranches.
Tranche 1 was equivalent to $100k, settled by an issue of 441,470 new ordinary shares in the Company on 20 December 2023. This tranche has been fully settled and nothing further is payable with respect to it.
Tranche 2 was equivalent to $125k, was contingent and became payable in the shares of Seascape Energy Asia plc upon the farm out of the Company's interest in the 2A PSC which occurred on 30 November 2024. Accordingly an issue of 278,870 new ordinary shares in the Company, was made on completion on 17 March 2025. This tranche has been fully settled and nothing further is payable with respect to it.
Tranche 3 (part 1) is contingent on an exploration well announcement in excess of 600bcf (well must commence drilling before 12 September 2028). The payment will be equivalent of $1.0 million and will be settled in cash or allotment of shares in the Company, at the discretion of the Company.
Tranche 3 (part 2) is contingent on the growth in the Company's share price. The payment will be equivalent of up to $2.0 million, based on the table shown below, and will be settled in cash or an allotment of shares in the Company at its discretion.
| Growth in Seascape | Consideration | |
| Shares Average Price | % | USD |
| 0-9.9% | 0% | - |
| 10-24.9% | 33% | 666,667 |
| 25-49.9% | 67% | 1,133,333 |
| >=50% | 100% | 2,000,000 |
If a liquidity event occurs, involving the sale of SE 2A's share in the 2A PSC then Tranche 3 will be calculated instead upon the proceeds of the liquidity event, but capped at the total of $3.0 million, as above.
To calculate the fair value of the consideration at the time of the acquisition of SE 2A, a base case, low case and liquidity case scenario were risked, weighting and discounted, taking into account the expected chance of a farm down, expected chance of >600bcf discovery and the expected impact on the share price. Also included was the liquidity scenario where the chance of a sale of the interest in the 2A PSC was estimated.
At the acquisition date the fair value of the contingent consideration was calculated to be $300k (£200k). A change of probability of success by 5 percentage points would lead to a 33% change in the fair value consideration of SE 2A, equivalent to USD $100k (£80k). As the plans for the drilling of the exploration well on Block 2A firm up, the Company expects to increase the probability of success and associated contingent liability.
19. Called up share capital
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Authorised, called up, allotted and fully paid | |||||
| 63,097,816 ordinary shares (30 June 2024: 57,108,136 and 31 December 2024: 62,818,946) |
6,309,783 | 5,710,812 | 6,281,895 | ||
Each ordinary share has a par value of £0.10.
The share capital issues during 2024 and 2025 are summarized as follows:
| Number of shares | Nominal value |
||||
| £ | |||||
| At 1 January 2024 and 30 June 2024 | 57,108,136 | 5,710,812 | |||
| Shares issued for cash | 5,710,810 | 571,083 | |||
| At 31 December 2024 and 1 January 2025 | 62,818,946 | 6,281,895 | |||
| Shares issued for settlement of Tranche 2 consideration | 278,870 | 27,888 | |||
| At 30 June 2025 | 63,097,816 | 6,309,783 | |||
On 4 December 2024, the Company raised £1,998,787 through the issue of 5,710,810 new ordinary shares for cash at £0.35 each.
On 18 March 2025, the Company issued 278,870 new ordinary shares for the settlement of Tranche 2 consideration for the acquisition of SE 2A.
20. Share premium account
| £ | |||||
| At 1 January 2024 and 30 June 2024 | 35,605,370 | ||||
| Shares issued for cash | 1,427,460 | ||||
| Costs of share issue | (223,410) | ||||
| At 31 December 2024 and 1 January 2025 | 36,809,420 | ||||
| Shares issued for settlement of Tranche 2 consideration | 71,529 | ||||
| At 30 June 2025 | 36,880,949 | ||||
21. Share-based payments
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| At the beginning of the period/year | 466,198 | 1,024,486 | 1,024,486 | ||
| UK & head office | 235,407 | 84,428 | 424,648 | ||
| Malaysia | 115,927 | - | 104,575 | ||
| Norway (discontinued operations) | - | - | 186,758 | ||
| Transfers to retained earnings | (21,774) | - | (1,274,269) | ||
| At the end of the period/year | 795,758 | 1,108,914 | 466,198 | ||
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| No. | No. | No. | |||
| At the beginning of the period/year | 9,229,160 | 6,180,911 | 6,180,911 | ||
| UK & head office | |||||
| Awarded | - | - | 5,103,549 | ||
| Lapsed | (62,153) | (1,192,450) | (2,344,068) | ||
| Malaysia | |||||
| Awarded | - | - | 2,346,887 | ||
| Norway | |||||
| Forfeited (discontinued operations) | (39,365) | (197,200) | (2,058,119) | ||
| At the end of the period/year | 9,127,642 | 4,791,261 | 9,229,160 | ||
During the period, the Company operated three share incentive schemes: the Long-Term Incentive Plan (LTIP), the Co-investment plan (CIP) and the NED Long-Term Incentive Plan.
22. Cash absorbed by continuing operations
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Loss for the period before tax before other comprehensive income | (2,527,554) | (2,756,148) | (5,685,081) | ||
| Add back: | |||||
| Interest payable | - | 6,075 | - | ||
| Interest receivable | (111,877) | (62,782) | (111,758) | ||
| Depreciation | 3,933 | 4,523 | 7,407 | ||
| Equity settled share-based payment expense | 358,066 | 84,428 | 527,411 | ||
| Unwinding discount on contingent consideration | 5,603 | - | 14,114 | ||
| Changes in estimate on contingent consideration | (23,879) | - | 55,023 | ||
| Movements in working capital: | |||||
| (Increase)/decrease in trade and other receivables | (147,974) | (48,306) | 1,121,103 | ||
| (Decrease)/increase in trade and other payables | (255,698) | 428,113 | 45,801 | ||
| Movement in provision | (702,000) | - | 702,000 | ||
| Cash absorbed by operations | (3,401,380) | (2,344,097) | (3,323,980) | ||
23. Cash absorbed by discontinuing operations
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Profit/(loss) for the period after tax before other comprehensive income |
8,206,361 | (9,778,587) | (10,761,709) | ||
| Add back: | |||||
| Gain on disposal of subsidiary | (8,201,921) | - | - | ||
| Interest receivable | (427) | - | (543) | ||
| Share-based payment expense | - | - | 544,830 | ||
| Loss from investment | - | 3,009,250 | 3,670,859 | ||
| Impairment loss on investment | - | 6,769,337 | 6,505,191 | ||
| Movements in working capital: | |||||
| Increase in trade and other receivables | (26,509) | (369,485) | |||
| Increase/(decrease) in trade and other payables | 187,981 | (199,294) | |||
| Cash absorbed by discontinued operations | 165,485 | - | (610,151) | ||
24. Minimum financial commitments
| Six-month period ended 30 June 2025 | Six-month period ended 30 June 2024 | Year ended 31 December 2024 | |||
| £ | £ | £ | |||
| Dewa Complex Cluster | 466,174 | - | 510,188 | ||
| Temaris Cluster | 1,529,634 | - | - | ||
| 1,995,808 | - | 510,188 | |||
(i) SE Dewa holds a 28% participating interest and a further 12% paying interest (on behalf of Petroleum Sarawak Exploration & Production Sdn. Bhd.) in the Dewa Complex Cluster, and is obligated to carry out the minimum work commitments as stated in the production sharing contract which includes a detailed resource assessment and submission of a Field Development and Abandonment Plan to PETRONAS within two years. The cost to be incurred by SE Dewa in regard to the work commitments are estimated to be £466,174 ($640,000).
(ii) SE One holds a 100% operating interest in Temaris Cluster, and is obligated to carry out the minimum work commitments as stated in the production sharing contract which includes geological and geophysical studies, 3D seismic reprocessing and the submission of a Field Development and Abandonment Plan to PETRONAS within 18 months of the effective date. The cost to be incurred by SE One in regard to the work commitments is estimated to be £1,529,634 ($2,100,000).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR VVLFLEKLEBBK