Malaysia

Under the Malaysian Bid Round 2022, Seascape was awarded a Production Sharing Contract  for Block 2A offshore Sarawak with material gas resource potential.

Block 2A is located north-west of the prolific Central Luconia hydrocarbon province, outboard of recent gas discoveries. It covers approx. 12,000km² and is located in water depths of between 100-1,400 metres. The Bintulu LNG plant, one of the world’s largest LNG facilities, is located onshore on the coast of Sarawak.

In June 2024,  Seascape commissioned ERC Equipoise Ltd (“ERCE”) to undertake a CPR on the main Kertang prospect which is a well-defined, large, four-way dip closed structural high with over 220 km2 of closure. Four target intervals have been evaluated comprising Cycle I and Cycle II/III, Oligo-Miocene reservoirs, representing the primary targets and shallower Cycle V/VII reservoirs representing the secondary targets. The prospect is covered by high-quality, wide-beam 3D seismic shot by CGG in 2015.

The CPR confirms the giant scale of the Kertang prospect assigning total gross, unrisked mean prospective resources of 9.1 TCF plus 146 mmbbl of NGLs across the four target horizons   A summary of the ERCE Competent Persons Report can be found under the presentations-report tab on the Company’s website.

Following recent increased interest levels in exploration for world-scale fields, multiple large companies have approached the Company regarding Block 2A. Having consulted with PETRONAS during Q2-24, the Company has commenced a farm-out process to identify a suitable partner.

In October 2024, Seascape was awarded a 28% participating interest in a Small Field Asset Production Sharing Contract over the DEWA Complex Cluster off the coast of Sarawak, Malaysia. The Award was made under the Malaysia Bid Round Plus by Petroliam Nasional Berhad  (PETRONAS).

DEWA is comprised of 12 gas discoveries in shallow water (40-50 metres) near to infrastructure off the coast of Sarawak and includes; D30, D30W, Danau, Daya, Daya North, D41, D41W, Dafnah West, Dana, Darma, West Acis and Spaoh. Gas was originally found in the area in 1982 but overlooked by previous partnerships which were focused on oil production.

The DEWA partnership is anticipated to focus initially on the D30, Danau, D41, D41W, Dana and Dafnah West discoveries which are estimated by Seascape to contain circa 500 bcf GIIP (gross, ~83 mmboe). These fields are broadly characterised as having clastic reservoirs with large gas columns and good hydrocarbon mobilities. There is a significant dataset including 35 well penetrations, well logs, multiple DSTs and MDTs as well as extensive 3D seismic coverage across the entire PSC area.

Given the shallow water depths and nearby infrastructure, the partnership is targeting a low-cost development plan utilising normally unmanned platform(s) with minimal processing which could support a potential production plateau of up to 100 mmscfd.

The initial low-cost work commitment (approximately $0.6 million net to Seascape) is to conduct a detailed resource assessment and deliver a Field Development and Abandonment Plan within two years. The development of these fields will be under the innovative, new Small Field Asset terms which are specifically designed to simplify and incentivise rapid development of smaller hydrocarbon accumulations in Malaysia.

DEWA is comprised of 12 gas discoveries in shallow water (40-50 metres) near to infrastructure off the coast of Sarawak and includes; D30, D30W, Danau, Daya, Daya North, D41, D41W, Dafnah West, Dana, Darma, West Acis and Spaoh. Gas was originally found in the area in 1982 but overlooked by previous partnerships which were focused on oil production.

The DEWA partnership is anticipated to focus initially on the D30, Danau, D41, D41W, Dana and Dafnah West discoveries which are estimated by Seascape to contain circa 500 bcf GIIP (gross, ~83 mmboe). These fields are broadly characterised as having clastic reservoirs with large gas columns and good hydrocarbon mobilities. There is a significant dataset including 35 well penetrations, well logs, multiple DSTs and MDTs as well as extensive 3D seismic coverage across the entire PSC area.

Given the shallow water depths and nearby infrastructure, the partnership is targeting a low-cost development plan utilising normally unmanned platform(s) with minimal processing which could support a potential production plateau of up to 100 mmscfd.

The initial low-cost work commitment (approximately $0.6 million net to Seascape) is to conduct a detailed resource assessment and deliver a Field Development and Abandonment Plan within two years. The development of these fields will be under the innovative, new Small Field Asset terms which are specifically designed to simplify and incentivise rapid development of smaller hydrocarbon accumulations in Malaysia.