Malaysia

Block 2A is located offshore Sarawak, eastern Malaysia 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 can be summarised as follows:

• Well-defined, large, four-way dip structural high with over 220 km2 of closure;
• Covered by high-quality, wide-beam 3D seismic shot by CGG in 2015;
• Exhibits direct hydrocarbon indicators (DHIs) including an overlying gas cloud feature and amplitude brights;
• CPR undertaken by ERCE on Kertang in 2024 assigns total gross, unrisked mean prospective resources of 9.1 TCF plus 146 mmbbl of NGLs (~1.7 billion boe);
• CPR chance of success of ~20%;
• Bintulu LNG, one of the world’s largest LNG facilities, is located onshore Sarawak;
• Based on regional offset wells, third-party high-level cost estimates for a successful Kertang exploration well in excess of US$70 million (gross).

Block 2A was originally awarded to Seascape in February 2023 as part of the Malaysian Bid Round 2022 by PETRONAS Malaysia Petroleum Management (“MPM”). MPM acts on behalf of PETRONAS in the overall management of Malaysia’s petroleum resources throughout the lifecycle of upstream oil and gas assets. Seascape’s initial interest in Block 2A was 36.75% which was increased to 52.5% following the acquisition of Topaz Number One Limited in September 2023.

The Company undertook a farm out process in mid-2024 which culminated in a transaction with INPEX CORPORATION, Japan’s largest exploration and production company, where Seascape assigned operatorship and a 42.5% interest in the PSC to INPEX in return for:

• a full, uncapped carry for Seascape’s retained interest (10%) through the remaining exploration phase which includes one firm wildcat well and one contingent appraisal well (subject to a commercial discovery);
• initial cash consideration of US$10 million which was paid on completion in March 2025 together with the reimbursement of certain historic costs associated with the PSC totalling ~US$1.0 million; and
• further contingent cash consideration of US$10 million payable on a commercial discovery;

Seascape through its 10% retained interest still has a material exposure to the Kertang prospect with net unrisked mean prospective resources of ~910 bcf and ~15 mmbbl of NGL (~166 mmboe). A summary of the CPR published in June 2024 can be found on the Company’s website: https://seascape-energy.com/presentations-reports/.

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.

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.