Seascape Energy, an E&P company focused on Southeast Asia, is pleased to announce that it has been awarded a 28% participating interest in a Small Field Asset Production Sharing Contract ("SFA PSC") over the DEWA Complex Cluster ("DEWA" or the "Award") off the coast of Sarawak, Malaysia. The Award was made under the Malaysia Bid Round Plus ("MBR+") by Petroliam Nasional Berhad (PETRONAS) ("PETRONAS") through Malaysia Petroleum Management.
The DEWA partners are EnQuest Petroleum Production Malaysia Ltd (42%, operator) ("EnQuest") and Petroleum Sarawak Exploration & Production Sdn. Bhd. (30%) ("PSEP").
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 initially focus on the D30, Danau, D41, D41W, Dana and Dafnah West discoveries which are estimated by the Company 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.
Investor Meet Company
Nick Ingrassia (CEO), James Menzies (Executive Chairman) and Pierre Eliet (EVP Corporate and Country Chair Malaysia) will host a live presentation for investors via Investor Meet Company on 22 October 2024 at 10:00 AM BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 21 Oct 2024, 09:00 AM BST, or at any time during the live presentation.
Investors can sign up for free via: https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor
Investors who follow Seascape Energy on the Investor Meet Company platform will automatically be invited.
James Menzies, Executive Chairman of Seascape, commented:
"This award supports our recent decision to strategically pivot the business to focus on Southeast Asia. It builds on our existing position in Malaysia and in one step provides Seascape with an immediate portfolio of gas discoveries with over 500 bcf of in-place resources from four main fields with considerable upside.
DEWA represents an opportunity for the Company together with its partners, EnQuest and Petros, to pursue a low-cost, near-term development located close to existing infrastructure. While the financial commitment and costs over this initial planning phase are expected to be minimal, the prize is very material for Seascape. The award perfectly illustrates how an Independent E&P company can compete and create value in this environment.
On behalf of our entire team, I would like express our gratitude to PETRONAS for the award and we look forward to continued collaboration with all of our partners as we seek to grow the Seascape business for the benefit of both our shareholders and our Malaysian stakeholders."