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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Seascape Energy Asia Plc | SEA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 2.50 | 7.35% | 36.50 | 09:00:20 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 34.00 | 34.00 | 37.75 | 36.50 | 34.00 |
| Industry Sector |
|---|
| ELECTRICITY |
| Top Posts |
|---|
Posted at 18/12/2024 09:56 by zengas Couldn't see them buying SEA in any shape or form unless 2A came in on a drill result and even then it would be pricey and competitive.Why would they pay 70p or £42m/$52m for SEA when they picked up 42% of DEWA as well as operatorship for virtually nothing/same terms as SEA - versus SEAs 28%. They're likely to pick up something similar possibly in the next bid round at near nil cost without having to buy up SEA at that kind of money when they can both bring assets to the table and derisk them on a reasonable percentage share each. They have enough to be doing imo with their cash flow and net debt stands at $321m end June. Their own valuation never shifted on the much greater DEWA award to them. |
Posted at 06/12/2024 07:03 by darcon The short interest tracker on Research Tree now shows that the short interest on SEA changed back to zero. |
Posted at 05/12/2024 20:09 by darcon Some more PSCs being awarded by Petronas to various parties (not SEA this time)."Looking ahead, Petronas is gearing up for MBR 2025, scheduled for the first quarter of 2025, offering significant opportunity for investors to explore Malaysia's upstream oil and gas potential." Very good that SEA now has the available cash to pursue any such opportunities appearing in Malaysia's MBR 2025 round. |
Posted at 03/12/2024 17:59 by darcon According to the research tree short interest tracker Alvar Financial Services Ltd opened a short of 0.91% on SEA on 2 December 2024.If you go to the Alvar Financial Services Ltd website they provide retail online trading services through intertrader.com as well as prime brokerage services. So Alvar or one of their clients is taking a view with an approx £200k value position that the stock does not have much further to run and will run out of steam. Or perhaps it was just someone forward selling and this short will be reversed in the coming days Alvar or one of their clients take delivery of their shares. |
Posted at 02/12/2024 10:54 by darcon In my view the deal is an excellent one. There remains enormous transformative upside. Trading a portion of that prospective upside so that SEA succeed in building a balanced E&P business with a range of near-term and longer-term opportunities some of which will generate cash in a shorter time-frame is a wise and prudent move.The £2m placing gives SEA the cash to work on more value accretive deals in SE Asia. The deals done in SE Asia thus far demonstrate that their team can acquire high quality prospective acreage at low-cost and farm it out retaining valuable upside. Two farm-outs now to two high quality E&P companies within a year is great. My guess is that SEA will have deals lined up to deploy part of the £10.5m effectively as soon as that money lands upon completion of the Block 2A farm-out. SEA don't control the regulatory authorities in Malaysia/Sarawak. The delay in the anticipated DEWA farm-out announcement by intra-government negotiations slowing regulatory consents showed that delays can happen even if the government is in favour of a deal. So it's very sensible of SEA to raise some cash now to fund their burn-rate while they wait for the farm-out cash to further build their business with more value accretive moves to come. |
Posted at 20/11/2024 09:34 by devonlad Very interesting note and very conservative imho, don't have a problem with that though:Assuming Cavendish are talking with SEA, the farmout is still on track for this year. DEWA forecast to produce more than US$70m of pre tax profit and US$50m of free cash flow net to Seascape per year with production to start mid 2027. I can't see why they have a 30% cos though given these are drilled fields. Kertang: The 3U case is 20.1tcf, that is insane! They model Kertang at US$20.4bn with a 5% COS with a risked valuation of 34p per share, 5% is very conservative, SEA have it at 15% or more I think! All imhi, nai, dyor. Nice note though! |
Posted at 24/10/2024 14:18 by goblin99 For individuals that were invested in SQZ during the early days, this reminds me somewhat of that scenario, albeit a mirror opposite of acreage. SQZ divested out of Malaysia and more into the N Sea, in part through shrewd deal making by the them CEO. I recall SQZ languishing around 10p (circa £30M MCap) - they had a small amount of production as well.Entry into the N Sea through the deal with BP was transformational, in part due to the already proven fields. This had the potential to make SEA a similar proposition to SQZ. Patience is required, the price will be volatile at times and pull back. The key is the small incremental steps taken to add value, which may not be realised at the time, but will always win out. |
Posted at 24/10/2024 13:32 by someuwin Additional info from the Cavendish note...Country Overview Malaysia’s E&P industry shares many of the same characteristics as Norway, where a high barrier for entry results in limited competition and a strong, supportive regulator encourages new entrants. The opportunity set in Malaysia is similar to that of the North Sea 15-20 years ago, where the majors/supermajors are looking to rationalise their portfolios to focus on sizeable gas opportunities. Despite a mature oil & gas industry, Malaysia has enjoyed a huge amount of exploration success in recent years. Of the 16 wells drilled in 2022, 10 resulted in discoveries (a c63% success rate), of which 8 were discovered offshore Sarawak. In 2023, 25 exploration wells were drilled, resulting in 19 exploration discoveries and 2 exploration-appraisa Seascape’s entry into Malaysia has coincided with a proliferation of opportunities across SE Asia and a shifting attitude of host governments towards small- and medium-term companies, which are now viewed as crucial to maximising value from maturing basins. Strong Macro Backdrop Seascape’s entry into Malaysia coincides with a macro backdrop of growing economies with increasing energy demands and an opportunity to help reduce carbon emissions through the development of indigenous gas resources to displace coal-fired power generation. Primary energy consumption from 2013-23 in Asia Pacific increased by 2.9% pa, the highest of any region globally. Whilst Coal makes up 47% of primary energy consumption in Asia Pacific, the highest of any regional globally. Shell, in its LNG outlook 2024, has forecast that global demand for LNG will rise by more than 50% by 2050 to 625-685mtpa (2023: 404mtpa). This increase will be primarily driven by China’s industrial decarbonisation and strengthening demand in other Asian countries, with several countries including Vietnam and the Philippines forecast to transition to LNG importers as domestic production declines. This analysis is supported by the International Energy Agency (IEA) who estimate that hydrocarbon demand in South Easi Asia will increase by 50% between 2022 and 2050, Additionally, natural gas demand in SE Asia is not expected to peak until the 2040s and beyond. |
Posted at 24/10/2024 08:00 by cashandcard Another point, North Sea player HBR, is looking to fully selloff and move on from North Sea. No point wasting time with small fields in an increasingly hostile political and fiscal environment.I think it's a big tick in the box management finally listened to shareholders and let the rotting carcass of the European North Sea assets go from here.The focus on SE Asia makes this a very attractive investment case in more ways than one.Cash |
Posted at 22/10/2024 19:23 by zengas Cash - On the geological risk - Don't skip doing the research on the analogues that SEA have provided in their presentations all the way through. Provided for that very reason and why they're analogues and displaying the same characteristics to other multi tcf giant field discoveries. I posted on these back in June when it was covered in the earlier presentations.They have used Kasawari (it's own gas chimney/clouds on seismic), Lang Lebah and Majoram as analogues (Slide 11) . A must to read the actual reports/science/refe All 3 analogue fields are sour/C02 rich yet in development (1 now producing) 120,000+ boepd each field. Majoram was hidden by a large gas chimney and there is detailed references to seal integrity but the chimney/leakage was a dilation of fracture induced by the 455m gas column in the reservoir responsible for the leakage. A lot of this is technical stuff so i doubt if the board could just explain it that easily in a 1 hour presentation hence the references there for everyone to go research it. This is a 3 TCF gas field bringing on 800 mmcf/d production. Likewise again all similar to the gas clouds/chimney at the huge Kasawari field. Again worth reading about Lang Lebah and the source material provided ' Unravelling an abandoned giant - success story of Lang Lebah' - all there in slide 11 for further reading. I think the chances here are very fair and in the above context i'm not concerned about any instances of leakage/chimneys - all imo good indicators of gas being there and the fact that the seabed geochem samples show very low to no CO2 and high methane is a big positive. Take also in context where Rystad Energy have predicted the breakeven for Kasawari may be as high as $5.50 mcf or an extra $3 billion just to deal with the near 40% C02 concentration makes Kertang and the rest of 2A one hell of a very important play and a piddle in the ocean for a well being drilled out of the majors and others budgets for the gas hungry SE Asia market. I think i was very conservative in my original $3/boe valuation on a success case when considering the huge costs in some other fields. But for now and on a seperate value path i see DEWA and it's additional upside to come along with a future addition of another of these assets making us a £100m+ company on it's own. Imo one of the best calculated risk stock to hold from this extremely low valuation by comparrison ie £12m m/cap at 21p. Yesterday and todays presentation saw the board place an expectation of £800m+ net for Kertang on that success basis - so no doubt we're chasing around £1b value creation target. |
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