https://x.com/smackeraim/status/1848340785730625622?s=46There's a quiet telegram, which probably gets busier on farm out |
++
Our new friends.. |
The big one, Q4 Block 2A contains the giant Kertang prospect and the Company commissioned ERCE to undertake a competent persons report ("CPR") to confirm the potential size and risk associated with Kertang, believed to be one of the largest undrilled structures in Malaysia. The CPR, which was completed in June 2024, confirmed the giant scale of the Kertang prospect assigning total gross, unrisked mean prospective resources of 9.1 TCF plus 146 mmbbls of Natural Gas Liquids ("NGLs") across the four target horizons. 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, the Company has commenced a farm-out process to identify a suitable partner. |
Incredible opportunity at these prices. More topping up (lowering average) for me today.
Wake me up when we are back over a quid |
 "There is little doubt that Chairman James Menzies has really pulled off a very smart deal indeed here and whilst for one or two of us it took a little longer to deliver that is nothing in the big picture of creating value in a very small entity.
It also proves that with limited up front funds but with considerable local experience and knowledge of the landscape significant packages of acreage can be put together. With massive local discoveries and substantial nearly infrastructure including a pipeline network Seascape looks to have pulled the rabbit out of the hat.
The JV have very little prep work to do, Mr Menzies tells me that there is masses of data, multiple 3D seismic and 35 wells worth of logs and DST’s etc to analyse as the Malaysian state has decided to let new companies access these smaller fields and to develop them and the terms reflect that.
This is a real company maker for Seascape and it may not be the last, given what has been going on elsewhere in the energy world it looks like the makings of a great portfolio, with limited costs and a lot of vision, there appears to be a lot of upside at the company." |
OK thanks Zengas |
Katsy - the Seascape Malaysian subsiduary is still known as Longboat Energy (DEWA) Ltd. No name change there at Companies house. |
Step out and untested reservoirs offer significant upside. |
EnQuest could've at least got our company name correct!! |
Enquest's RNS about their participation in the DEWA Complex. Enquest are the operator of the block:
"EnQuest PLC, 21 October 2024
EnQuest awarded DEWA Complex Cluster Small Field Asset PSC in Malaysia
EnQuest PLC, an independent oil and gas production and development company, listed on the London stock exchange, is pleased to announce its wholly-owned affiliate, EnQuest Petroleum Production Malaysia Ltd ('EnQuest') has been awarded the DEWA Complex Cluster Small Field Asset ('SFA') Production Sharing Contract ('PSC') in partnership with Petroleum Sarawak Exploration & Production Sdn Bhd ('PSEP') and Longboat Energy (DEWA) Ltd ('Longboat') by Petroliam Nasional Berhad (PETRONAS) ('PETRONAS') through Malaysia Petroleum Management (MPM). Under the terms of the PSC, EnQuest will be operator of the block with largest participating interest of 42.0%, effective from 21 October 2024.
The DEWA Complex Cluster SFA PSC consists of twelve (12) discovered fields in an area approximately 50 kilometres off the coast of Sarawak, offshore Malaysia in water depths of 40 to 50 metres. The block is in a proven hydrocarbon area containing undeveloped discoveries, providing potential low-cost development options to provide gas supply into the Sarawak gas system.
Within the initial two-year pre-development term of the SFA PSC, the partners are committed to completing the resource assessment of the fields and submitting a Field Development and Abandonment Plan ('FDAP') for the first cluster of fields, which could hold up to 500 Bscf of gas in place.
EnQuest Chief Executive, Amjad Bseisu, said:
"We are delighted to have been awarded the DEWA Complex Cluster SFA PSC, especially on our 10th anniversary in Malaysia and marking our return to Sarawak after the Tanjong Baram Small Field Risk Service Contract. The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in innovative and cost-effective development. We would like to thank PETRONAS for their confidence in awarding us this PSC and are pleased to have our first joint venture with PSEP."
Ends"
Link to Enquest's Malaysia Upstream webpage:
Enquest's participation in the DEWA complex is not yet shown there, but presumably will in time. |
There was last dregs of a seller from last week or so, looks to be clearing now |
Market not interested. Very poor share price response |
We were extremely honoured to be invited by PETRONAS to the Twin Towers for a ceremony today to sign our new DEWA Cluster PSC which contains 12 undeveloped gas fields! The award of this PSC significantly increases our exciting portfolio in Malaysia and positions Seascape for further growth. |
Block 2A makes the DROs a sideshow. Looking forward to the farm out news soon |
Read the rest of it
Cavendish note...
"Similarly at Block 2A, we estimate that Seascape would look to retain a 15.75% interest post farm-down. This would equate to a net 261 mmboe. At $4/boe this would equate to a potential unrisked value of £14.65 per share net to Seascape." |
Cavendish...
"—Valuation We will update our valuation and target price in due course. However, we note the recent acquisition by TotalEnergies of a portfolio of Sarawak producing gas assets from SapuraOMV for US$4/boe. This would equate to a potential unrisked value of 75-100p net for Dewa (5.4-7.2x the current share price)." |
in with first 90k tranche
will double up on any weakness gla |
Makes sense to partner with ENQ, they have operations in Malaysia already plus plenty of cash to pump into a new venture.Cash |
So whatever happens to block 2A they always have 28% of 500 bcf GIIP (gross, ~83 mmboe) to underpin the company. |
Great news. No more doubting and worrying about their ability to get this deal over the line then. Progress being made - looking more active than Longboat already! |
Sounds like a bit of patience maybe needed though?
"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" |
Farm in next. |
We the have rns, alleluia!! |
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. |
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