Excellent presentation. Very exciting times ahead. I noted JM's thoughts on current lowly share price also contained the element of overhang from IIs who have been selling out due to them switching focus from North Sea to SE Asia. I'm hopeful of a phoenix like rise from the share price ashes soon, but have been grateful for the chance to load up recently at these levels! |
Good stuff this on investor meet! |
ZENGAS and others have touched on these valuations in the past, and it's good to see them laid out in the broker note. It suggests there is a really great opportunity here right now, created lately it seems by some or all of the large holders who bought in for Norway selling down. When they are done this should rise sharpish one would hope and expect.. |
From Cavendish yesterday...
Valuation We will update our target price and valuation in due course. However, we note the recent acquisition of a portfolio of producing Sarawak gas-focussed assets by TotalEnergies from SapuraOMV for US$4/boe.
Net to Seascape, this would value the 14-19mmboe of net resources at Dewa at a potential unrisked value of 75-100p/share (5.4-7.2x the current share price).
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 mean prospective resource of 261mmboe (1.4Tcf of gas and 23mmbbls of NGL’s). At US$4/boe, this would equate to a potential unrisked value of £14.65 per share net to Seascape.
Potential valuation of £1.00 + £14.65 = £15.65 per share. Almost 100 fold from current 16p. |
https://x.com/investormeetco/status/1848266975203467570?s=46Join SEASCAPE ENERGY ASIA PLC's Investor Update on 22nd Oct 2024 at 10:00am BST, Click below to register. #SEAToday |
Looking much better. Eyes on the prize.. a lovely Q4 farm out, cash and carry.. and happy christmas all |
This is great news! missed it I were out all day. Some great flow rates on prior wells, 3d seismic, the award of these blocks and discoveries are significant, I really like them with infostructure so close it could be developed pretty fast.
Very nice news indeed. |
There will almost certainly be a cash component to a Kertang 2A farmout . That would be normal and is their stated preference.
Given their timeline is to do that before Xmas ,amid intense Industry interest as they put it - the time to think about a placing will be well into the New Year.. at a much higher price of course post Kertang .
And thats ignoring whatever local (SE Asia) financing deals they can come up with to help develop Dewa.
Thats the intangible value of a guy like Menzies if you like who has been round the houses in that area with Salamander . |
Cash, aren't you bothered about the extreme lack of cash in Sea right now, before expenditures crank up with DEWA ? |
15p share price - the iron is still stone cold katsy, don't be silly.
Just out of interest, the company (as Longboat) has had a placing once since listing five years ago. That was at 75p in 2021, to raise the £35 million for the exploration farm-ins in Norway. |
Wouldn't surprise me if we get news of a placing tomorrow morning. Strike whilst the iron is hot! |
Given the current marketcap, the potential values around both assets (as they stand now) are extraordinary.Look forward to the receipt of updated guidance on DEWA or 2A.Cash |
https://x.com/smackeraim/status/1848340785730625622?s=46There's a quiet telegram, which probably gets busier on farm out |
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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 |