Pretty smart move of Inpex to give Petros a free carry for its 7.5%.
Cavendish again...
A highly credible partner: Inpex is the largest oil and gas company in Japan, with global exploration,development and production in 20 countries. In 2023, Inpex produced an average of 630kboepd and had 2P reserves of 6.2bn boe.
Inpex has an established presence in Malaysia, with interests in three
PSCs offshore Sarawak, offering the potential for operational synergies with Block 2A. |
Agree nigel, far better for the long term to have the cash, keeps them nice and secure iunto the medium term now, this company isn't going bust and removes a large amount of uncertainty around the business. My hunch is that they have gone for the extra cash because they have more opportunities that will provide additional value add for investors, the presentation is going to be very interesting indeed. |
A lot of upside has been sacrificed for safety which is sensible but I think the deal is probably in line with expectations rather than being superb. |
They need the placing because they were going run out of cash. Simple as that. |
I guess this is why they needed the placing.
The Transaction is subject to partner and regulatory approvals and anticipated to complete at the end of Q1 2025.
Anyway could you imagine if that placing was done at 6p back in June.
Anyway at current share price the market cap. is £25.44m
-with £10m of that in cash.
-13-17mmboe in dewa
-10% in block 2A |
Very sensible way to do business. Gut feeling is that something else will be shortly on the table, probably find out a bit more on the third! |
Will be interesting to see whether those bigger players that took part in the placing, or other IIs, will be now looking to increase their holdings or get onboard following this news that brings more certainty |
Cavendish this morning ..
Seascape has successfully farmed out a 42.5% participating interest in Block 2A to Inpex, in a deal worth up to cUS$38m (c1.4x Seascape’s market cap). The farmout not only secures Seascape’s future, but also creates a platform for future growth, allowing Seascape to retain material exposure to the significant upside associated with drilling the 9Tcf Kertang prospect at nil cost.
We increase our target price to 85.0p, c2.3x the current share price. |
Must have read that rns wrong |
A very impressive result with the farm out. This allows them to continue with the DEWA cluster whilst waiting for the potential of Kertang at zero cost. |
Boom times ahead....management have played a blinder. No need for me to repeat all the other good posts.
Exciting........... |
It’s a very good deal even at 10% on 2A.
The $10m cash payment on completion is worth 12p/ share and today’s small fundraising at 35p really leaves the company in a strong position.
A commercial discovery would lead to a similar 12p share payment.
Upside here on 2A still around 500p share using Cavendish’s $2/b with double that if it goes to production. Good to be carried for the appraisal well. Just need an indication of drilling in the next 12 months or so hopefully.
Company now cash rich and DEWA with its resources to be re rated to reserves on a development sanction.
MBR release of projects in the next 8-10 weeks. |
SEASCAPE ENERGY ASIA PLC will be holding a Investor Presentation meeting on 3rd Dec 2024 at 10:00am GMT.
Compulsory viewing ! |
Well done Seascape! Exciting times ahead. Cash now to fund DEWA to production, as well as a free carry on the Kertang drill, which if successful will send the company valuation to the moon. Small placing seems justifiable to remove uncertainty as to regulatory sign off of Block2A.
Big difference between Longboat and Seascape seems to be that Seascape are actually doing what they say they are going to do, and much more quickly! |
Great News
Kertang to be frilled with still great exposure and no cost to us, little placing at a very good price and enough cash now to go after that cluster.
They only left Norway a matter of months ago and already have farmed out the huge block and have multiple discoveries to go after.
Fair play to the management here, hands on and getting on with the job..
I like it! :) |
Now we see why cavendish report wasn’t as buoyant |
Put a lid on upside but protected the downside nicely. Clearly they were about to run out of cash. That risk has now gone. |
Nice Katsy, isn't that most shares. Hopefully cleared out the seller now anyway, looking forwards to the farmout. |
This share reminds me of a cartoon meme I once saw. Where one trader is talking to another and says, this stock will excel, another trader hears cel as sell, then everybody is sell, sell, sell, sell, in the carnage one trader says I'm outta hear good bye. One here's the bye as buy, then it's buy buy buy. |
News sooooon, enq |
Who dares wins👍 |
Really lucky to get 100k at 34.4p today .
GLA next month ! |
Of course, nothing changed here. Getting closer to a partner for 2A no doubt.Cash |
Buyers back in this morning, nice! |
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