Seascape Energy Asia Share Discussion Threads

[smackeraim] 22/10/2024 13:23

Time for some rerating

[jailbird] 22/10/2024 13:11

added today

[talkman2] 22/10/2024 13:10

Looks like the overhang has cleared

[someuwin] 22/10/2024 13:08

Only 57.1m shares in issue. So at current 16p, valuation is just £9.1m.

Crazily cheap now they've been awarded the DEWA Production Sharing Contract.

[divmad] 22/10/2024 12:36

This transaction seems to be as close to the very opposite of the truism, "there's no such thing as a free lunch" as you can imagine!

[zengas] 22/10/2024 11:59

My notes

DEWA -
Hugely transformational at zero cost for those resources.
500 Bcf in place (3-400 bcf recoverable).
'A lot of upside beyond those figures'.
Also a lot of low risk fault blocks to be tested yet.
'There is hard value in those - now underpinning the company.'
'Lots of options under consideration -'negate any need for equity'
Build a train of these opportunities (in what's being looked at post DEWA).

-----------------
Kertang on Block 2A.
Mentioned the 3 other analogue type fields that had gas chimneys etc similar to Kertang.
Gas coloumns are huge in those fields - the 450m in one being higher than the Pertronas towers. The other 2 fields with 800m and 1km columns.
Kertang modelled at around 600m - potential upside could be 3.7 billion boe (why i said this was a 'Cove' like play for value months ago - see the £14.65 estimate for 1.7 billion boe).
Expect a transaction announcement this quarter.
Worth mentioning in previous presentations (not covered in todays) - other major prospects in 2A beyond Kertang if a success.
------------------

My take as ever - DEWA+ expected resource upside are company making as Malcy himself opinioned on yesterday and with further opportunities of similar likely - so this is only the beginning of material resources/reserves growth coming in at zero cost wheras others have to use the drill bit first to find those BOEs. Hoping for a 10 bagger from these levels on that basis (which is barely £90m m/cap at current shares in issue implying a future 30 mmboe). This is the underpinning of the company on those.

Kertang - entirely blue sky opportunity.

[smackeraim] 22/10/2024 11:27

https://youtu.be/tb56KHNYrzU?si=am9wwh4LncH-MM5QOn Youtube

[cashandcard] 22/10/2024 10:14

Happy with that presentation. The real key is to get 2A farmed down and the well commitment in. That in my opinion will be when we see a step change in the value of the company.Cash

[arcteryx] 22/10/2024 10:07

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!

[smackeraim] 22/10/2024 09:22

Good stuff this on investor meet!

[arcteryx] 22/10/2024 08:26

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..

[someuwin] 22/10/2024 08:07

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.

[smackeraim] 22/10/2024 07:52

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

[smackeraim] 22/10/2024 07:39

Looking much better. Eyes on the prize.. a lovely Q4 farm out, cash and carry.. and happy christmas all

[upwego] 22/10/2024 03:03

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.

[ohisay] 22/10/2024 02:46

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 .

[divmad] 21/10/2024 18:23

Cash, aren't you bothered about the extreme lack of cash in Sea right now, before expenditures crank up with DEWA ?

[arcteryx] 21/10/2024 16:13

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.

[katsy] 21/10/2024 15:57

Wouldn't surprise me if we get news of a placing tomorrow morning. Strike whilst the iron is hot!

[cashandcard] 21/10/2024 15:32

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

[smackeraim] 21/10/2024 14:43

https://x.com/smackeraim/status/1848340785730625622?s=46There's a quiet telegram, which probably gets busier on farm out

[ohisay] 21/10/2024 12:32

++

Our new friends..

[smackeraim] 21/10/2024 11:54

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.

[ripvanwinkle3] 21/10/2024 11:35

Incredible opportunity at these prices. More topping up (lowering average) for me today.

Wake me up when we are back over a quid