29 sep 25   seascape energy asia - interim results seascape energy asia plc | sea | 79.0 -1.0 (-1.3%) | mkt cap: 49.9m    rns number : 1084b seascape energy asia plc 29 september 2025   this announcement contains inside information for the purposes of article 7 of regulation 596/2014 as amended and transposed into uk law in accordance with the european union (withdrawal) act 2018 ("uk mar").   29 september 2025   seascape energy asia plc   (the "company", "seascape energy" or "seascape")   interim results and investor presentation via investor meet company     seascape energy, an e&p company focused on southeast asia, is pleased to announce its unaudited interim results for the six-month period to 30 june 2025.     operational & financial highlights   •             completion of the block 2a farm-out to inpex corporation with uncapped carry through the exploration phase of one firm and one contingent well (10% participating interest) •             award of the temaris cluster psc as operator (100% participating interest) •             post-period end, publication of an independent competent persons report by sproule erce o  total net 2c contingent resources of 63 mmboe (97% gas) o  total net unrisked mean prospective resources of 281 mmboe (95% gas) •             cash reserves of £8.6 million (1h 2024: £1.3 million), including £2.0 million of restricted cash related to guarantees provided as security for future work programmes in malaysia •             adjusted administrative costs of £1.9 million (1h 2024: £2.5 million) excluding £0.9 million of non-recurring costs     outlook   •             seascape remains focused on maximising value in its existing, high-quality portfolio while selectively adding accretive growth opportunities. near term activities include: •             block 2a: formal joint venture commitment to drill the giant kertang well, expected imminently; •             temaris: progressing seismic reprocessing, detailed development studies and development team build-out; •             dewa: submission of formal resource assessment to regulator, finalising draft field development plan and commencement of commercial negotiations; and •             pursuing growth opportunities in malaysia and the wider region, including participating in licensing rounds.     investor meet company   the company will host an online presentation: a subsurface 'deep dive' into seascape's malaysian portfolio via investor meet company on 13 oct 2025, 09:30 bst.   the presentation will provide investors with further insight into the subsurface aspects of its exploration and development portfolio following the publication of its competent persons report on 19 august 2025.   the presentation is open to all existing and potential shareholders. questions can be submitted pre-event via your investor meet company dashboard up until 12 oct 2025, 09:00 bst, or at any time during the presentation.   investors can sign up to investor meet company for free and add to meet seascape energy asia plc via: https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor     investors who already follow seascape energy asia plc on the investor meet company platform will automatically be invited.     nick ingrassia, ceo of seascape, commented:   "the first half of 2025 has been a period of significant transformation for seascape as it has diversified and increased the scope and scale of its portfolio with both non-operated exploration and development projects offshore sarawak and a new, material operated gas field cluster development offshore peninsular malaysia with significant exploration upside.   seascape's focussed strategy of building a portfolio of gas assets in malaysia has begun to gain momentum and the company looks forward to using its strong financial position, competitive advantage and strong stakeholder relationships to continue to develop and expand its portfolio."       ends enquiries:                 seascape energy asia plc                                                       ir@seascape-energy.com james menzies (executive chairman) nick ingrassia (chief executive) pierre eliet (executive director)                 stifel (nomad and joint broker)                                             tel: +44 20 7710 7600 callum stewart jason grossman ashton clanfield                               cavendish capital markets limited (joint broker)            tel: +44 20 7397 8900 neil mcdonald pete lynch                              standard   estimates of reserves and resources have been carried out in accordance with the june 2018 spe/wpc/aapg/ spee/seg/spwla/eage petroleum resources management system ("prms") as the standard for classification and reporting. a summary of the prms can be downloaded from:-https://www.spe.org/en/industry/petroleum-resources-management-system-2018/.      review by qualified person   the technical information in this release has been reviewed by dr pierre eliet, executive director & country chair malaysia, who is a qualified person for the purposes of the aim guidance note for mining, oil and gas companies. dr eliet is a geologist with more than 30 years' experience in the oil and gas industry and has a ba degree in earth sciences from trinity college, dublin, a phd in geology from manchester university, uk and is a fellow of the geological society (london).     glossary   "boe"                    means barrels of oil equivalent "cpr"                    means competent persons report "lng"                   means liquified natural gas "m"                        means metres "mmbbl"              means millions of barrels "ngl"                   means natural gas liquids "psc"                    means production sharing contract "tcf"                     means trillion standard cubic feet         seascape energy asia plc interim report and financial statements    for the six-month period ended 30 june 2025       strategic review   the continuing focus of the directors is to secure suitable oil and gas assets in southeast asia, that will deliver value and represent an appropriate basis to build on the company's objective to become a full-cycle e&p company.   southeast asia is home to over 680 million people, accounting for roughly 8.5% of the world's population and making it one of the most populous regions in the world. with a growing middle class, expanding cities, and improving living standards, the region's population is expected to increase steadily over the coming decades. this demographic growth is closely tied to rising energy needs, as more people gain access to electricity, transportation, and modern infrastructure.   economically, southeast asia is a powerhouse of growth, driven by manufacturing, trade, and a booming services sector. the region is experiencing robust gdp growth, while regional integration through initiatives such as the asean economic community is strengthening cross-border cooperation and investment. this economic expansion is a major driver of rising energy consumption, particularly in industrial and urban areas.   as a result, primary energy demand in southeast asia is projected to rise sharply through 2050, with the region becoming one of the largest contributors to global energy demand growth. the need for reliable, affordable, and cleaner energy sources is more pressing than ever, particularly as countries aim to balance economic development with environmental sustainability and energy security.   natural gas is expected to play a critical role. according to wood mackenzie, natural gas could account for up to 30% of the region's primary energy mix by 2050. with demand set to outpace both oil and coal, gas is increasingly seen as a transitional fuel that can support industrial activity, power generation, and emissions reduction. countries such as malaysia, thailand, vietnam, and the philippines are investing in gas infrastructure, including pipelines, lng terminals, and gas-fired power plants, to secure long-term supply and reduce reliance on more carbon-intensive fuels.   in this context, seascape is well-positioned to help meet regional energy demands. the company has successfully built a portfolio of high-quality, gas-weighted development assets offshore malaysia-highlighting its ability to generate significant value by leveraging its core technical strengths and regional relationships. as these projects advance toward production, seascape will also seek to capitalize on its competitive advantages to further expand our portfolio both in malaysia and across the region.   operations and activity   contingent and prospective resources   in august, the company published details of its contingent and prospective resources from a competent person's report ("cpr") commissioned from sproule erce covering the temaris cluster ("temaris", 100% operated) and the priority fields in the dewa complex cluster ("dewa", 28%).   the cpr is seen as an important independent third-party verification of seascape's resources figures. the report confirms (and in the case of temaris, upgrades) management's technical view of resources at the time of license application. importantly, the cpr highlights new prospective potential in the recently awarded temaris block.   the highlights of the cpr are as follows:   ·    total net 2c contingent resources of 63 mmboe (97% gas), up from nil in past 12 months ·    total unrisked net mean prospective resources of 281 mmboe (95% gas), an increase of 69% since completion of the block 2a farm-down in q1 2025 ·    temaris psc net 2c contingent resources of 276 bcf vs 250 bcf estimated at award ·    additional temaris psc mean prospective resources of 683 bcf (114 mmboe) located in amplitude-supported prospects analogous to the existing discoveries   net 2c contingent resources field(s) gas (bcf) liquids (mmbbl) total (mmboe) temaris (100%) 276 - 46 dewa priority fields (28%) 94 2 18 total 370 2 63   net mean prospective resources field(s) gas (bcf) liquids (mmbbl) total (mmboe) gcos range (%) temaris (100%) 683 - 114 30% - 50% dewa priority fields (28%) 7 0 1 34% - 51% block 2a (10%) 908 15 166 16% - 27% total 1,598 15 281       temaris cluster (100% operated) in june seascape was awarded a 100% operated interest in temaris in the malaysia bid round 2025. the acreage includes two gas discoveries in shallow water (~70 metres) offshore peninsular malaysia on the western flank of the malay basin and covers an area of around 1,200 km2.   the main discovery, tembakau, was originally made in 2012 and appraised in 2014 and benefits from an extensive dataset including full 3d seismic coverage, well logs, dsts and extensive well core.  tembakau is located near to infrastructure with the closest producing gas field ~50 km away from the field.   the tembakau field comprises early-mid miocene channel sandstone reservoirs which are clearly imaged on 3d seismic and exhibit a strong amplitude response. the field has excellent reservoir properties with porosities of 20% to 35% and permeabilities of over one darcy and contains dry gas with very low levels of impurities. the tembakau-2 well was tested and produced from the i-10 and i-20 reservoirs, with both reservoirs flowing at gas rates of 16 mmscfd, constrained by the well test equipment used.   the smaller mengkuang discovery is located 30 kms to the northeast of tembakau in high-quality mid-miocene sandstones and also demonstrates strong seismic amplitude response. the field is split into several lobes and benefits from a good dataset though a dst was not performed at the time of discovery.   in addition to the existing tembakau and mengkuang discoveries, significant exploration upside exists in the stacked channel sandstone reservoirs which continue across the temaris psc. as part of the cpr, sproule erce has also provided prospective resources estimates of the four main prospects on the block which are located close to the tembakau discovery.   all prospects exhibit the seismic amplitude characteristics seen at tembakau and mengkuang, with seascape interpreting the largest prospect, allamanda, to exhibit a particularly robust and extensive amplitude anomaly.    seascape anticipates the temaris psc prospects to be further derisked following the 3d seismic reprocessing currently underway on the temaris block.     dewa cluster (28%): seascape was awarded the dewa complex cluster under the malaysia bid round plus in october 2024 and is comprised of 12 gas discoveries in shallow water (40-50 metres) located off the coast of sarawak, malaysia.   six fields (d30, danau, d41, d41w, dafnah west, dana) have been prioritised for the initial phases of development ("dewa priority") and are broadly characterised as having stacked, clastic reservoirs with gas columns up to 110 metres and good hydrocarbon mobilities. the fields benefit from a significant dataset including 35 well penetrations, well logs, multiple dsts and mdts and extensive 3d seismic coverage.   the sproule-erce review also identified additional upside in-and-around the dewa complex for future pursuit. this includes an additional 7 bcf of unrisked net mean prospective resources (25 bcf gross) in an undrilled fault block on dafnah west.     block 2a, offshore sarawak, malaysia (10%):  block 2a is located in the north luconia hydrocarbon province covering approximately 12,000 km2 in water depths between 100 -1,400 metres. block 2a contains the world-class kertang prospect, located across four oligo-miocene reservoirs, which is a well-defined, large, four-way dip structural high with over 220 km2 of closure and exhibits direct hydrocarbon indicators (dhis) including an overlying gas cloud feature and amplitude bright.   in march this year, seascape completed the farm-out of block 2a to inpex corporation. in return for cash consideration of us$10 million with the reimbursement of certain historic costs of ~us$1.0 million, the company assigned a 42.5% interest in block 2a and retained a fully carried 10% interest through the remaining exploration phase which includes one firm wildcat well and one contingent appraisal well (subject to a commercial discovery). since the year end, this transaction completed with the company receiving cash consideration of us$10 million.  in the event of commercial discovery, the company will receive further contingent cash consideration of us$10 million.   a firm well commitment is expected to be made imminently with the drilling of the kertang prospect being an important part of inpex corporation's multi-well, deepwater drilling campaign in sarawak during 2026/2027.   seascape still retains a material exposure to the kertang prospect with net unrisked mean prospective resources of ~908 bcf and ~15 mmbbl of ngl (~166 mmboe).     financial results   at 30 june 2025 the group had net cash reserves totalling £8.6 million (1h 2024: £1.3 million) of which £2.0 million is restricted and relates to cash-backed collateralised guarantees provided as security for future work programmes in malaysia.   exploration and evaluation assets of £500k (1h 2024: £700k) represent capitalised expenditures incurred within malaysia and are deemed fully recoverable at the balance sheet date.   administrative costs for the period totalled £2.8 million (1h 2024: £3.5 million), of which £0.9 million are considered non-recurring. these non-recurring costs include costs associated with farming down the malaysian 2a psc to inpex, the application of and securing the temaris psc, other new venture appraisal costs, changes in fair value of contingent consideration and unrealised foreign exchange losses. when adjusting for these items of non-recurring expenditure, the administrative expenses for the periods are £1.9 million (1h 2024: £2.5 million).   the total profit for the period was £5.7 million (1h 2024: loss of £12.5 million) and comprised a loss of £2.5 million (2024: £2.7 million) from continuing operations and a profit of £8.2 million (1h 2024: loss of £9.7 million) from discontinuing operations.   the total comprehensive profit for the period included currency translation differences that were taken directly to reserves of £73k (1h 2024: £800k) and totalled £5.8 million (1h 2024: loss of £13.4 million).     statement of going concern the directors have completed the going concern assessment, taking into account cash flow forecasts up to the end of 2026, sensitivities to those forecasts and stress tests to assess whether the company and its subsidiaries (together the group) are a going concern. having undertaken careful enquiry, the directors are of the view that the group will not need to access additional funds during the period to meet its current work programme and budget.   in the event that the business is presented with opportunities to materially grow its portfolio then it is anticipated that the associated funds will be sourced through asset disposals / farm downs, issuing new equity or a combination of these actions. to the extent that growth opportunities will support debt, this will be considered where appropriate, for example, to support production acquisitions.     on behalf of the board   ………………………………………….. nicholas andrew ingrassia director   26 september 2025                                                                                         consolidated statement of comprehensive income       six-months ended 30 june 2025   six-months ended 30 june 2024   year to 31 december 2024     unaudited   unaudited   audited   notes               £   £   £        other income 4 209,878  718,620  934,570        administrative expenses  (2,822,246)  (3,531,475)  (6,709,728) operating loss  (2,612,368)  (2,812,855)  (5,775,158)        finance costs 7 (27,063)  (6,075)  (21,681)        investment income 8 111,877  62,782  111,758 loss before taxation from continuing operations 6 (2,527,554)  (2,756,148)  (5,685,081)        income tax expense  -  -  (419) loss for the period/year from continuing operations  (2,527,554)  (2,756,148)  (5,685,500) profit/(loss) for the period/year from discontinued operations, net of tax 9 8,206,361  (9,778,587)  (10,761,709) profit/(loss) for the period/year  5,678,807  (12,534,735)  (16,447,209)           other comprehensive income/(expense)              currency translation differences from discontinued operations   -  (836,527)  349,929 currency translation differences from continuing operations   73,373  11,753  (32,254) total items that may be reclassified to profit or loss   73,373  (824,774)  317,675 total other comprehensive income/(loss) for the period/year   73,373  (824,774)  317,675 total comprehensive income/(loss) for the period/year   5,752,180  (13,359,509)  (16,129,534)        earnings/(losses) per share 10 pence   pence   pence               basic - continuing   (4.01)  (4.83)  (9.88)        basic - discontinued   13.03  (17.12)  (18.70)        diluted - discontinued   0.11  -  -            consolidated statement of financial position           notes   30 june  2025       30 june  2024   31 december 2024     unaudited   unaudited   audited     £   £   £        non-current assets       investments in subsidiary and equity accounted joint venture  -  -  - intangible assets 11 549,835  675,559  285,358 property, plant and equipment 12 18,456  10,201  11,495   568,291  685,760  296,853        current assets            cash and cash equivalents 13 6,630,941  1,219,285  2,467,899 restricted cash and bank 13 2,016,022  50,668  520,708 trade and other receivables 14 260,901  1,391,656  112,927   8,907,864  2,661,609  3,101,534        asset in disposal group held for sale 15 -  1,935,913  1,018,570        total assets  9,476,155  5,283,282  4,416,957        current liabilities            trade and other payables 16 413,659  1,373,870  669,357 provisions 17 -  -  702,000   413,659  1,373,870  1,371,357        liabilities in disposal group held for sale 15 -  -  71,388        net current assets  8,494,205  1,287,739  2,677,359        non-current liabilities       contingent consideration 18 194,215  245,763  308,825 deferred tax  390  -  427   194,605  245,763  309,252 total liabilities  608,264  1,619,633  1,751,997 net assets  8,867,891  3,663,649  2,664,960        equity       called up share capital 19 6,309,783  5,710,812  6,281,895 share premium account 20 36,880,949  35,605,370  36,809,420 other reserves  450,000  450,000  450,000 share option reserve 21 795,758  1,108,914  466,198 currency translation reserve  66,501  (513,971)  (6,872) accumulated losses   (35,635,100)  (38,697,476)  (41,335,681) total equity   8,867,891  3,663,649  2,664,960           the financial statements were approved by the board of directors and authorised for issue on 29 september 2024 and are signed on its behalf by:             ………………………………………….. nicholas andrew ingrassia director   26 september 2025  consolidated statement of changes in equity         share capital   share premium account   share option reserve   currency translation reserve     other reserves     accumulated losses       total   notes £   £   £   £   £   £   £                                 balance at 1 january 2024   5,710,812  35,605,370  1,024,486  310,803  450,000  (26,162,741)  16,938,730                 period ended 30 june 2024               loss for the period   -  -  -  -  -  (12,534,735)  (12,534,735) other comprehensive income               - foreign currency translation from joint venture     -    -    -    (836,527)    -    -    (836,527) - foreign currency translation from subsidiaries     -    -    -    11,753    -    -    11,753 share-based payments   -  -  84,428  -  -  -  84,428 balance at 30 june 2024  5,710,812  35,605,370  1,108,914  (513,971)  450,000  (38,697,476)  3,663,649                period ended 31 december 2024               loss for the period  -  -  -  -  -  (3,912,474)  (3,912,474) other comprehensive income               - foreign currency translation from joint venture    -    -    -    486,598    -    -    486,598 - foreign currency translation from subsidiaries    -    -    -    20,501    -    -    20,501 share-based payments  -  -  631,553  -  -  -  631,553 transfers to reserves  -  -  (1,274,269)  -  -  1,274,269  - issue of share capital  571,083  1,427,460  -  -  -  -  1,998,543 cost of shares issued   -  (223,410)  -  -  -  -  (223,410) balance at 31 december 2024   6,281,895  36,809,420  466,198  (6,872)  450,000  (41,335,681)  2,664,960   consolidated statement of changes in equity         share capital   share premium account   share option reserve   currency translation reserve     other reserves     accumulated losses       total   notes £   £   £   £   £   £   £ group                               balance at 1 january 2025   6,281,895  36,809,420  466,198  (6,872)  450,000  (41,335,681)  2,664,960                 period ended 30 june 2025               profit for the period   -  -  -  -  -  5,678,807  5,678,807 other comprehensive income               - foreign currency translation from subsidiaries     -    -    -    73,373    -    -    73,373 share-based payments   -  -  351,334  -  -  -  351,334 transfers to reserves   -  -  (21,774)  -  -  21,774  - issue of share capital   27,888  71,529  -  -  -  -  99,417 balance at 30 june 2025  6,309,783  36,880,949  795,758  66,501  450,000  (35,635,100)  8,867,891                    consolidated statement of cash flows           notes   30 june  2025       30 june  2024   31 december 2024     unaudited   unaudited   audited     £   £   £        cash flow from operating activities       cash absorbed by continuing operations 22 (3,401,380)  (2,344,097)  (3,323,980) cash generated by operating activities from discontinued operations   23   165,485    -    (610,151)        net cash used in operating activities   (3,235,895)   (2,344,097)   (3,934,131)        investing activities             purchase of property, plant and equipment  (11,599)  (4,362)  (8,437) purchase of intangible assets  (328,277)  (51,524)  (63,579) interest received  112,303  62,782  112,301 investing activities from discontinued operations  (40,782)  -  (214,308) proceeds from disposal of investment in subsidiary/ joint venture 9 8,740,023  -  1,935,912 cash generated from investing activities  8,471,668   6,896   1,761,889 movement in restricted cash and bank balances  (1,529,634)  (50,668)  329,976             net cash generated from investing activities  6,942,034   (43,772)   2,091,865        financing activities       proceeds from issuance of ordinary shares, representing net cash generated from financing activities    -     -     1,775,133        net increase/(decrease) in cash and cash equivalents  3,706,139   (2,387,869)   (67,133) cash and cash equivalents at beginning of the period/year  2,783,262  3,684,541  2,833,857 foreign exchange  141,540  (77,387)  16,538 cash and cash equivalents at end of the period/year 13 6,630,941   1,219,285   2,783,262         relating to:       bank balances and short-term deposits   8,646,963  1,269,953  2,988,607 cash classified as held for sale   -  (50,668)  315,363    8,646,963  1,219,285  3,303,970 cash restricted in use   (2,016,022)  -  (520,708)    6,630,941   1,219,285   2,783,262          notes to the financial statements   1.  accounting policies     1.1  company information   seascape energy asia plc is an aim public quoted company, limited by shares, incorporated in england and wales. the registered office is 5th floor, one new change, london, ec4m 9af. the principal activities of the company and its subsidiaries are to responsibly explore, develop, and produce hydrocarbons, particularly gas.   on 25 april 2025, the group invested in its newly incorporated subsidiary, seascape energy asia (one) sdn. bhd. at a nominal initial cost of £0.17 (equivalent to myr 1.00).     1.2  accounting convention   the financial statements have been prepared in accordance with uk adopted international accounting standards and with those parts of the companies act 2006 applicable to companies reporting under ifrs.   the financial statements are prepared in british pounds sterling, which is the functional currency of the group. monetary amounts in these financial statements are rounded to the nearest £.   the financial statements have been prepared under the historical cost convention. the principal accounting policies adopted are set out below.   the accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the group's consolidated financial statements for the year ended 31 december 2024. the group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.   several amendments and interpretations apply for the first time in 2025, but do not have an impact on the interim financial statements of the group.     1.3  going concern   the directors have completed the going concern assessment, taking into account cash flow forecasts up to the end of 2026, sensitivities to those forecasts and stress tests to assess whether the company and its subsidiaries (together the group) is a going concern. having undertaken careful enquiry, the directors are of the view that the group will not need to access additional funds during the period to meet its current work programme and budget.   in the event that the business is presented with opportunities to materially grow its portfolio then it is anticipated that the associated funds will be sourced through asset disposals / farm downs, issuing new equity or a combination of these actions. to the extent that growth opportunities will support debt, this will be considered where appropriate for example to support production acquisition.     1.4  discontinued operations   in accordance with ifrs 5 "non-current assets held for sale and discontinued operations" the net results relating to the disposal group are presented within discontinued operations in the income statement. please refer to note 10 for further details.         2.  critical accounting estimates and judgements   in the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. actual results may differ from these estimates.   the estimates and underlying assumptions are reviewed on an ongoing basis. revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.   the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.     share-based payments   the fair value of share-based compensation expense arising from the long-term incentive plan, the co-investment plan and the ned long term incentive plan were estimated using the black scholes model and, where appropriate, the average monte carlo fair values and is recognised in the statement of comprehensive income from the date of grant over the vesting period with a corresponding increase directly in equity. the monte carlo model projects and averages the results for a range of potential outcomes for the vesting conditions, the principal assumptions for which the group using in the estimation of the fair value are the historical 3 years share price volatility and dividend yields. the black scholes model is similar to the monte carlo model, but is more appropriate for estimating results with a single unknown variable. the company currently values its share-based payment awards using the black scholes model.     fair value of contingent consideration payable   estimate and judgment was applied in fair valuing the contingent consideration payable for the acquisition of se 2a (previously topaz number one limited) in 2023.  management applied judgement in determining the likelihood of all possible scenarios and this was modelled into a weighted fair value calculation, which was discounted, using an estimated discount rate, to establish the current value of the contingent consideration payable to be recognised. as disclosed in note 20, the contingent consideration was made up of 3 tranches. tranche 1 was settled in 2023 and tranche 2 was settled in 2025 upon the completion of the farmout of 2a psc to inpex. only tranche 3 remains as contingent on a successful hydrocarbon discovery over a certain volume threshold and therefore subject to ongoing estimation and judgement.     3.  operating segment   during the period, the group had two reportable operating segments: malaysia and head office (30 june 2024 and 31 december 2024: malaysia, norway and head office). non-current assets and operating liabilities are located in malaysia, whilst the majority of current assets are carried at head office. the group has not yet commenced production and therefore has no revenue. each reportable segment adopts the same accounting policies. the operating segment's operating results are reviewed regularly by the chief operating decision maker ("codm"), who is the group's ceo, to make decisions about resources to be allocated to the segment and assess its performance, for which discrete financial information is available.  in compliance with ifrs 8 'operating segments' the following table reconciles the operational loss and the assets and liabilities of each reportable segment with the consolidated figures presented in these financial statements.     malaysia head office norway total  30 june 2025 £ £ £ £ loss from operations (515,523) (2,096,845) - (2,612,368) finance cost (19,265) (7,798) - (27,063) investment income 15,954 95,923 - 111,877 loss before tax from continued operations (518,834) (2,008,720) - (2,527,554) loss after tax from continued operations (518,834) (2,008,720) - (2,527,554) gain from discontinued operations - 8,206,361 - 8,206,361 (loss)/gain for period (518,834) 6,197,641 - 5,678,807   malaysia head office norway total  30 june 2025 £ £ £ £ total assets by reportable segment 3,812,351 5,663,804 - 9,476,155 total assets 3,812,351 5,663,804 - 9,476,155 total liabilities by reportable segment (169,886) (438,378) - (608,264) total liabilities (169,886) (438,378) - (608,264)     malaysia head office norway total  30 june 2024 £ £ £ £ loss from operations (333,830) (2,479,025) - (2,812,855) finance cost - (6,075) - (6,075) investment income - 62,782 - 62,782 loss before tax from continued operations (333,830) (2,422,318) - (2,756,148) loss after tax from continued operations (333,830) (2,422,318) - (2,756,148) loss from discontinued operations - - (9,778,587) (9,778,587) loss for period (333,830) (2,422,318) (9,778,587) (12,534,735)   malaysia head office norway total  30 june 2024 £ £ £ £ total assets by reportable segment 1,239,780 2,107,589 - 3,347,369 assets in disposal group held for sale - - 1,935,913 1,935,913 total assets 1,239,780 2,107,589 1,935,913 5,283,282 total liabilities by reportable segment (255,129) (1,364,504) - (1,619,633) total liabilities (255,129) (1,364,504) - (1,619,633)    malaysia head office norway total  31 december 2024 £ £ £ £ loss from operations (663,087) (5,112,071) - (5,775,158) finance cost (1,711) (19,970) - (21,681) investment income 10,332 101,426 - 111,758 loss before tax from continued operations (654,466) (5,030,615) - (5,685,081) income tax expense (419) - - (419) loss after tax from continued operations (654,885) (5,030,615) - (5,685,500) loss from discontinued operations (7,766) (33,063) (10,720,880) (10,761,709) loss for year (662,651) (5,063,678) (10,720,880) (16,447,209)   malaysia head office norway total   31 december 2024 £ £ £ £ total assets by reportable segment 1,097,267 2,301,120 - 3,398,387 assets in disposal group held for sale 942,659 75,911 - 1,018,570 total assets 2,039,926 2,377,031 - 4,416,957 total liabilities by reportable segment (337,870) (1,342,739) - (1,680,609) liabilities in disposal group held for sale (67,426) (3,962) - (71,388) total liabilities (405,296) (1,346,701) - (1,751,997)     4.  other income     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       other income 209,878  718,620  934,570       for the period ended 30 june 2024 and the year ended 31 december 2024, other income included a fee recharge with respect to manpower and management services provided by seascape energy (se asia) sdn. bhd. to inpex malaysia e&p (2a) limited ("inpex 2a"). also included within 30 june 2024 number was amounts charged to longboat japex norge as, which was fully divested in july 2024. inpex 2a was sold on 17 march 2025. in both cases all agreements and recharges were terminated at the date of disposal.     5.  employees   the average monthly number of persons (including directors) employed by the group during the year was as follows, noting that these figures include employees of longboat japex up until the date of completion of its disposal on 12 july 2024:     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       executive directors 3  3  4 non-executive directors 3  5  2 staff 5  13  10 total 11  21  16        their aggregate remuneration comprised:     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       wages, salaries and bonuses (including directors' remuneration) 672,262  1,178,827  2,827,915 social security costs and insurance 152,109  120,111  182,191 pension costs 60,656  51,928  102,675 share based payment charge 358,066  84,427  527,411 remuneration - continuing operations 1,243,093   1,435,293   3,640,192 remuneration - discontinued operations   -   -   591,495         in the financial year ended 31 december 2024, remuneration for discontinued operations relates to the company's 50.1% share in longboat japex up to the date of disposal of 12 july 2024.     6.  operating loss from continuing operations   operating loss for the period is stated after charging:       six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       fees payable for the audit of the parent company and consolidated   financial statements:         - current auditor 32,500  37,500  57,500    - former auditor -  -  20,510   32,500   37,500   78,010       fees payable for the audit of the subsidiary financial statements:         - subsidiary's auditor 6,177  -  13,311            fees payable for non-audit services:         - current auditor 5,000  8,000  -    - former auditor -  188,790  188,200  5,000   196,790   188,200       depreciation of property, plant and equipment 3,933  4,522  7,407       legal, professional and business development expenditures 887,881  1,048,757  1,679,985   7.  finance costs     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       bank charges 2,922  -  7,567 bank guarantee commission for temaris psc 18,538  -  - unwinding of discount on contingent consideration (note 18) 5,603  6,075  14,114        27,063  6,075  21,681         8.  investment income     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £ interest income      bank deposits 111,877  62,782  111,758         investment income comprises bank deposit interest earned from unrestricted and restricted current cash accounts, alongside fixed term deposit interest. the interest rate earned from bank deposits during the reporting period ranged from 4.3% to 4.55%.  9.  profit/(loss) for the period from discontinued operations   on 17 march 2025, the company completed the sale of its wholly-owned subsidiary, longboat energy (2a) limited (since renamed inpex malaysia e&p 2a limited "inpex 2a") to inpex corporation for initial cash consideration of $10 million plus the reimbursement of historic costs.     the assets and liabilities of inpex 2a ceased to be consolidated by the group following loss of control. the profit or loss of the entity is shown as discontinued operations up to 17 march 2025.     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       other income 9,669  -  - expenses excluding exploration write-offs (5,229)  -  (40,829) profit/(loss) before tax on discontinued operations 4,440   -   (40,829)       gain on disposal 1 8,201,921  -  - share of loss from equity accounted joint venture -  (3,009,250)  (3,009,250) impairment loss on equity accounted joint venture 2 -  (6,769,337)  (6,505,191) share based payments and currency translation difference from   joint venture   -    -    (1,206,439)       total profit/(loss) after tax from discontinued operations 8,206,361   (9,778,587)   (10,761,709)       profit/(loss) per share from discontinued operations (note 10):      basic 13.03  (17.12)  (18.30) diluted 0.11  (17.12)  (18.30)   1      at the date of disposal, the fair value of the subsidiary was calculated based on the fair value of the consideration received.     30 june 2025    £     fair value consideration   8,740,023 net assets at date of loss of control   (538,102) gain on disposal   8,201,921      at the date of completion, the assets and liabilities of inpex 2a were deconsolidated reflecting the disposal of the subsidiary.  details of the balances at the date of completion are shown below:   assets and liabilities deconsolidated             18 march 2025 £    £     intangible assets   650,229 trade and other receivables   67,844 cash and bank balances   79,398 total assets   797,471     trade and other payables   (243,230) other current liabilities   (16,139) total liabilities   (259,369)     net assets    538,102       2      at the date of disposal of the company's remaining 50.1% share in longboat japex, the carrying value of the investment was written down to the recoverable amount of $2.5 million (£1.9 million), resulting in an impairment charge of £6.5 million.       10.    earnings/(losses) per share     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       number of shares      weighted average number of ordinary shares for basic earnings   per share 62,980,721    57,108,136    57,545,029 number of share options issued for basic earnings per share 9,127,642  -  -   72,108,363  57,108,136  57,545,029       earnings/ (losses)      earnings/ (losses) for basic and diluted losses per share being   net loss attributable to equity shareholders of the company for:         continuing operations (2,527,553)  (2,756,148)  (5,685,500) discontinued operations 8,206,361  (9,778,587)  (10,761,709)   earnings/ (losses) per share (expressed in pence)      basic from continuing operations (4.01)  (4.83)  (9.88) basic from discontinued operations 13.03  (17.12)  (18.70)       diluted from discontinued operations 0.11  -  -   basic and diluted earnings/ (losses) per share are calculated by dividing the earnings/ (losses) attributable to ordinary shareholders by the weighted average number of shares outstanding during the period. share options and awards are not included in the dilutive calculation for loss making periods because they are anti-dilutive.     11.    intangible assets     exploration and evaluation assets           software         total   £   £   £       cost      at 1 january 2024 572,512  -  572,512 additions 1 100,586  -  100,586 foreign currency adjustments 2,461  -  2,461 at 30 june 2024 675,559   -   675,559 additions 1 177,411  -  177,411 foreign currency adjustments 14,862  -  14,862 reclass to asset held for sale2 (582,474)  -  (582,474) at 31 december 2024 and 1 january 2025 285,358   -   285,358 additions 1 297,383  30,894  328,277 disposal (26,973)  -  (26,973) foreign currency adjustments (35,131)  (1,696)  (36,827) at 30 june 2025 520,637   29,198   549,835       carrying amount      at 30 june 2024 675,559  -  675,559 at 31 december 2024 285,358  -  285,358 at 30 june 2025 520,637  29,198  549,835         1      during the period, the group capitalised addition of intangible assets primarily relates to the pre-development costs incurred for newly awarded production sharing contract for the dewa complex cluster and temaris cluster awarded on 21 october 2024 and 13 june 2025 respectively   2      on 30 november 2024, the group entered into an agreement with inpex corporation to farm out its interest in the 2a psc through the sale of inpex 2a. as at 31 december 2024, the exploration and evaluation assets held in the 2a psc had been reclassified to assets held for sale. on 17 march 2025, the assets held for sale were fully disposed of upon the completion of the sale of 2a psc to inpex corporation.         12.    property, plant and equipment         fixtures and fittings     computers     total       £   £   £         cost        at 1 january 2024   1,407  38,132  39,539 additions   -  4,362  4,362 at 30 june 2024   1,407  42,494  43,901 additions   -  4,075  4,075 foreign currency adjustments   -  126  126 at 31 december 2024   1,407  46,695  48,102 additions   1,787  9,812  11,599 foreign currency adjustments   -  (901)  (901) at 30 june 2025   3,194  55,606  58,800                 accumulated depreciation        at 1 january 2024   938  28,240  29,178 charge for the six-month period   235  4,288  4,523 at 30 june 2024   1,173  32,528  33,701 charge for the six-month period   234  2,650  2,884 foreign currency adjustments   -  22  22 at 31 december 2024   1,407  35,200  36,607 charge for the six-month period   178  3,755  3,933 foreign currency adjustments   -  (196)  (196) at 30 june 2025   1,585  38,759  40,344                 carrying amounts        at 30 june 2024   234  9,967  10,201 at 31 december 2024   -  11,495  11,495 at 30 june 2025   1,609  16,847  18,456                           13.    cash and cash equivalents       six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       cash and bank balances 8,646,963  1,269,953  2,988,607         less: cash restricted in use (2,016,022)  (50,668)  (520,708)       unrestricted cash and bank balances 6,630,941  1,219,285  2,467,899          add: cash included as held for sale -  -  315,363       cash and cash equivalents 6,630,941  1,219,285  2,783,262       cash restricted in use for the period ended 30 june 2025 represents deposits placed with financial institutions in support of guarantees issued in favour of petronas equivalent to the value of the minimum work commitments to be carried out by se one (£1,529,634) and se dewa (£486,388) (31 december 2024: se dewa amounted to £520,708 and 30 june 2024: longboat japex amounted to £3,197 and inpex 2a amounted to £47,471).     14.    trade and other receivables     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       current      trade receivables 1,182  -  1,220 receivables from joint venture -  752,697  - vat recoverable 88,546  136,211  71,383 other receivables 42,093  444,039  14,678 deposits 5,797  -  1,522  137,618  1,332,947  88,803 prepayments 123,283  58,709  24,124   260,901  1,391,656  112,927         the directors consider that the carrying amount of trade and other receivables approximates to their fair value.   receivables from joint venture include expenses and management service charges to longboat japex, all amounts were fully repaid during the financial year 2024.  15.    assets and liabilities held for sale     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       intangible assets -  -  582,474 other receivables -  -  120,733 cash at bank -  -  315,363 investment in joint venture -  1,935,913  - total assets classified as held for sale -  1,935,913  1,018,570       trade and other payables -  -  71,388 total liabilities classified as held for sale -  -  71,388         on 17 march 2025, the assets and liabilities classified as held for sale were fully derecognised upon the completion of the sale of 2a psc to inpex corporation. please refer to note 9 for further details.     16.    trade and other payables     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       trade payables 170,996  102,758  76,299 accruals 198,912  652,705  540,068 social security and other taxation 43,751  65,204  39,085 payables to joint venture -  443,833  - other payables -  109,370  13,905 trade and other payables 413,659  1,373,870  669,357         included within payables to joint venture are time writing expenses recharged to longboat japex, all amounts were fully repaid during 2024.   accruals comprise audit and accounting fees and other operational related costs at the period end.   the directors consider that the carrying amount of trade and other payables approximates to their fair value.   17.    provisions     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       provision for deferred salaries and bonus -  -  702,000       on 1 july 2024, the executive chairman and the ceo deferred a proportion of their salaries pending an improvement in the financial position of the group. as at 31 december 2024, the group and the company made a provision for these deferred salaries and performance bonuses for directors and employees in view of the successful farm-out of block 2a on 30 november 2024. the bonus and deferred salaries were fully paid during the financial period 30 june 2025.     18.    contingent consideration             £       at 1 january 2024     239,688 unwinding of discount (note 7)     6,075 at 30 june 2024         245,763 change in estimate     55,023 unwinding of discount     8,039 at 31 december 2024         308,825 change in estimate     (23,879) unwinding of discount (note 7)     5,603 settlement of tranche 2 consideration     (96,334) at 30 june 2025     194,215         acquisition of se 2a     as part of the purchase agreement with the vendor of se 2a , the consideration was made up of three tranches.   tranche 1 was equivalent to $100k, settled by an issue of 441,470 new ordinary shares in the company on 20 december 2023. this tranche has been fully settled and nothing further is payable with respect to it.   tranche 2 was equivalent to $125k, was contingent and became payable in the shares of seascape energy asia plc upon the farm out of the company's interest in the 2a psc which occurred on 30 november 2024. accordingly an issue of 278,870 new ordinary shares in the company, was made on completion on 17 march 2025. this tranche has been fully settled and nothing further is payable with respect to it.   tranche 3 (part 1) is contingent on an exploration well announcement in excess of 600bcf (well must commence drilling before 12 september 2028). the payment will be equivalent of $1.0 million and will be settled in cash or allotment of shares in the company, at the discretion of the company.   tranche 3 (part 2) is contingent on the growth in the company's share price. the payment will be equivalent of up to $2.0 million, based on the table shown below, and will be settled in cash or an allotment of shares in the company at its discretion.    growth in seascape consideration shares average price % usd       0-9.9% 0% - 10-24.9% 33% 666,667 25-49.9% 67% 1,133,333 >=50% 100% 2,000,000   if a liquidity event occurs, involving the sale of se 2a's share in the 2a psc then tranche 3 will be calculated instead upon the proceeds of the liquidity event, but capped at the total of $3.0 million, as above.   to calculate the fair value of the consideration at the time of the acquisition of se 2a, a base case, low case and liquidity case scenario were risked, weighting and discounted, taking into account the expected chance of a farm down, expected chance of >600bcf discovery and the expected impact on the share price.  also included was the liquidity scenario where the chance of a sale of the interest in the 2a psc was estimated.   at the acquisition date the fair value of the contingent consideration was calculated to be $300k (£200k). a change of probability of success by 5 percentage points would lead to a 33% change in the fair value consideration of se 2a, equivalent to usd $100k (£80k). as the plans for the drilling of the exploration well on block 2a firm up, the company expects to increase the probability of success and associated contingent liability.     19.    called up share capital     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       authorised, called up, allotted and fully paid      63,097,816 ordinary shares (30 june 2024: 57,108,136 and 31 december 2024: 62,818,946)   6,309,783    5,710,812    6,281,895       each ordinary share has a par value of £0.10. the share capital issues during 2024 and 2025 are summarized as follows:         number of shares   nominal value          £ at 1 january 2024 and 30 june 2024   57,108,136  5,710,812 shares issued for cash   5,710,810  571,083 at 31 december 2024 and 1 january 2025     62,818,946   6,281,895 shares issued for settlement of tranche 2 consideration     278,870  27,888 at 30 june 2025     63,097,816   6,309,783             on 4 december 2024, the company raised £1,998,787 through the issue of 5,710,810 new ordinary shares for cash at £0.35 each.   on 18 march 2025, the company issued 278,870 new ordinary shares for the settlement of tranche 2 consideration for the acquisition of se 2a.         20.    share premium account             £       at 1 january 2024 and 30 june 2024     35,605,370 shares issued for cash     1,427,460 costs of share issue     (223,410) at 31 december 2024 and 1 january 2025         36,809,420 shares issued for settlement of tranche 2 consideration     71,529 at 30 june 2025         36,880,949         21.    share-based payments     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       at the beginning of the period/year 466,198  1,024,486  1,024,486       uk & head office 235,407  84,428  424,648 malaysia 115,927  -  104,575 norway (discontinued operations) -  -  186,758 transfers to retained earnings (21,774)  -  (1,274,269)       at the end of the period/year 795,758  1,108,914  466,198           six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   no.   no.   no.       at the beginning of the period/year 9,229,160  6,180,911  6,180,911       uk & head office           awarded -  -  5,103,549 lapsed (62,153)  (1,192,450)  (2,344,068) malaysia           awarded -  -  2,346,887 norway      forfeited (discontinued operations) (39,365)  (197,200)  (2,058,119)       at the end of the period/year 9,127,642  4,791,261  9,229,160         during the period, the company operated three share incentive schemes: the long-term incentive plan (ltip), the co-investment plan (cip) and the ned long-term incentive plan.  22.    cash absorbed by continuing operations     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       loss for the period before tax before other comprehensive income (2,527,554)  (2,756,148)  (5,685,081)       add back:      interest payable -  6,075  - interest receivable (111,877)  (62,782)  (111,758) depreciation 3,933  4,523  7,407 equity settled share-based payment expense 358,066  84,428  527,411 unwinding discount on contingent consideration 5,603  -  14,114 changes in estimate on contingent consideration (23,879)  -  55,023       movements in working capital:      (increase)/decrease in trade and other receivables (147,974)  (48,306)  1,121,103 (decrease)/increase in trade and other payables (255,698)  428,113  45,801 movement in provision (702,000)  -  702,000 cash absorbed by operations (3,401,380)  (2,344,097)  (3,323,980)         23.    cash absorbed by discontinuing operations     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       profit/(loss) for the period after tax before   other comprehensive income   8,206,361    (9,778,587)    (10,761,709)       add back:      gain on disposal of subsidiary (8,201,921)  -  - interest receivable (427)  -  (543) share-based payment expense -  -  544,830 loss from investment -  3,009,250  3,670,859 impairment loss on investment -  6,769,337  6,505,191       movements in working capital:      increase in trade and other receivables (26,509)    (369,485) increase/(decrease) in trade and other payables 187,981    (199,294) cash absorbed by discontinued operations 165,485  -  (610,151)        24.    minimum financial commitments     six-month period ended 30 june 2025   six-month period ended 30 june 2024   year ended 31 december 2024   £   £   £       dewa complex cluster 466,174  -  510,188 temaris cluster 1,529,634  -  -  1,995,808  -  510,188         (i)    se dewa holds a 28% participating interest and a further 12% paying interest (on behalf of petroleum sarawak exploration & production sdn. bhd.) in the dewa complex cluster, and is obligated to carry out the minimum work commitments as stated in the production sharing contract which includes a detailed resource assessment and submission of a field development and abandonment plan to petronas within two years. the cost to be incurred by se dewa in regard to the work commitments are estimated to be £466,174 ($640,000).     (ii)    se one holds a 100% operating interest in temaris cluster, and is obligated to carry out the minimum work commitments as stated in the production sharing contract which includes geological and geophysical studies, 3d seismic reprocessing and the submission of a field development and abandonment plan to petronas within 18 months of the effective date. the cost to be incurred by se one in regard to the work commitments is estimated to be £1,529,634 ($2,100,000).       this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir vvlfleklebbk return to news summary

Label: Gestiegen