Seascape Energy reports H1 2025 results with INPEX farm-out completion, new Malaysia gas cluster award, and cash reserves rising to £8.6 million
Seascape Energy, a Southeast Asia-focused exploration and production company, just dropped its unaudited interim results for the six months ending 30 June 2025. Two things defined the period: completing a farm-out of its Block 2A interest to INPEX Corporation, and landing the Temaris Cluster PSC in Malaysia — where Seascape holds a 100% operated stake.
Seascape reports H1 2025 financial and operational results
The number that jumps out from H1 2025 is the cash position. Seascape closed the period with $8.6 million in reserves — way up from just $1.3 million in the same stretch last year. That figure includes $2.0 million in restricted cash tied to guarantees securing future work programs in Malaysia.
On costs, real progress was made. Adjusted administrative expenses dropped to $1.9 million from $2.5 million in H1 2024, excluding $0.9 million in non-recurring charges. Leaner overhead combined with a much stronger cash position tells a noticeably different story than twelve months ago.
There, Seascape is submitting a formal resource assessment to regulators, finalizing a draft field development plan, and preparing to begin commercial negotiations.
The resource base is worth a look. Seascape reported total net 2C Contingent Resources of 63 million barrels of oil equivalent, with 97% of that figure in gas. Unrisked mean Prospective Resources stand at 281 mmboe, again skewed heavily toward gas at 95% — a reflection of the company’s core strategic bet on Malaysia, not an accident of portfolio construction.
Block 2A farm-out to INPEX and Temaris cluster award drive portfolio expansion
The biggest operational development of the half was completing the Block 2A farm-out to INPEX Corporation. Under the deal, Seascape keeps a 10% participating interest and receives an uncapped carry through the exploration phase — covering one firm well and one contingent well, with no ceiling on exploration costs. For a company of this size, that’s meaningful protection.
The second major move was the award of the Temaris Cluster PSC offshore Peninsular Malaysia. Seascape holds a 100% participating interest and operates the block. Going from a non-operated position at Block 2A to full operatorship at Temaris represents a genuine structural shift in how the portfolio is organized.
After the period closed, Sproule ERCE published an independent Competent Persons Report on the company’s assets. Released in August 2025, it provides third-party validation of Seascape’s resource estimates and sets the stage for an investor presentation scheduled for October.
CEO Nick Ingrassia called the first half “a period of significant transformation,” pointing to the expanded scope across non-operated exploration in Sarawak and the new operated gas cluster development offshore Peninsular Malaysia. Diversification, he flagged, is a defining theme.
Near-term drilling and development commitments outlined for remainder of 2025
Seascape has a busy near-term work program across its three main assets. At Block 2A, a formal joint venture commitment to drill the Kertang well is described as expected imminently — Kertang is characterized as a giant prospect, though no specific resource estimates for the well appeared in this release.
At the Temaris Cluster, the focus is on groundwork ahead of development: seismic reprocessing, detailed development studies, and building out a dedicated development team. Preparatory steps you’d expect at this stage of an operated project.
DEWA adds another active front. There, Seascape is submitting a formal resource assessment to regulators, finalizing a draft field development plan, and preparing to begin commercial negotiations. The portfolio is increasingly busy across all three assets, and DEWA’s progress only adds to that picture.
Beyond existing assets, the company says it’s actively pursuing growth opportunities in Malaysia and the wider region, including participation in licensing rounds — a signal of appetite for new additions, not just developing what it already holds.
Malaysia gas strategy and investor engagement provide context for results
Seascape’s stated strategy is straightforward: build a portfolio of gas assets in Malaysia. Regional demand for gas supports that focus, though no specific market forecasts were provided in this release. Both Block 2A and the Temaris Cluster fit squarely within that frame.
Ingrassia pointed to a strong financial position, competitive advantage, and stakeholder relationships as enablers for continued growth. The sharp jump in cash reserves from H1 2024 to H1 2025 gives at least the financial pillar some real substance.
For shareholders who want a closer look at the asset base, Seascape will host an online presentation through the Investor Meet Company platform on 13 October 2025 at 09:30 BST. Billed as a subsurface deep dive into the company’s Malaysian portfolio, it follows directly from the August 2025 Sproule ERCE report and is open to all existing and potential shareholders. Questions can be submitted in advance through the Investor Meet Company dashboard until 12 October 2025.
What the H1 2025 results add up to
Put it all together and Seascape’s H1 2025 results show a company that’s moved quickly on several fronts at once. Cash reserves are substantially higher than a year ago, costs are lower, and the portfolio now spans a carried non-operated exploration position at Block 2A, a fully operated gas cluster development at Temaris, and an advancing development asset at DEWA. An independent resource report is published. A near-term drilling commitment at Kertang is pending. The October investor presentation will give shareholders a chance to dig into the subsurface case behind all of it.
Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.
