Interim results and investor webcast

Seascape Energy Asia PLC

30 September 2026

 

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").

30 September 2026

Seascape Energy Asia plc

(the "Company", "Seascape Energy" or "Seascape")

Interim results and investor webcast

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 2026.

Operational Highlights

·   Temaris Cluster (SEA 100%) on track for Field Development and Abandonment Plan submission ("FDAP") in Q4 2026, only 18 months from award

o all Front-End Engineering and Design contracts awarded

o key subsurface and well-design studies complete

o third-party export route has been agreed

o significantly improved imaging from 3D seismic reprocessing has identified new, low-risk near-field prospectivity

·   Active negotiations underway with PETRONAS Malaysia Petroleum Management regarding the inclusion of additional acreage to the Temaris PSC which contains an extension of the high-quality, channelised Miocene sandstone system

·   Temaris farm-out process recently restarted with the benefit of the enlarged prospectivity, mature FDAP and a supportive macro environment, with strong interest received

o Ambition to introduce a high-quality partner prior to FDAP submission

·   DEWA Cluster (SEA 28%) export route planned via adjacent Shell-operated E8 field, operator EnQuest remains committed to the project sanction in the next few months

o EnQuest's publicly quoted gross 2C resource figure in-line with Seascape's previously announced, independently verified, resource estimates

·   Block 2A (SEA 10%) rig tender is moving into its final stages with award anticipated mid-Q4 2026

o Spud of the Kertang well remains on schedule for summer 2027

o Purchase orders for a significant amount of well equipment have been issued

o Debris survey at the well location planned for Q1 2027

Financial Highlights

·   Cash reserves of £7.1 million (1H 2025: £6.2 million), including £2.2 million of restricted cash related to guarantees provided as security for future work programmes in Malaysia

o £1.3 million cash-backed guarantees released post period end

·   Administrative costs of £0.6 million (1H 2025: £2.8 million) reflecting tight cost controls and capitalisation of personnel and administrative expenses relating to the Temaris project

·   Macquarie Bank Limited exclusively mandated as sole Structuring and Technical & Modelling Bank for a debt facility to fund development expenditure

o Discussions progressed to the detailed term sheet stage

o Engagement with the wider lending market underway

Outlook

Seascape has made material operational progress across its gas-weighted Malaysian portfolio during the period. In parallel, the Company has progressed partnering and financing initiatives, including workstreams directed toward securing a strategic partner and exploring multiple debt financing routes to support development funding.

Taken together, these achievements leave the Company well positioned to deliver significant gas production from its Malaysian portfolio by 2028 and deliver superior full-cycle value for shareholders.

Board Changes

As announced separately today, Executive Chairman James Menzies has stepped down from the board to focus on his continuing recovery from a serious cycling accident.

Geraldine Murphy has been appointed Non-Executive Chair on a permanent basis and Haida Hazri, currently Non-Executive Director, has been appointed Senior Independent Director and Chair of the Audit Committee.

Investor Meet Company

Nick Ingrassia (CEO) and Pierre Eliet (Executive Director, Chairman Malaysia) will provide a live presentation via Investor Meet Company on 1 October 2026 at 10:00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 30 September 2026, 09:00 BST, or at any time during the live 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 on the Investor Meet Company platform have been invited automatically.

Ends

Enquiries: Seascape Energy Asia plc [e-mail] Nick Ingrassia (Chief Executive) Pierre Eliet (Executive Director) Stifel (Nomad and Joint Broker) Tel: [phone] Callum Stewart Simon Mensley Ashton Clanfield Cavendish Capital Markets Limited (Joint Broker) Tel: [phone] 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

"2C Resources"        means those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources are a class of discovered recoverable resources

"bcf"                               means billion cubic feet

"bnboe"                          means billion barrels of oil equivalent

"boepd"                          means barrels of oil equivalent per day

"CPR"                          means Competent Persons Report

"FDAP"                         means Field Development and Abandonment Plan

"GW"                            means gigawatt(s)

"LNG"                           means liquified natural gas

"mmbbls"                      means million barrels

"mmboe"                       means million barrels of oil equivalent

"mmscfd"                      means million standard cubic feet per day

"MMstb"                       means million stock tank barrels

"NGL"                           means natural gas liquids

"PSC"                          means Production Sharing Contract

"SFA"                            means Small Field Area

"tcf"                               means trillion cubic feet

STRATEGIC REVIEW

The continuing focus of the Company is to build an E&P company in Southeast Asia through the exploration, development and acquisition of a portfolio of oil and gas assets that, when aggregated, deliver superior full-cycle value for shareholders.

Southeast Asia is home to more than 680 million people, approximately 8.5% of the global total, and a population that continues to grow, urbanise and move into the middle class. It is also one of the world's most dynamic economic regions, with a combined GDP now in excess of US$4 trillion and growth forecast at 4.2-4.5% for 2026 - roughly double that of the advanced economies. Growth is broadly based rather than reliant on any single market: manufacturing and export relocation are driving Vietnam and Malaysia, while domestic consumption, services and infrastructure investment underpin Indonesia and the Philippines. Deepening integration through the ASEAN Economic Community continues to support cross-border investment and, with it, industrial and urban energy consumption.

A newer and increasingly material driver is the region's digital infrastructure build-out. Data centres, fuelled by cloud computing and artificial intelligence, have become a distinct load category: the International Energy Agency expects Southeast Asian data-centre electricity demand to more than double by 2030, while Wood Mackenzie forecasts regional data-centre power demand quadrupling from 2.6 GW to 10.7 GW between 2025 and 2035. Malaysia is at the centre of this trend, holding around 60% of the region's proposed project pipeline and expected to lead regional data-centre load by 2035. Because these facilities require continuous, firm, high-quality power, they reinforce rather than displace the need for dispatchable gas-fired generation.

Together, these drivers place Southeast Asia on course to account for approximately 25% of global energy demand growth to 2035, with electricity demand growing at around 5.3% per annum over 2026-2030. The requirement for reliable, affordable and cleaner energy has become increasingly pronounced as governments balance economic development against energy security and environmental objectives.

Natural gas is expected to be central to meeting this demand. According to Wood Mackenzie, gas could account for up to 30% of the region's primary energy mix by 2050, with demand growth outpacing both oil and coal. Malaysia, Thailand, Vietnam and the Philippines continue to invest in pipelines, LNG terminals and gas-fired generation to secure long-term supply and reduce reliance on more carbon-intensive fuels.

Against this backdrop, the Directors believe Seascape is well positioned to contribute to meeting the region's energy needs. The Company has established a portfolio of high-quality, gas-weighted development assets offshore Malaysia, reflecting its ability to generate meaningful value from its core technical capabilities and established regional relationships. As these projects advance towards production, the Company intends to build on these strengths to expand its portfolio, both within Malaysia and across the wider region.

OPERATIONS AND ACTIVITY

Seascape made material operational progress across its gas-weighted Malaysian portfolio during the period. In parallel, the Company progressed partnering and financing initiatives, including workstreams directed toward securing a strategic partner and exploring multiple debt financing routes to support development funding.

Taken together, these achievements leave the Company well positioned to deliver significant gas production from its Malaysian portfolio by 2028.

Temaris SFA PSC

At its operated Temaris Cluster (SEA 100%), the Company remains on track to submit its Field Development and Abandonment Plan ("FDAP") in Q4 2026 - just 18 months from award. The initial development targets the Tembakau gas field (certified net 2C contingent resources of 246 bcf, or 41 mmboe) via two unmanned wellhead platforms tied back to existing infrastructure. First production is expected during H2 2028 at a plateau of 100 mmscfd (~17,000 boepd) with clear growth potential.

All Front-End Engineering and Design ("FEED") contracts have been awarded following competitive tendering processes, key subsurface and well-design studies are complete, including drilling locations, and the third-party export route has been agreed with commercial discussions progressing. Indicative costs remain in-line with expectations, supporting strong returns from this short-cycle project.

A newly completed Multi-Parameter Full Waveform Inversion 3D seismic reprocessing study has significantly improved subsurface imaging of Tembakau and identified new, low-risk near-field prospectivity on trend, which is now being incorporated into development planning which includes several low-cost design features, such as additional well-slots and an upsized pipeline, which increase the flexibility to rapidly monetise any incremental discoveries in the area.

Seascape is currently in active negotiations with PETRONAS Malaysia Petroleum Management ("MPM") regarding the potential inclusion of additional acreage to the Temaris PSC. The additional area contains an extension of the high-quality, channelised Miocene sandstone system identified by Seascape's technical evaluation of the area. The area remains subject to final commercial agreement and approval by MPM in the coming months and the additional firm work commitments are anticipated to be met from the Company's existing cash resources.

Temaris Farm-out

Following the progress made in securing an expanded acreage footprint around the Temaris PSC, Seascape has now restarted the Temaris farm-out process with the benefit of the enlarged prospectivity, a rapidly maturing FDAP and a supportive macro environment.

The Company continues to receive strong interest in the process for this uniquely positioned asset in a geographically advantaged location and Seascape's ambition is to introduce a high-quality partner into the Temaris PSC prior to FDAP submission in late Q4 2026.

DEWA SFA PSC

During the period at the DEWA Cluster (SEA 28%), operator EnQuest plc completed initial development and concept planning for produced gas to be transported to the MLNG plant in Bintulu through adjacent facilities at the E8 field (operated by Shell) which is supported by PETRONAS. EnQuest remains committed to the project and continues to target sanction for approximately the end of 2026 and deliver production no later than 2030 to align with the expected availability of system capacity.

EnQuest's publicly quoted gross 2C resource figure of 350 bcf and approximately 6 MMstb of condensate for DEWA's initial cluster development is in-line with Seascape's previously announced, independently verified, resource estimates.

The Company views EnQuest's recent Malaysian acquisition and pivot towards Southeast Asia as a positive endorsement of the region and of the value Seascape's own asset base.

Block 2A PSC

Work during the first half of 2026 on Block 2A (SEA 10%) by operator INPEX CORPORATION ("INPEX") has focused on detailed drilling plans to test the giant Kertang prospect (certified gross mean unrisked prospective resources of 9.1 Tcf and 145 mmbbls of NGL, or 1.7 bnboe) including the final well design, drilling location and data acquisition programme.

Seascape has recently been informed by INPEX that the rig tender is moving into its final stages with an award now anticipated in mid-Q4 2026. INPEX has confirmed that the timing of the rig award is not expected to impact the planned spud of the Kertang well, which remains scheduled for summer 2027. Purchase orders for a significant amount of well equipment and materials have now been issued and a debris survey at the well location is planned for Q1 2027.

Financing

During the period, Seascape exclusively mandated Macquarie Bank Limited as sole Structuring and Technical & Modelling Bank for a debt facility to fund its development expenditure. Discussions have progressed to the detailed term sheet stage and the Company has begun to engage with the wider market as part of its process to select its core lending group and secure commitments alongside FDAP submission.

Growth

The Company continues to pursue opportunities to grow its portfolio in Malaysia and the wider Southeast Asian region consistent with its strategy, financial capacity and disciplined approach to capital allocation.

Board Changes

Following period end it was announced that Executive Chairman, James Menzies, has stepped down from the board to focus on his continuing recovery from a serious cycling accident in the summer.  

Geraldine Murphy, currently Interim Non-Executive Chair, has been appointed Non-Executive Chair on a permanent basis, continuing her strong support of the Company and its growth strategy. Additionally, Haida Hazri, currently Non-Executive Director, has been appointed Senior Independent Director and Chair of the Audit Committee.

Financial Results

At 30 June 2026 the Group had net cash reserves totalling £7.1 million (31 December 2025: £6.2 million) of which £2.2 million (31 December 2025: £2.1 million) is restricted and relates to cash-backed collateralised guarantees provided as security for future work programmes in Malaysia. As at the signature date of these financial statements, Seascape has received £1.3 million from the release of restricted cash balances following the fulfilment of certain work scopes on Temaris, improving the unrestricted cash position.

Exploration and evaluation assets of £5.9 million (2025: £2.9 million) represent capitalised expenditure incurred within Malaysia which are deemed fully recoverable at the balance sheet date. The increase during the period was primarily attributable to capitalised pre-development costs relating to the Temaris project, including seismic reprocessing, drilling and wells related activities, FEED engineering, feasibility and sedimentology studies, and other activities undertaken to advance the project towards the development phase.

Administrative costs for the period totalled £585k (1H 2025: £2.8 million). The reduction from the prior period primarily reflects the capitalisation of personnel and administrative expenses relating to the Temaris project as exploration and evaluation assets from July 2025 onwards, resulting in lower administrative expenses being recognised in the income statement for the period ended 30 June 2026.

The non-recurring costs (refer to Note 6) of £37k (1H 2025: £888k) primarily relate to data storage subscription costs associated with the farm-out exercise (1H 2025: 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 £547k (1H 2025: £1.9 million).

The total loss for the period was £464k (1H 2025: profit of £5.7 million) and comprised a loss of £464k (2025: £2.5 million) from continuing operations and a profit of £ nil (1H 2025: profit of £8.2 million) from discontinuing operations.

The total comprehensive loss for the period included currency translation losses £29k (1H 2025: gain of £73k), which were recognised directly in the reserves, resulting in a total comprehensive loss of £493k (1H 2025: income of £5.8 million).

Statement of going concern 

The Directors have completed the going concern assessment, taking into account cash and forecasts up to December 2027, 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 order to make a Final Investment Decision on its development assets, or make a substantial acquisition, the Group will require further funding. However, the timing and associated quantum will generally be at the discretion of the Group. Any required financing will be sourced through a combination of farm-downs, debt instruments and potentially new equity capital if required. 

On behalf of the board

Nicholas Andrew Ingrassia

Director

29 September 2026

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

				Six-months ended 30 June 2026		Six-months ended 30 June 2025
				unaudited		unaudited
	Notes
				£		£
Other income	4			-		209,878
Administrative expenses				(585,066)		(2,822,246)
Operating loss				(585,066)		(2,612,368)
Finance costs				(7,037)		(27,063)
Finance income				26,441		-
Investment income	5			101,550		111,877
Loss before taxation from continuing operations	6			(464,112)		(2,527,554)
Income tax expense				-		-
Loss for the period from continuing operations				(464,112)		(2,527,554)
Profit for the period from discontinued operations, net of tax	7			-		8,206,361
(Loss)/profit for the period				(464,112)		5,678,807
Other comprehensive (expense)/income
Currency translation differences from continuing operations				(28,728)		73,373
Total items that may be reclassified to profit or loss				(28,728)		73,373
Total other comprehensive (loss)/income for the period				(28,728)		73,373
Total comprehensive (loss)/income for the period				(492,840)		5,752,180
Earnings/(losses) per share	8			Pence		Pence
Basic - continuing				(0.69)		(4.01)
Basic - discontinued				-		13.03
Diluted - discontinued				-		0.11

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Notes			30 June  2026		31 December 2025
				unaudited		audited
				£		£
Non-current assets
Intangible assets	9			5,915,711		2,924,227
Property, plant and equipment				23,751		27,301
Other financial assets	10			1,458,586		1,409,055
				7,398,048		4,360,583
Current assets
Trade and other receivables	11			513,770		322,964
Cash and cash equivalents	12			4,943,441		4,120,638
Restricted cash and bank	12			2,181,384		2,105,769
				7,638,595		6,549,371
Total assets				15,036,643		10,909,954
Current liabilities
Trade and other payables	13			833,025		925,456
Provisions	14			-		694,384
				833,025		1,619,840
Net current assets				6,805,570		4,929,531
Non-current liabilities
Other financial liabilities	15			300,284		290,087
Total liabilities				1,133,309		1,909,927
Net assets				13,903,334		9,000,027
Equity
Called up share capital	16			7,033,913		6,312,798
Share premium account	16			40,813,440		36,880,949
Other reserves				450,000		450,000
Share option reserve				1,917,557		1,177,579
Currency translation reserve				8,444		37,172
Accumulated losses				(36,320,020)		(35,858,471)
Total equity				13,903,334		9,000,027

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2026 and are signed on its behalf by:

Nicholas Andrew Ingrassia

Director

29 September 2026

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Called up Share Capital		Share Premium Account		Other reserves		Share option reserve		Currency translation reserve		Accumulated losses		Total
	Notes	£		£		£		£		£		£		£
Balance at 1 January 2025		6,281,895		36,809,420		450,000		466,198		(6,872)		(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		450,000		795,758		66,501		(35,635,100)		8,867,891
Period ended 31 December 2025
Loss for the period		-		-		-		-		-		(236,423)		(236,423)
Other comprehensive income
- Foreign currency translation from subsidiaries		-		-		-				(29,329)		-		(29,329)
Share-based payments		-		-		-		394,873		-		-		394,873
Transfers to reserves		-		-		-		(13,052)		-		13,052		-
Issue of share capital		3,015		-		-		-		-		-		3,015
Balance at 31 December 2025		6,312,798		36,880,949		450,000		1,177,579		37,172		(35,858,471)		9,000,027

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Called up Share Capital		Share Premium Account		Other reserves		Share option reserve		Currency translation reserve		Accumulated losses		Total
	Notes	£		£		£		£		£		£		£
GROUP
Balance at 1 January 2026		6,312,798		36,880,949		450,000		1,177,579		37,172		(35,858,471)		9,000,027
Period ended 30 June 2026
Loss for the period		-		-		-		-		-		(464,112)		(464,112)
Other comprehensive income
- Foreign currency translation from subsidiaries		-		-		-		-		(28,728)		-		(28,728)
Share-based payments		-		-		-		742,541		-		-		742,541
Transfers to reserves		-		-		-		(2,563)		-		2,563		-
Issue of share capital	16	721,115		4,320,002		-		-		-		-		5,041,117
Cost of shares issued	16	-		(387,511)		-		-		-		-		(387,511)
Balance at 30 June 2026		7,033,913		40,813,440		450,000		1,917,557		8,444		(36,320,020)		13,903,334

CONSOLIDATED STATEMENT OF CASH FLOWS

	Notes			Six-months ended 30 June 2026		Six-months ended 30 June 2025
				unaudited		unaudited
				£		£
Cash flow from operating activities
Cash used by continuing operations 1	17			(851,430)		(3,069,739)
Cash generated by operating activities from discontinued operations	18			-		165,485
Net cash used in operating activities 2				(851,430)		(2,904,254)
Investing activities
Purchase of property, plant and equipment				(2,937)		(11,599)
Purchase of exploration and evaluation assets	9			(2,905,083)		(328,277)
Interest received				101,550		112,303
Investing activities from discontinued operations				-		(40,782)
Proceeds from disposal of investment in subsidiary	7			-		8,740,023
Cash (used in)/generated from investing activities				(2,806,470)		8,471,668
Movement in restricted cash and bank balances				(40,511)		(1,529,634)
Net cash (used in)/generated from investing activities				(2,846,981)		6,942,034
Financing activities
Proceeds from issuance of ordinary shares, representing net cash generated from financing activities				4,653,606		-
Net increase in cash and cash equivalents				955,195		4,037,780
Cash and cash equivalents at beginning of the period				4,120,638		2,783,262
Foreign exchange 2				(132,392)		(190,101)
Cash and cash equivalents at end of the period	12			4,943,441		6,630,941
Relating to:
Bank balances and short-term deposits				7,124,825		8,646,963
Cash restricted in use				(2,181,384)		(2,016,022)
	12			4,943,441		6,630,941

1          The comparative cash used by continuing operations for the financial period ended 30 June 2025 have been reclassified to conform with the current period presentation. The reclassification relates to the presentation of unrealised foreign exchange within the operating cash flow and foreign exchange effects on cash and cash equivalents. The reclassification has no impact on net cash flows or the loss for the period. Further details of the reclassification are set out in Note 17.

2          Following the reclassification, the comparative amounts for net cash used in operating activities and foreign exchange effects on cash and cash equivalents have been revised to £2,904,254 and £190,101, respectively.

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.

1.2  Accounting convention

The financial statements have been prepared under IAS 34, Interim Financial Reporting, in accordance with UK adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") and with those parts of the Companies Act 2006 applicable to companies reporting under UK adopted IAS.

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 accounting policies adopted in the preparation of the consolidated interim financial statements are consistent with those followed in the preparation of the Group's consolidated financial statements for the year ended 31 December 2025. 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 2026. The adoption of these Standards has not resulted in any material impact to the Group's results as reported within these financial statements.

1.3  Going concern

The Directors have completed the going concern assessment, taking into account cash and forecasts up to December 2027, 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 order to make a Final Investment Decision on its development assets, or make a substantial acquisition, the Group will require further funding. However, the timing and associated quantum will generally be at the discretion of the Group. Any required financing will be sourced through a combination of farm-downs, debt instruments and potentially new equity capital if required.

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.

Exploration and evaluation assets

The Group takes into consideration whether the exploration assets have suffered any impairment, taking into consideration licence status, planned expenditures, the results of the drilling to date, and the likelihood of reserves being found. The Group evaluated information from third parties in making these assessments, where available and these judgements can be subject to change should further information becomes available. Refer to Note 9 for the key assumptions on the impairment review of exploration and evaluation assets.

Expected credit loss

Analysis, which considers both historical and forward looking qualitative and quantitative information is performed by Management to determine whether the credit risk has significantly increased since the time the receivable was initially recognised. Management considers the expected credit losses ("ECL") in accordance with IFRS 9 for the current receivables balances at Group level to be minimal, in view that these companies have no history of default and payment is made in a short period. Refer to Note 11 for the ECL review of trade and other receivables.

Fair value of other financial assets

Estimates and judgements were applied in determining the fair value of contingent assets held by the Group as a result of the disposal of INPEX Malaysia E&P (2A) Limited ("INPEX 2A") formerly Longboat Energy (2A) Limited to INPEX. Management exercised judgement in assessing the expected recoverability and timing of future cash flows associated with these assets, taking into account the terms of the underlying arrangements, relevant project developments and any changes in circumstances up to the reporting date. Where applicable, the expected future cash flows were incorporated into a fair value assessment and discounted using an estimated discount rate to determine the carrying value of the financial asset to be recognised. As disclosed in Note 10, other financial assets remain subject to ongoing estimation and judgement, particularly where the recoverability or timing of settlement is dependent on future events or project outcomes. Refer to Note 10 for the estimates and judgements applied in determining the fair value of other financial assets.

Fair value of financial liabilities payable

Estimate and judgement were applied in fair valuing the contingent consideration payable for the acquisition of Seascape Energy (2A) Limited ("SE 2A") 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 financial liability payable to be recognised. As disclosed in Note 15, the financial liability 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. Refer to Note 15 for the estimates and judgement applied in determining the fair value of financial liabilities.

3.  Operating segment

During the period, the Group had two reportable operating segments: Malaysia 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 by executive directors and the audit committee to make decisions about resources to be allocated to the segment and assess its performance, for which discrete financial information is available.

In IFRS 8 'Operating Segments' the following table reconciles the operational profit/(loss) and the assets and liabilities of each reportable segment with the consolidated figures presented in these Financial Statements.

	Malaysia	Head Office	Total
30 June 2026	£	£	£
Loss from operations	(325,605)	(259,461)	(585,066)
Finance (cost)/income	(1,689)	21,093	19,404
Investment income	46,668	54,882	101,550
Loss for the period	(280,626)	(183,486)	(464,112)

	Malaysia	Head Office	Total
30 June 2026	£	£	£
Total assets by reportable segment	9,324,230	5,712,413	15,036,643
Total assets	9,324,230	5,712,413	15,036,643
Total liabilities by reportable segment	(646,075)	(487,234)	(1,133,309)
Total liabilities	(646,075)	(487,234)	(1,133,309)

	Malaysia	Head Office	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)
Gain from discontinued operations	-	8,206,361	8,206,361
(Loss)/profit for period	(518,834)	6,197,641	5,678,807

	Malaysia	Head Office	Total
31 December 2025	£	£	£
Total assets by reportable segment	6,508,104	4,401,850	10,909,954
Total assets	6,508,104	4,401,850	10,909,954
Total liabilities by reportable segment	(879,226)	(1,030,701)	(1,909,927)
Total liabilities	(879,226)	(1,030,701)	(1,909,927)

4.  Other income

			Six-month period ended 30 June 2026		Six-month period ended 30 June 2025
			£		£
Other income			-		209,878

For the period ended 30 June 2025, other income included a fee recharge with respect to manpower and management services provided by Seascape Energy (SE Asia) Sdn. Bhd. to INPEX 2A. Following the disposal of the Group's interest in INPEX 2A on 17 March 2025, the related service agreements were terminated and no further recharges were recognised thereafter.

5.  Investment income

			Six-month period ended 30 June 2026		Six-month period ended 30 June 2025
			£		£
Interest income
Bank deposits			101,550		111,877

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 period ended 30 June 2026 ranged from 1.85% to 3.55% (30 June 2025: 4.3% to 4.55%).

6.  Operating loss from continuing operations

Operating loss for the period is stated after charging:

			Six-month period ended 30 June 2026		Six-month period ended 30 June 2025
			£		£
Fees accrued for the year-end audit of the Parent Company and   consolidated financial statements:
Current auditor			31,250		32,500
Fees accrued for the year-end audit of the subsidiary financial   statements:
Subsidiary's Malaysian auditor			5,285		6,177
Fees accrued for non-audit services
Current auditor			3,000		5,000
Depreciation of property, plant and equipment			6,699		3,933
Amortisation of intangible assets			4,982		-
Non-recurring legal, professional and    business development expenditures			37,589		887,881

7.  Profit for the period from discontinued operations

On 17 March 2025, the Company completed the sale of its wholly-owned subsidiary, INPEX 2A to INPEX Corporation for initial cash consideration of $10 million plus the reimbursement of historic costs and further contingent cash consideration of $10 million payable on a commercial discovery.

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.

			Six-month period ended 30 June 2026		Six-month period ended 30 June 2025
			£		£
Other income			-		9,669
Expenses excluding exploration write-offs			-		(5,229)
Profit before tax on discontinued operations			-		4,440
Gain on disposal 1			-		8,201,921
Total profit after tax from discontinued operations			-		8,206,361
Profit per share from discontinued operations (Note 8):
Basic			-		13.03
Diluted			-		0.11

1      At the date of disposal, the fair value of the subsidiary was calculated based on the fair value of the consideration received.

					Six-month period ended 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			17 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

8.  Earnings/(loss) per share

			Six-month period ended 30 June 2026		Six-month period ended 30 June 2025
			£		£
Number of shares
Weighted average number of ordinary shares for   basic earnings per share			66,995,458		62,980,721
Weighted average number of ordinary shares for   diluted earnings per share			66,995,458		62,980,721
Weighted average number of share options for   diluted earnings per share			11,575,382		9,127,642
			78,570,840		72,108,363
Earnings/ (losses)
Earnings/ (losses) for basic and diluted losses per share being   net loss attributable to equity shareholders of the Group for:
Continuing operations			(464,112)		(2,527,554)
Discontinued operations			-		8,206,361
Earnings/ (losses) per share (expressed in pence)
Basic from continuing operations			(0.69)		(4.01)
Basic from discontinued operations			-		13.03
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. During the period, 11,575,382 share options and awards were excluded from the dilutive calculation as they are anti-dilutive (2025: profit and therefore nil).

9.  Intangible assets

	Exploration and evaluation assets		Software		Total
	£		£		£
Cost
At 31 December 2025 and 1 January 2026	2,899,357		29,844		2,929,201
Additions	2,905,083		-		2,905,083
Foreign currency adjustments	91,049		489		91,538
At 30 June 2026	5,895,489		30,333		5,925,822
Accumulated amortisation
At 31 December 2025 and 1 January 2026	-		4,974		4,974
Amortisation for the period	-		4,982		4,982
Foreign currency adjustments	-		155		155
At 30 June 2026	-		10,111		10,111
Carrying amount
At 31 December 2025	2,899,357		24,870		2,924,227
At 30 June 2026	5,895,489		20,222		5,915,711

The addition during the period was primarily attributable to capitalised pre-development costs relating to the Temaris project, including seismic reprocessing, drilling and wells related activities, FEED engineering, feasibility and sedimentology studies, and other activities undertaken to advance the project towards the development phase.

The Group reviews its exploration and evaluation assets for indicators of impairment when facts and circumstances suggest that the carrying amount of an asset or cash-generating unit ("CGU") may exceed its recoverable amount.

In performing the review, the Group considered, amongst others:

(i)         the validity and remaining tenure of exploration licenses;

(ii)        the intention to continue exploration and evaluation activities;

(iii)       substantive planned and budgeted expenditure;

(iv)       results of exploration activities and technical evaluations; and

(v)        the potential for commercial hydrocarbon discoveries.

As at 30 June 2026, a review of impairment indicators under IFRS 6 was undertaken, the results of which were that no facts or circumstances existed at the balance sheet date that indicated an impairment of the Group's exploration and evaluation assets. A full Impairment Assessment was therefore not undertaken.

10.    Other financial assets

					£
At 31 December 2025 and 1 January 2026					1,409,055
Foreign exchange					23,090
Unwinding of discount					26,441
At 30 June 2026					1,458,586

On 17 March 2025, the Company completed the sale of its wholly-owned subsidiary, INPEX 2A to INPEX Corporation for an initial cash consideration of $10 million plus the reimbursement of historic costs and further contingent cash consideration of $10 million payable on a commercial discovery.

The contingent cash consideration has been classified as a financial asset under IFRS 9, and as such has been recognised within the financial statements.

As with the financial liability associated with Block 2A (see Note 15) to calculate the fair value of the consideration, the weighted average geological chance of success based on the third-party Competent Persons Report of June 2024 was calculated. The asset was then discounted back to its present value using a suitable risk-free rate, in this instance the UK 3-Year Gilt rate of 3.758% as at 30 June 2026.

11.    Trade and other receivables

			Six-month period ended 30 June 2026		Year ended 31 December 2025
			£		£
Current
Receivables from joint venture			121,224		76,499
VAT recoverable			49,664		41,318
Other receivables			4,868		11,430
Deposits			7,043		6,936
Prepayments			330,971		186,781
			513,770		322,964

The directors consider that the carrying amount of trade and other receivables approximates to their fair value.

As at 30 June 2026, the management assessed the expected credit losses associated with the Group's receivable balances in accordance with IFRS 9. The assessment considered both historical loss experience and forward-looking information. Based on the review performed, no material expected credit losses were identified and accordingly, no ECL provision has been recognised.

12.    Cash and cash equivalents

			Six-month period ended 30 June 2026		Year ended 31 December 2025
			£		£
Cash and bank balances			7,124,825		6,226,407
Less: cash restricted in use			(2,181,384)		(2,105,769)
Cash and cash equivalents			4,943,441		4,120,638

Cash restricted in use for the period ended 30 June 2026 represents deposits placed with financial institutions in support of guarantees issued in favour of Petroliam Nasional Berhad ("PETRONAS") in respect of the minimum work commitment to be carried out by Seascape Energy Asia (One) Sdn. Bhd ("SEA One") and Seascape Energy (DEWA) Limited ("SE DEWA").

The restricted cash balances in relation to SEA One and SE DEWA amounted to £1,655,964 (US$2,188,402) and £525,420 (US$694,357), respectively (31 December 2025: £1,598,217 (US$2,146,698) and £507,552 (US$681,735) respectively).

Subsequent events in relation to cash restricted in use are disclosed in Note 20.

13.    Trade and other payables

			Six-month period ended 30 June 2026		Year ended 31 December 2025
			£		£
Trade payables			378,109		205,949
Accruals			406,958		634,205
Pension and social security			47,958		85,302
Trade and other payables			833,025		925,456

Trade payables and accruals of the Group comprise pre-development project cost for Temaris, audit and accounting fees and other operational related costs at the period/year end.

The directors consider that the carrying amount of trade and other payables approximates to their fair value.

14.    Provisions

			Six-month period ended 30 June 2026		Year ended 31 December 2025
			£		£
Provision for bonus			-		694,384

On 13 January 2026, the Company announced annual bonuses for its Executive Directors for the year ended 31 December 2025. The bonus provision was fully settled during the period through the award of nil cost LTIP share options on 13 January 2026 and 22 April 2026.

15.    Other financial liabilities

					£
At 31 December 2025 and 1 January 2026					290,087
Foreign exchange					4,849
Unwinding of discount					5,348
At 30 June 2026					300,284

Acquisition of SE 2A

In September 2023, the Company acquired SE 2A thereby obtaining a 15.75% participating interest in Block 2A PSC. The acquisition includes contingent payment of up to $3.0 million, payable upon a commercial discovery on Block 2A or, in the event of a disposal of the Block 2A PSC interest, by reference to the disposal proceeds received, subject to a maximum payment of US$3.0 million. There were no changes to the acquisition terms or contingent consideration arrangements during the six months ended 30 June 2026.

A weighted average 20% geological chance of success based on the third-party Competent Persons Report of June 2024 has been used to estimate the fair value of the consideration. The liability was then discounted to its present value using a risk-free rate, in this instance the UK 3-Year Gilt rate of 3.758% as at 30 June 2026.

The carrying value of the contingent consideration was calculated to be $397k (£300k). A change in the probability of success of 5% would lead to a 25% change in the fair value of the contingent consideration, equivalent to US$99k (£75k).

16.    Share capital and share premium

	Number of shares		Share capital		Share premium
At 31 December 2025 and 1 January 2026	63,127,968		6,312,798		36,880,949
Shares issued for employee share-based payment plans 1	11,143		1,115		-
Shares issued for cash 2	7,200,000		720,000		4,320,002
Cost of shares issued	-		-		(387,511)
At 30 June 2026	70,339,111		7,033,913		40,813,440

Each ordinary share has a par value of £0.10.

The share capital issues during 2026 are summarized as follows:

1      On 5 February 2026, the Company issued 11,143 new ordinary shares upon the exercise of LTIP share incentives scheme by former employees.

2      On 25 March 2026, the Company raised gross proceeds of £5,040,002 through the issue of 7,200,000 new ordinary shares for cash at £0.70 each. Transaction costs directly attributable to the equity raise amounted to £387,511, resulting in net proceeds of £4,652,491.

17.    Cash used by continuing operations

			Six-month period ended 30 June 2026		Six-month period ended 30 June 2025
			£		£
Loss for the period before tax before other comprehensive income			(464,112)		(2,527,554)
Add back/(deduct):
Interest receivable			(101,550)		(111,877)
Depreciation			6,699		3,933
Amortisation			4,982		-
Equity settled share-based payment expense			737,745		358,066
Unrealised foreign exchange 1			(168,020)		607,387
Unwinding discount on contingent consideration			5,348		5,603
Changes in estimate on contingent consideration			4,849		(23,879)
Unwinding discount on contingent asset			(26,441)		-
Changes in estimate on contingent asset			(23,090)		-
Movements in working capital:
Increase in trade and other receivables 1			(49,326)		(402,426)
Decrease in trade and other payables 1			(84,130)		(276,992)
Movement in provision			(694,384)		(702,000)
Cash used by continuing operations 1			(851,430)		(3,069,739)

1          The comparative cash flow amounts for the financial period 30 June 2025 have been reclassified to conform with the current period presentation. The reclassification relates to the presentation of unrealised foreign exchange within the operating cash flow and cash at bank movement which has no impact on net cash flows or the loss for the period. There was no change to the reported earnings per share as a result of the reclassification. The comparative amounts have been reclassified as follows:

	Previously reported		Reclass		Revised amount
	£		£		£
Cash used by continuing operations	(3,401,380)		331,641		(3,069,739)
Add back:
Unrealised foreign exchange	-		607,387		607,387
Movements in working capital:
Increase in trade and other receivables	(147,974)		(254,452)		(402,426)
Decrease in trade and other payables	(255,698)		(21,294)		(276,992)
	(403,672)		331,641		(72,031)
Foreign exchange effects on cash and cash equivalents	141,540		(331,641)		(190,101)

18.    Cash generated by discontinuing operations

			Six-month period ended 30 June 2026		Six-month period ended 30 June 2025
			£		£
Profit for the period after tax before   other comprehensive income			-		8,206,361
Add back:
Gain on disposal of subsidiary			-		(8,201,921)
Interest receivable			-		(427)
Movements in working capital:
Increase in trade and other receivables			-		(26,509)
Decrease in trade and other payables			-		187,981
Cash generated by discontinued operations			-		165,485

19.    Minimum financial commitments

			Six-month period ended 30 June 2026		Year ended 31 December 2025
			£		£
Dewa Complex Cluster			177,587		174,723
Temaris Cluster			469,555		461,985
			647,142		636,708

The Group's subsidiaries SE DEWA and SEA One are required to fulfil minimum work commitments under the DEWA PSC and Temaris PSC, respectively. These commitments includes submission of FDAP which include resource assessment, field development planning, technical studies and seismic data reprocessing activities as required under the respective PSCs. As at 30 June 2026, the remaining commitments under the DEWA PSC and Temaris PSC were £177,587 (2025: £174,723) and £469,555 (2025: £461,985), respectively.

20.    Subsequent events

(i)   On 6 July 2026, James Menzies, Executive Chairman of the Group, commenced a three-month medical leave-of-absence and on 29 September stepped down from the board to focus on his continuing recovery. During the initial period, Geraldine Murphy, the Group's Senior Independent Director, was appointed as the Interim Non-Executive Chai and took over the role on a permanent basis upon James Menzies resignation with Haida Hazri becoming the Senior Independent Non-Executive Director.

(ii)   On 14 July 2026, the restricted cash of £1.32 million (US$1.76 million) placed by SEA One was released following the completion of the related work commitment as at 30 June 2026. The remaining restricted cash continues to be held with the financial institutions to support the outstanding guarantees.

(iii)  Following a short FDAP extension by the regulator for DEWA PSC to 20 October 2026, the bank guarantee supporting the DEWA minimum work commitments of the same amount was extended from 31 Jul 2026 to 30 July 2027.

 

END