Results of Fundraising

Seascape Energy Asia PLC

25 March 2026

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

25 March 2026

Seascape Energy Asia plc

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

Results of Fundraising

Seascape Energy (AIM: SEA), an E&P company focused on Southeast Asia, is pleased to announce that it has successfully raised gross proceeds of £4.2 million before expenses, by way of a placing (the "Placing") and direct subscription by certain Directors (the "Subscription" and, together with the Placing, the "Fundraising"). The Fundraising was completed via the issue of 6,000,000 new ordinary shares in the Company ("Fundraising Shares") at a price of 70 pence per share (the "Issue Price"), representing 9.5 per cent of the Company's existing share capital. The Issue Price represents a discount of approximately 11.4 per cent to the closing mid-market price of 79 pence on 24 March 2026.

The Fundraising Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the new Ordinary Shares.

Stifel Nicolaus Europe Limited ("Stifel") acted as Sole Bookrunner (the "Bookrunner") to the Company in connection with the Fundraising.

In conjunction with the Fundraising, the Company will also offer the opportunity for the Company's wider retail shareholder base in the United Kingdom to participate in the offering at the Issue Price (the "Retail Offer"). The Retail Offer will be carried out via the Winterflood Retail Access Platform and a separate announcement will be made regarding the Retail Offer and its terms.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission to trading of the Fundraising Shares on AIM ("Admission"). It is expected that Admission will become effective at 8.00 a.m. on 30 March 2026, or such later date as the Bookrunner and the Company may agree. A further announcement will be made once the Retail Offer has closed.

Following Admission of the Fundraising Shares, and prior to the Retail Offer, the Company's issued and fully paid share capital will consist of 69,139,111 Ordinary Shares. The Company has no Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company will be 69,139,111 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms not otherwise defined in the text of this Announcement have the meanings given in the Company's announcement dated 24 March 2026.

Nick Ingrassia, Chief Executive of Seascape, commented:

"From day-one of our pivot to Southeast Asia in mid-2024, the Board of Seascape Energy has been entirely focused on building the highest-quality portfolio at the lowest possible cost. During this period we have captured three, gas-weighted PSCs in Malaysia, booked significant resources and introduced high-quality partners into our projects - all on a shoestring budget with only £2 million raised during the period.

Today's announcement allows Seascape to enter the next phase of growth on its path to becoming a material E&P company in Malaysia. The funds raised will allow the Company to pursue several near-term catalysts that will continue to increase value in the business.

We are pleased to welcome a wide range of new institutional shareholders to the register, in addition to our existing supportive shareholders, all of whom share our vision for Seascape's growth potential.

In recognition of our supportive and engaged retail investor base, we have also announced a retail offering this morning which will allow the opportunity to participate in the institutional fundraising on the same terms.

On behalf of the entire Seascape team, I would like to thank all shareholders for their continued support and can ensure them of our best efforts in delivering further value on their behalf."

Ends

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

Participation by Directors and Related Party Transaction

Certain Directors have subscribed in the Fundraising for total gross proceeds of £315,000, as set out below.

Director	Existing holding of Ordinary Shares	New Ordinary Shares to be issued pursuant to the Subscription	Resultant holding of Ordinary Shares immediately following Admission
James Menzies	2,360,039	142,857	2,502,896
Nick Ingrassia	304,080	71,431	375,511
Pierre Eliet	431,598	21,428	453,026
Geraldine Murphy	285,714	71,428	357,142
Haida Hazri	-	71,428	71,428
Mike Buck	199,999	71,428	271,427

The FCA notifications, made in accordance with the requirements of MAR, are appended below.

The Directors of the Company in the table above are considered to be "related parties" as defined under the AIM Rules and accordingly their participation in the Subscription constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

Graham Stewart, having not participated in the Fundraising, is independent of the Fundraising and considers, having consulted with Stifel, the Company's Nominated Adviser, that the terms of the participation by the directors in the Subscription are fair and reasonable insofar as shareholders are concerned.

DEALING NOTIFICATION FORM 
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	1.         James Menzies 2.         Nick Ingrassia 3.         Pierre Eliet 4.         Geraldine Murphy 5.         Haida Hazri 6.         Mike Buck
2.	Reason for the notification
a)	Position/status:	1.         Executive Chairman 2.         Chief Executive Officer 3.         Executive Director Corporate Development 4.         Non-Executive Director 5.         Non-Executive Director 6.         Non-Executive Director
b)	Initial notification/Amendment:	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Seascape Energy Asia plc
b)	LEI:	213800D1D587TB36ST68
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary Shares of £0.10 each in the share capital of Seascape Energy Asia plc ISIN: GB00BKFW2482
b)	Nature of the transaction:	Purchase of Ordinary Shares
c)	Price(s) and volume(s):	Price(s) Volume(s) 1. James Menzies 70p 142,857 2. Nick Ingrassia 70p 71,431 3. Pierre Eliet 70p 21,428 4. Geraldine Murphy 70p 71,428 5. Haida Hazri 70p 71,428 6. Mike Buck 70p 71,428
d)	Aggregated information: · Aggregated volume: · Price:	N/a   N/a
e)	Date of the transaction:	25 March 2026
f)	Place of the transaction:	XOFF

 

END