Seascape Energy Asia plc
Seascape Energy Asia plc (SEA), formerly Longboat Energy plc (renamed 17 September 2024), is an AIM-quoted oil and gas exploration and production company focused on building a full-cycle, gas-weighted E&P business in Southeast Asia. Its portfolio comprises three Malaysian offshore assets: the 100%-owned and operated Temaris Cluster PSC (awarded June 2025), the 28% DEWA Complex Cluster PSC offshore Sarawak, and a 10% carried interest in Block 2A offshore Sarawak (following a March 2025 farm-down to INPEX Corporation). The Company is pre-production and pre-revenue, with first gas targeted for 2028 on both Temaris and DEWA.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 20 May 2026 · 83 pages · Companies House
Seascape Energy Asia plc is exploring for gas off the coast of Malaysia and does not yet produce anything, so it had no revenue in either year. Its operating loss narrowed to £4.4m from £5.8m, but it reported a profit after tax of £5.4m, against a loss of £16.4m the year before.
The profit came from a one-off gain on selling most of its stake in one licence, Block 2A, to INPEX, which now pays the costs of drilling there. Running costs also fell as INPEX took over managing that licence, and one-off costs were lower. The previous year's loss was swollen by a large write-down on a former joint venture.
Cash rose to £4.1m from £2.5m and the company has no borrowings. Only £3k was raised from new shares during the year, though a further £5.04m was raised in March 2026. No dividend was paid or proposed. Management expects first gas from its two main projects in 2028. The auditor gave a clean opinion with no doubt about the company's survival, but the report warns that more money will be needed to build the projects.
Non-recurring unrealised FX and business development/IT costs
Non-recurring costs of £400,764 (2024: £2,447,196) relate to unrealised FX movements and IT/accounting system deployment and business development expenditure.
page 11CEO: 'Together with the initial phase of development on the DEWA PSC (SEA 28% PI), Seascape's existing portfolio will see it become a significant, gas-weighted producer in Malaysia by 2028 with production potential in excess of 20,000 boepd at current equity levels.'
page 5Board policy is to seek capital growth for shareholders; may recommend distributions at some future date once the investment portfolio matures, production revenues are established, and it becomes commercially prudent to do so. No dividend paid or proposed for 2025.
page 13Reduction in Block 2A operatorship costs recharged to JV following transfer of operatorship to INPEX in March 2025
Transfer of operatorship resulted in a net reduction of costs recharged to the JV of £733k.
page 117 years on one page · FY2019–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
18 figures restated in a later report
Every figure is read again from the following year’s report: 152 confirmed, 9 differ, 18 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2023 | £3.7mFY2023 report | £2.8mFY2024 report | |
| FY2023 | £46kFY2023 report | £10kFY2024 report | |
| FY2023 | −£8.2mFY2023 report | −£9.1mFY2024 report | |
| FY2023 | −£3.7mFY2023 report | −£4.0mFY2024 report | |
| FY2023 | −£9.3mFY2023 report | −£3.9mFY2024 report | |
| FY2023 | £364kFY2023 report | £199kFY2024 report | |
| FY2023 | 60.1mFY2023 report | 56.7mFY2024 report |
11 more figures were restated in FY2019 to FY2022, which a free account opens.