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.
7 annual reports read, FY2019 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (7)
FY2026Next report expected 18 Apr 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat moved the marginheadwindNon-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 11AndtailwindReduction 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 11One-offs in the year£9.6m credit: Gain on disposal of INPEX Malaysia E&P 2A Limited (Block 2A farm-out)
page 64What management saidCEO: '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 5After the year end13 January 2026: Mike Buck appointed Independent Non-Executive Director; Graham Stewart announced he will not stand for re-election at the 2026 AGM.
page 83The dividendBoard 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 13Going concern and the auditUnqualified ('true and fair') audit opinion from PKF Littlejohn LLP (signed by Daniel Hutson, Senior Statutory Auditor, 20 May 2026 per signing page / report dated 20 May 2025 on report body). Going concern confirmed based on cash flow forecasts and stress tests to December 2027; no material uncertainty identified, though further funding (farm-downs, debt, equity) will be needed for FID or a substantial acquisition. Group materiality £270,000 (3% of net assets); key audit matters were (1) carrying value of exploration and evaluation assets and (2) valuation of investment in subsidiary and intragroup balances.
page 36The risks it names first- Exploration, appraisal, drilling, developing and operating risks - speculative pre-development assets with no assurance of commercial discoveries or developments.p.14
- Fiscal and other risks derived from government involvement in oil and gas (royalty/tax/licence changes).p.14
- Asset concentration/political risk - all assets currently located in Malaysia.p.14
- Availability of debt finance for oil and gas projects.p.15
Read from C001161-AR-2025-ch.
- FY2022Year to 31 Dec 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 31 Dec 2021 Opens with a free accountThe report, its reading and its figures
- FY2020Year to 31 Dec 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 31 Dec 2019 Opens with a free accountThe report, its reading and its figures