Seascape Energy Asia (LSE:SEA) — A Subsurface ‘Deep Dive’ into Seascape’s Malaysian Portfolio

0:00 Good morning, and welcome to the SEASCAPE ENERGY ASIA PLC investor presentation. This session has been prerecorded whilst the team were together in London last week. However, any questions that are submitted will be sent to the company to review, and The company will be able to publish the responses on the Investor Meet company platform. Before we begin, I'd like to submit the following poll. Great. Thank you very much, and welcome everyone to SEASCAPE ENERGY ASIA's technical deep dive. Today, I've got with me Pierre Elliott and Matthew Chew. You'll have heard from me and to a certain extent, Pierre many times before. So I don't think we need much introduction, but Matthew does need some introduction.

0:49 He is what I would call one of our secret weapons. And really, this is a good opportunity for us to show you some of the talent we have within the company. And Matthew was our first employee into our Kuala Lumpur office. He's a very highly skilled geologist, and he's responsible for a lot of the work that's going on on our operator block, Tomas, as well as lot of the work we did on 2A. So he and Pierre are very well placed to tell you all about that. What we want to do today, I'll give a little bit of a scene setter. Then I'm going to hand on to the bulk of this to Pierre and Matthew Matthew to talk to you about. Malaysia in general in terms of its geology, zooming down on some of the key basins, the Sarawak area and then over to the Malay Basin in the West and talk about really the assets we have operated, 2A and Temerus in particular.

1:48 We'll also give a little bit of a heads up on the Daiwa block and what's going on there. So we'll cover the entirety of our portfolio. First of all, Malaysia, we say here, it's the right time and the right place. And as we show on this slide, the majors, the larger companies clearly agree with us. It's always been the the home for Shell and Exxon. But recently, we've seen Total and ENI take big positions here. So, you know, this is a province with some very, very large companies roaming around in it, which gives rise to a big strategic question for companies like us. How do you thrive and compete in an environment where you have these very large these these large beast roaming around, which we're going to struggle to match their firepower.

2:43 And I want to come back to that in a moment. But clearly, Malaysia has prolific basins, which is what's attracting these companies. It's got a very understanding NOC and regulator, which is fantastic. And one of the big advantages we see in Malaysia is the data access. We have access to prolific amounts of data, which is a huge benefit when you're a small, technically led E and P company like we are. To get that is really meat and drink for us. In terms of right time, well, the demand story, which we're not really going to talk about here in terms of gas at least, is very, very strong right now. You'll see in gas shortage in Sarawak crying out for gas to go to Bintulu LNG. And over in Peninsula Malaysia, for power generation, they need more and more gas. And right now, they're having to import LNG from Australia into Peninsula Malaysia, which is one of the big drivers as to why they want more exploration and more gas on stream very, very quickly.

3:49 So you have extremely supportive macro backdrop for companies like us to operate in. I think coming back to the strategic question about how we can compete. One of the great advantages we have is that we're not a big giant. So we can act very quickly. So we can we can be very agile. You know, we're not a prisoner to five year corporate plan timetables or even frankly annual budgeting cycles. If we see something we like, we can go and act on it. We can drop everything and direct our resources to go and capture that opportunity. We also have a very good dialogue with the NOC. We're not reliant on big set piece conferences or visits from head office to come and talk to the regulator.

4:41 We have an ongoing dialogue with them the whole time. We're in and out their office all the time. Any ideas we have, anything we see, we can talk to them about straight away. We don't even have to wait for license rounds actually to raise this sort of thing. So we can be truly opportunistic, And that's something that I think the larger companies struggle with. And particularly in an environment like this where you have super majors, you have other national companies, you have very big international gas companies, but you have very few small companies like us. And that brings me on to this next point, which is the opportunity set in front of us. This is Wood Mackenzie's slide. So this is a leading industry consultant. It's not our view, but I would totally agree with him that there are many, many 100 subcommercial discoveries sitting around in Malaysia, both in the West and the East.

5:36 And most of those are subcommercial for very good reason. They'll probably never see the light of day. They are probably marginal in terms of the economics. But some of them will be extremely valuable and they'll be much bigger than people think they are. And our role in life is to seek these things out and try and make them work. And here, we from what we see, oil is quite difficult. If you have a very small oil field and it doesn't get developed according to plan, something doesn't quite work, it'll kill the project. With gas, these tend to be volumetric much bigger, and so you've got more margin there to work with. And so the gas opportunities tend to look a bit more attractive to us, but we're not wedded to it particularly, but it does fit the macro narrative very, very well. So we have a very clear role in life in terms of plucking these out. And as I said earlier, there's very few little companies around. So we have very few competitors right now.

6:37 Again, the timing point is extremely fortuitous. So just before I go, I'm going to hand over to Pierre in one minute. But here's our portfolio today. And before we get into it in detail, technical detail, Block 2A was our flagship. We now have 10% of it. But really, we came by that asset many years ago because we saw a huge structure sitting out in the North Luconia. I wouldn't say that other people didn't know it was was there. I think a lot of companies were aware there was a big structure there. But for whatever reason, it didn't get chased until it came up in a license round. And even then, attention was taken away from it and people were looking elsewhere.

7:24 So for whatever reason, a big dose of perseverance and a lot of luck, we were able to catch it. And the work we've done since and what you'll see the guys talk about today, we now put the high quality reservoirs into that structure. We can see the gas charge. I mean, story looks extremely attractive. And of course, the Impex farm out is extremely good evidence of that. I think with Dewa, this is again us spotting an opportunity right in the heart of the Blenjin Province. We saw some undeveloped gas sitting close to infrastructure, to the LNG plant that no one seemed to be doing anything with it, and we were able to capture that as well. And then the whole thing really comes together with Tomaris where you know, we had we were aware of the Tembacau discovery.

8:15 Today, you're gonna hear a lot of Malaysian names, and they're quite confusing. I apologize. Tembacau is the is the Malay word for for tobacco. It's not terribly PC, but it might help you remember it. And the Tembaqau discovery had some stratigraphic elements to it, we believe. And our idea was if you took those and looked elsewhere around it for other stratigraphic traps, you could unlock a whole new wave of discoveries of gas very close to, again, to pipeline systems and infrastructure where it's really needed. And so the upside potential, we thought, could be really interesting. And I think today is the first time we're going to show you some of that work. And these two guys are best placed to do that.

9:05 So I am now going to pass this over to Pierre, who what he doesn't know about Malaysian geology, you know, you can forget, but he's gonna take you through it. James, thank you very much, and hello all. I must say it's great to be here today and to be here with Matthew. We're both based in Kuala Lumpur, so it's great to be here today to walk you through this deep dive. What we have now is just a collection of slides running through the Malaysian basins and then to give a bit of a context of our portfolio. And then we're gonna go through the assets in some detail, Temaras, Dewa, and 2A and talk you through all that. We just thought we'd start with a few context slide. This slide is of the Malaysian basins, the Malay Basin to the left and the Sarawak Basin to the right.

9:53 And our portfolio is right in the core in the heartland of these basins. Temaras, of course, in the Malay Basin and Tue and Dewa in the Sarawak Basin. And, you know, when you just pause and look at this slide, it's quite remarkable. You know, the the slide here says over 4,000 meters, four kilometers of sediment in those basins. Actually, in the Sarawak Basin, it's probably amply more than that. But it just goes to show the amount of sediment there is in these basins that's cooking and generating oil and gas, which is then trapped in the fields that that we are chasing in both in both Temerus and to a and Dewa. James alluded to this, but it's it's really remarkable the amount of data there is in Malaysia for us to work on. This is a database slide of the three main basins, the Malay Basin, Sarawak Basin, and Sabah up in the Northeast there.

10:44 But it's the access to the seismic, the two d, the three d, the wells, hundreds and hundreds of wells, the tests, the production data. And what's what's remarkable is that all this is in an online database called MyProData, which Petronas have put together, which we have access to. So we have access to all the data on our on our blocks, but also on all the blocks across all of Malaysia. So we have a really extensive dataset, which is really remarkable. So we want to look at competitor activity or a block next door. We can look at the data there and form a view about the regional plays. So really extensive data dataset in Malaysia, which helps us understand and derisk the prospects and the plays that we are chasing. So really, really important. I think this is probably one of the best database databases and it's all online in the cloud worldwide I think that that we have seen.

11:36 We have a few slides on yet to find and this is how geologists measure the potential of basins and how the different phases of exploration in different basins. The the slide on the left, Malay Basin, slide on the right, Sarawak Basin, and you can see there are periods of extensive activity where the where the graph shoots up. And you can see this is in the '19, seventies in the Malay Basin, in the seventies in the Sarawak Basin, and then there are pulses of success in exploration. If you look in Sarawak, there were there were, key pulses of where the graph goes up and then and then recently with recent discoveries, Langlova and also the the new field discoveries in in Sarawak as well. What's interesting is the yet to find. How much do the geologists of of the geologic community think there is yet to find in these basins? And in the Malay Basin, the estimate is probably in the order of 3,000,000,000 barrels is of yet to find resource, oil and gas yet to find. In Sarawak, because of course, remember on that first slide, it's a bigger basin, so there's over 11,000,000,000 barrels of yet to find. So these numbers, of course, are plus or minus, but gives you a sense of the potential.

12:43 James said, right place, right time, and I'd add right address. This is this is these are the right basins to be in, and our portfolio is right in the heartland of these basins. So that was a quick run through the geology of Malaysia. I know it's super simple, hopefully it gives some sense of why we are so excited about our portfolio in Malaysia and the opportunity set it presents. We just have a few slides now to go through Temerus, and I'll just talk through two and then pass on to Matthew. Temerus, of course, is our flagship asset that we signed in June. Very excited by that. The round is part of the 2025 licensing round that was announced in January. So again, the the pace and the rapidity that the that Petronas are working towards issuing this license and moving forward with these programs is really exciting That we can move from bid in March to signing new PSC in June to evaluating today are really exciting and how fast paced activity is in in Malaysia.

13:45 So just two slides from me. Just a reminder of Temerus. So Temerus on the map on the right is the is the is the blue the blue box with Tembacau, the field that James mentioned in the bottom right. These were discovered by Lundin, which is now IPC in 2012 and appraised in 2014. The audit we did in the summer in August with Spruely RCE that we published, if you remember, had, Tembekau at about 246, just shy of 250 BCF, and Mengkwang, the small field to the north about 30 BCF. So this is two c contingent resource. So it's it's been audited by the by the by the audit firm, you know, confirming those resource. They've looked at all the data, looked at all the wells. These are stacked Miocene channel sands, and they are clearly identifiable identifiable on seismic, and the water is very shallow. So the development costs are low. And all this gas, when it's developed, will go to nearby infrastructure and then back to pipe, the big pipe that you see on the map there on the right, going back to landfall at Kurte where Petronas will buy the gas.

14:50 I think one thing that I think is remarkable about this asset is that the size of the PSC that we have. The PSC is 1,200 square kilometers, and so we no longer no. Not only have to develop Tenbeco, but also appraise and explore the large area of 1,200 square kilometers, which is the extension of the Tenbeco play across that block that that James, alluded to. I think there's, we touched on it earlier, but significant demand in Peninsula Malaysia for gas coming from these fields. There's huge demand, I think the whole demand picture has changed considerably where there's a shortfall of of pipe gas coming from these fields offshore East Coast, and there's these long term import contracts from from Woodside and others importing LNG into Peninsula Malaysia to to support demand.

15:39 So I think it certainly is right place, right time on this asset. Just as I introduced to Matthew, we believe there's huge potential in this area. Tembekau itself, just shy of two fifty BCF And then these channels we see at Tembaqau extending to the to the west and Northwest in a feature that we call Caladi and then and then into a large feature that we call Alamander, those two yellow blobs. These are these are targets of slightly different geological horizons, but we've put them on a a map in the center there for simplicity all in all in one place. I think the the beauty and the message I get from this is that if Tempecau is 250 BCF, let's say, Caladi could easily be 200 BCF and Alamanda is easily, you know, 400 BCF or so. In fact, the upside number from the auditors had Alamandas, you know, up to 700 BCF that we'll show you later. So do we have the potential to create a, you know, up to a one TCF gas hub in this area?

16:38 And this would be really revolutionary and change our view of the whole area, which is for all of us, really exciting. So anyway, so that's enough for me. So Matthew. Doctor Pierre, thank you very much. Great. So thanks for the introduction. So James and Pierre both alluded to the fact that one of the key reasons why we're successful here is the richness in the dataset that we have. So what you see now on the slide here on in the center figure is is the availability of the data that we have. Everything in purple is the is the extent of the three d dataset that we have in the block. You can see immediately where the Timares block is sitting, right dead center. By and large, the entire block has been covered by three d. We have also, other data like the non seismic data, which is the figure on the left, which is the FTG data, which is the full tensor gravity data that PETRONAS has shot over the area, which helps us a lot because it helps to delineate the basin, help us to identify where the structural elements are, and help us also to understand the basin a little bit more in terms of where the charge could be coming from, how the the the charge migration is migrating from the center of the Malay Basin to north into the area where we are right now at Timares.

17:59 One of the key things about Tamaris is is really about, how how easy it is to target our reservoirs. Our reservoirs are in three reservoirs. It's at I 10, I 20, I 80. I'll talk a little bit more about them later on in the next few slides. But the the key thing here is through this through this what we call seismic amplitudes, we can actually identify these features, what we call channel features, fluval systems, tidal bars, which you can identify and actually use analogues of present day, features to help us to understand what those reservoirs could be like. And those are important because understanding those reservoirs or what we call fasces help us to delineate or understand the the producibility of these reservoirs and also help us to to to figure out where else can we find additional perspective from this phase shift itself within our block.

18:58 Now there there are different models sitting out there, but where we are running at Tamaris, we are looking at the fluval system, in the deeper I 10 reservoirs. Associated to those systems, we have tidal flats, we have crevice splays, we have point bars. And as we as we, progress forward to the younger reservoirs in the I 10, we get into the more tighter environments. As you can see on the figure on the right, you can just imagine going on a walk on the beach, a long walk from the river down to where where the beach is. You can you can see how the river system changes from what what could be a very restrictive rivers as it spreads out as you go towards the coast, it spreads out and you get into more of your tights, environment, and sometimes even to the shorelines, you get some of the waves. We don't have any of the waves here, but we got a lot of tidal influence influencing our facies and influencing how our reservoirs have been deposited.

19:50 And that's important because they help us to plan our wells, they help us to find where the additional perspectives are within our block. What you see on the left here right now is what we call a seismic section. This is what we do when we go out there, we we shoot seismic, We put cables. We tow cables behind seismic ships, which sends a signal down into the subsurface. We record the bouncing of the signal up with receivers, and then we have processes that processes the signal and which gives us the image on the left. Now what's important here, you can see immediately the difference in the colors of the seismic section here. The colors are important because it differentiates what we call, sands, just kind of sand with water in it, and also differentiate what, the gas bearing sands are.

20:42 Due to the difference in the elastic properties of water bearing sands and gas bearing sands, you get a impedance, and the impedance shows up with bright colors as you can see on the side there. What you see also on the side section are the logs which we acquire when IPC drilled the Tamagal one and Tamagal two logs, and you can see immediately where you see the the inflection of the red, bars on the on the well is where the the the gas pays are. Immediately on the section you can see, vertically, there are different pay zones. You got the I 10¢. You got I 20¢, we also have the I 80¢. We get we we we receive some shows. We saw some shows in the I 35¢, but just just shows is not enough to be commercial. For the main 3¢ we're going after is I 10, I 20, and I I 80.

21:33 There's a section on the right we can see, it's a schematic cartoon of the different reservoirs and how they are stacked together vertically, and that's important because it help us, you know, to maximize the value of a development by having stacked reservoirs in this tumeric in the Tumacao field itself. Just zooming in on the well logs, we have Tumacao 1 on the left, we got Tumbaga Two on the right. What's important to note is that in each of these wells, saw excellent reservoirs. We did evaluation on it. The I 10, I 20, I 80, we have high porosities of the range of 35% porosities. Multi Darcy's permeability, which is important for us because what that means is that we get great flow rates when we eventually develop on these reservoirs.

22:22 We did test on some of these reservoirs as particularly in the I 10 and I 20, what we call the DST dual stem as dual temps dual stem tests. And what that indicates is how good the flow rates potentially could be coming up on these reservoirs. Those tests have indicated that we could flow up to fifth up to 60,000,000 scl per day from the I 10 to I 20 reservoirs. Also important is, of course, the quality of the gas we see in these reservoirs. We took samples when we drilled these wells and the analysis of these samples indicated that we have sweet gas. And what that means is that we have no c o two, we have no h two s, we have very low nitrogen, we have sweet gas. So much so that it can almost flow into, the kitchen and start cooking. I alluded to the fact about amplitudes.

23:09 Right? We can see amplitudes because of the impedance contrast between gas bearing sense and water bearing sense. And that's great for us because you can see immediately what that looks like on a map. Right? On the left figure, you can see is the MPD maps of the I 10. In the center figure is the I MPD map of the I 20. On the right is the MPD figure on the I 80. You have the inset bar pie charts which indicates the volume contributions from each of these reservoirs to the entire Tembaka Field, which is up to 200 close to two fifty BCF resources. You can see immediately the brights on each of these maps, and that's useful for us to develop this field because the brights tells us where the grade quality sands are, where the gas bearing sands are, and it helps us to maximize our development plans for these fields.

24:01 I'd like to bring your your attention to the figure on the right. Okay. What's interesting on the figure on the right is that you can see the location of the two Tamaka wells. You can see the Tamaka 1 well sitting right in the middle of the figure and also just south of that, you can see the Tamaka 2 well. You can see where the Tamaka well has penetrated its bright impitudes and that corresponds to what we've observed in the well logs, I e, great Great reservoirs, with gas in it. The Bacal two, when it was due, it did not see any gas in this particular reservoir in I 80. So we know that because of the amplitude maps you see on the figure. You will also see how that channel in in that figure actually kinda translate and kinda moves up towards the North and further into the Northwest.

24:49 And that's great news for us because that indicates that there could be more prospective gas bearing sands up north of us and also Northwest of us. And this is deeply, this brings me to this map. You can see where the location of the Tamagal Field is. You can see where the Kalladi prospect is, alluded by doctor Pierre, and that was basically delineated by the MP2 maps we see in the previous slide and also in the slide in the center figure here. You can see how it translates itself up North of Tumbakau towards the west, which forms the Kaladi structure prospect. We also see this composite this is what you see here on the center figure is a composite amplitude map, which is basically the stack response of all these amplitude maps together. The huge blob right to the left of the center figure there is what we call the Alamanda prospect.

25:45 The what Alamanda looks like is actually what you see on the schematic on the right. It's actually on a shallower stratigraphic level, shallower than the I 10 Cents. It's different, but shallower. It's never really been penetrated or evaluated in this part of the Malay Basin before. And we think based on MPT, we think that this could be really prospective for us. In terms of volumes, you're looking up to around 400 BCF of prospective volumes for the Alama prospect. Huge values if that comes in. We talked about KALLADE, and this is just a seismic session over what we think the KALLADE prospect looks like. I alluded to fact that the KALLADE prospect was defined by seismic amplitudes. This is what it looks like on the actual seismic itself. The two wells you see on the right of the figure are the Tembaka 1 well and the Tembaka two wells. Highlighted in red, just at the Tembaka 1 well is the I 80.

26:39 You can see how the phase responds, the thickness of that loop, the shape of that loop, how you can actually almost correlate that loop across the fault in the mid in the center of the figure to the left, and you can see how similar that responsive that seismic loop response is at the Caladdi prospect. ERSPRO ERCA has evaluate evaluated the Caladdi prospect to have up to around 188 BCF with the chance of success of about forty five percent for this prospect. I've talked about Alamanda, and this is the energy we have for Alamanda. Looking at the amplitudes of Alamanda prospect itself on the right, you can see the extent of this amplitude. It's up to around 66 square kilometers in size. And what's great about the prospect is its proximity to to the Tumbakau field.

27:29 It's roughly around 10 clicks away to the Northwest, which is great for us because in the in the event of a of a discovery, we can easily tie tie the discovery into the Tumbakau overall field development plan. The figure on the center here is a figure taken from Google Map of a delta system in in Myanmar, and this is the this is the analog that we are trying to use to describe what Alambanan looks like. It's a high stand delta which which has been incised by subsequent sea level low, which forms the traps to the north to and to the west and to the north and to the to the east of the prospect itself. This section here you see a to a to b is actually a northwest to southeast section across the the the heart of this Alamanda amplitudes and you can see where the highest end delta is where this bright amplitude response is.

28:23 You can see the incision of the channels just to the left of that bright and also to the right of the sprites, which forms the trap of the Anamanda prospects. Again, around 400 BCF of potential resource sitting in this prospect, great location, great great potential development for the Timares PSC. I'm just want to round up the whole Timares kind of block for us. These are all the volumes that Sprow ARCA has evaluated for us of all the potential prospects we have in the Tumaris block. You can see where those different prospects are on the map on the right. The Alamanda prospect, you've got Kalladi as well, just sitting north and northwest of the Tamakal Field. We also have this small Tembacal West, near field exploration, prospective volumes. It's just sitting to the west of that Tembacal fault, and also with the Cank Kong prospect just sitting to the east of the Tembacal Field.

29:18 Great, great prospects if you add all those numbers up. It's who knows? Potentially up to one TCF of potential resources available to be discovered. It's a great asset, isn't it, doctor Pierre? It's great, Matthew. And, Matthew, thanks so much for that. It's really, really good. The you know, when I reflect, Matthew, on the on on the asset, you know, we bid on this for for Temba Cow, but actually what we have now is this this huge portfolio of prospects Yes. Indeed. Different place to the west and northwest of the block. So it's really it's really great. And it's come on so much from when we bid in March, and signed in June and all the work that that you primarily have done over the over the past few months delineating all this, upside. We had a we had a very good workshop yesterday as well in London just running through all the prospectivity on the on the block, and it's there's just more prospectivity emerging, which is which is great to see as we tease out the different plays from our understanding from the the three wells, on the block. And doctor Pierre, I know you just mentioned the fact I'm just gonna draw on also the point, that James mentioned earlier.

30:18 It's just four months since signing, and and we have this we have now identified so much more potential within the Tomaris block. I think it's only possible because we are so agile. Right? No. It's great. It's a good story. It's a good story. It's a good story. We've we've wrapped up on on Temerus here. I just wanted to walk through a little bit. We'll go further east now to Dahua PSC in East Malaysia in Sarawak. And this is our non operated asset that's operated by EnQuest in partnership with Petros. And we signed actually just about a year ago or just under a year ago. Next week, I think it'll be a year to the signing of this PSC. I must say, EnQuest have done a huge amount of work on the block and delineated extensive all the mapped out and and done the resource assessments on all the reservoirs across these different fields. This is a a very interesting asset. It's a collection of 12 or so discoveries that were made quite some time ago and in the late eighties and the mid two thousands.

31:17 And they're they're a collection of small fields that were really overlooked as James said. They were the explorers who were looking at this back in the back in the day were looking for oil pay and oil pay in deeper reservoirs. And the reservoirs that they found were actually quite tight for oil. It was quite difficult to get the oil out. As they went to explore for the oil, they they went through significant gas sounds. And the gas sounds they ignored at the time because gas at that time wasn't commercial. And these reservoirs are really quite impressive. And I'll show you some examples of these in a minute. This is shallow water, gas fields that go back to infrastructure and then back to Bintulu LNG. So it's a it's a really good story, and and Bintulu LNG is looking for more feed gas in the years ahead as it as it continues production. And of course, all these LNG cargoes go up to North Asia, Japan, Korea, and and China.

32:13 I think we what we said at the summer was that the ERC sprule CPR that we did in August had this at about 330 BCF of resource, 2C contingent resource. From the work I've seen, know, this is this is maturing very well and I think the fields are better than what I saw initially when we put the bid in in in early twenty twenty four. And the fields are just improving with all the work there is on them. I think we see plateau of about a 100,000,000 standard cubic feet per day going into the grid and possibly more. And I think, you know, it's testament to all the work that EnQuest have done on this on this project. We have just a very simple line, which I like to show. This is a north south line across the Delaware fields, north to the right and south to the left.

32:58 And and what I like to say about this is just really simple structures, but great reservoirs. So we have these reservoirs these reservoirs trapped in these anticlinal structures one, two, three and and forming really simple structures but it's really because the reservoirs are so good that we really think this asset is is really interesting and good. This is the type like the type well that we showed at the time when when we bid on this, but I think it's a really great example because it shows the quality of the rock. These are really high quality, Darcy quality reservoirs, but also the amount of pay. The yellow on this on the on the logs here is sand, and you can see the amount of sand there is, productive zones. And what I like here also is that one of the columns is 97 meters.

33:44 So 97 meter of of continuous gas column in in accessing these high quality gas reservoirs. You know, 97 meters is huge. It's like a third of the height of the Eiffel Tower. So it's it's, you know, very significant. So to have these overlooked in this well known basin is really great to have as part of our of our portfolio. So EnQuest doing a lot of work on this and of course are the operator and doing great work and progressing this very well, but this is just some impressions from us on the quality of the asset. Okay. With that, I just wanted to walk through 2a a little bit. A few slides from me and then and then and then Matthew will talk you through the rest. I think a lot of you will know this story before but we'll just recap this a little bit. I think it's just and we're of course we're staying in Sarawak.

34:37 I think we we alluded to the the landscape in Sarawak and I think the map on the right shows how the the the the the company landscape has really changed over recent years. Offshore Sarawak in the past, of course, dominated by dominated by Petronas and by Shell very much Shell country. But I think recently PTT and others coming in to the to Sarawak but and also making important discoveries but also now Total. Total very important position and you can see our two way block and Total coming in with acreage to the North to the South and to the Southwest of us as well as to the East and also Total taking a controlling position in Sabah. So I think there's an awful lot of attention in Sarawak and the companies that are coming in is testament to that.

35:28 We have the map of Khartang in the middle there which shows the size of the structure, it's about 20 square kilometers of closure of maximum closure, and we put that in sitting well inside the M 25. I think you've seen that before as a as a slide. Of course, what's what's changed through the course of this year has been the operatorship with the operator now Impex in partnership with Petronas and Petros and ourselves with the carried 10%. So I think a really great position on this block and on this prospect and we just have a few slides to show you through this. I think from all the work that Matthew and I do in Malaysia, I think we see it as very much the largest undrilled structure in Malaysia. I have not really seen a larger one. It's really exceptional that it's not been drilled before and I am certainly very passionate about seeing it drilled in due course.

36:17 We put this slide in because Matthew and I have been doing a lot of work of course with the impacts, the operator and they've been thinking about this very carefully about where to drill this structure. The structure itself is, as we said, about, you know, over 200 square kilometers of closure, and it's got several multiple objectives. It's got the shallow gas sands, and it's got the cycle two and cycle one sands, all of which are slightly different and are and are better in different places. So finding the well and drilling it in the right place is really critical. So it needs a lot of thought and it's great to see Impex and Petronas and the whole partnership working on optimizing, getting the best possible well location for us to drill on this structure. I also we put this slide in because I really like this slide. It just shows how it's a a culmination point in the sub region and all those brights to the left of the slide there are these coals that are feeding gas from this from this maturity kitchen up into the structure and some of the gas escaping in that gas cloud as you've as you've seen. So we think this could be a very extensive structure and with a very significant gas column and we're doing a lot of work with impacts on the positioning of the well. But let me pass to Matthew now and and talk you through a little bit more detail, on the structure from from his perspective. Thank you very much. I'm also equally passionate about Khurthang.

37:37 You know, we we we talked about Khurthang being potentially one of the largest under structure in Malay and in Sarawak. There are actually a lot of other similarly equally huge structures that's been drilled in Sarawak over in the past few years. You can see on the slide here, three of them, for example, at the bottom is Kasawari, which holds up to 60 CF of resource. You got Langloppa, was drilled by PTTP, five TCF resource, and Marjoram, which is about two TCF of resource drilled by Shell. What's what's what you can see immediately just looking at this picture, you get Kirtang on the left. You can see similarities in the structure. Obviously, the the scale is different. Kirtang is a lot larger, but what you can see is similarity is the shape of the structure which is like Kasawari, like Langlo Ba, like Majoram, but what's important actually is what above, what's sitting above the structure. Particularly at the Marjoram Field. You can see just the bottom right, just sitting above this field is this chaotic kind of signature in the seismic, slightly bright but also slightly fuzzy.

38:42 You can see similar observations just sitting above the Kirtang structure itself. And that's a good thing because that actually indicates the presence of gas, a working petrol system underneath Kirtang in our block in two way. And that is one of the key things that we look for as geologists as explorers is to seek out where these potential sweet spots are, where the combination of all the migration of gas and hydrocarbons could be ending up at. And the fact that Kirtang is such a huge structure, you can see the apex of the structure itself, you know, it gives us a great feeling of certainty that there's definitely migration of hydrocarbons into the structure. Again, going back to Kasauri, Llanobar, and Majeram, huge structures.

39:30 Okay. These are these are high release structures. Kirtang, we talked about we talked about the Paris Twin the the Paris Eiffel Tower as comparison. Khurthang is in fact a lot a lot bigger than that. In Malaysia, which is where both doctor Pierre and myself are based, we always go to the Petronas Twin Towers. That's about 455 meters in height. Khurthang is about double that, easily double that height. So really big structures. And that's why we see huge potential volume sitting in the Khurthang structure up to 90 in resources as audited. So the column could be 900 meters at Khartang? It could be up to 900, double the height. So you have to stack two Petronas towers on top of each other? Two Petronas twin towers on top It gives you a sense of the scale, doesn't it? It's amazing. Yeah.

40:19 Wow. Just zooming in on my jerome so you can get a picture get a get a bit better idea of what I was talking about. This is this is from a paper published recently in 2022. Alright. You can see the structure on the bottom map inset on the right, How that looks like, red is high, white is high, and the green is low. So you can see actually what it looks like or at least can picture what it looks like in the aero sense. The seismic section will tell you what it looks like actually on the seismic. You can see where those fuzzy zones are sitting on top of the structures, slightly bright, slightly fuzzy. We call this gas clouds, and rightfully because those show us potentially where the gas are in the basin. Right? So, this is Majeram, and we use this as analog for the Sarawak Basins that there are still structures large enough, undrilled in Sarawak that could contain huge amount of potential resources.

41:16 You know, we we we talked about Tamaris and how great Tamaris PSC is, about 1,200 square kilometers. We have the two fields in Tamaris. We have additional running room to look for potential resources, upside resources. Two a is 10 times the size of Timuris. It's close to about 12,000 square kilometers. And we talk about Krutan. We talk about Krutan is a pre MMU play, but that's not it. Because of the size of the two way block, we have so much more potential, prospective volumes, in the block, especially over on the western, southwestern side of the block. What you see here in the yellow blocks, those slivers of polygons, those are the the tow truss play sitting just to the south, to the west and south of the two a block. And those are interesting. Those have been left follow for a while. There's a few wells drilled in the past by previous operators.

42:12 You can see just in the map that the two, the three penetration in this particular place, but with not much success. But it's now picking up a lot of interest due particularly to Petronas' discovery wells just south of a south of our block, Xinxing, Machinjiang, whom Total Energy had just recently signed up to. And according to their press release, it could contain up to four TCF of resources. Now this is all in within the same play. You can actually see it on the map. It's just sitting right next door to this potential four TCF of resources. Huge potential, isn't it? No. It's remarkable. So it's the same play. So you're just saying the same play that Total and Charagalli have in the just to the south, of us here, extending up into the southern portion Indeed.

42:58 Indeed. Of the a. Indeed. And then, Matthew, also the the Kirtang itself, we we've also we've always focused on Kirtang itself being so big, this this large Miocene structure. But actually, it has a lot of sister prospects to the Northwest and and East of it as well as to the South. Indeed. So I think what what we've really not talked about publicly before is that there's Kurthang itself, but then once Kurthang comes in, there's very natural follow on that you would you would look to drill. And I think there has to be a focus to the south of the block now as well Oh, for sure. With the extension of this play from from Total the Total Petunaccharagalli acreage up into the up in the south there. Very exciting indeed. Indeed. Thank you very much, Pierre. Thank you, Matthew. That was fantastic. You know, clearly, it's it's difficult, we know, for for investors to to to get all the nuance of the technical data, but we're we're trying to give you a flavor of what we've been working on, what we've got, and the excitement we see.

44:00 So just the highlights, I mean, if you if you if you didn't hear any of it any of it, please remember these bits. Day one, very high quality asset. We love the rocks. I think the reservoirs are great, close to market. EnQuest doing a good job bringing that on. Obviously, we we are a nonoperating partner there, but it's something we did identify and and, you know, we we we love. So big tick from us and gives us the diversity that we like in a portfolio with a number of different fields and discoveries. Two way, we have a big soft spot for that. In many ways, it's the foundation of SEASCAPE as we know it today. And we we and so I think you you you've always got a sense of the excitement we feel around that asset.

44:46 I think what's different here is a couple of new points coming out. First of all, you heard from Matthew, and Matthew is from Sarawak. He's a Sarawakian earth scientist talking about the biggest undrilled prospect in Sarawak. You know, I mean, this is close to home. I think the other thing to bear in mind here or or, you know, is the follow on. We we've always talked about Khurthang from from day one. We haven't really talked about what's beyond it. Impex now operate the block, and they're doing a tremendous job. And they are mapping structures which we've seen before, but, you know, they're now starting to quantify the upside beyond which as Pierre mentioned, you know, we have these look alikes. It's much smaller, but surround Kurtang.

45:34 And now we're seeing this other play, this cycle five, cycle seven, what Matthew calls the tow thrust play, where Total have come in south of us, and they're talking about a four TCF development, next door in exactly the same play. It continues into our block two a. So we have that to chase as well. It isn't just Kurt. Though the size of Kurt Angle dwarf everything. So when we look at when you think about the creaming curve that Pierre talked about, about the yet to finds, and we see those big jumps in the creaming curve, it's because things like Kurtaang get drilled, and it pushes the exploration activity out into the North Luconia, outboard of where we've seen it so far. And Kurtaang would be a leg up all of its own on that creaming curve on the Yit Hafens.

46:24 And then if we look at the the shallow the the toe thrust, the shallow turbidite play that that Matthew and Pierre were talking about, that again would would give you another leg up. So we, our asset, can impact that cremium curve by itself. I mean, that's a very, very, very important asset. Tamar is obviously our flagship now. This is our baby. And looking at the Malay Basin side, what we haven't seen in the Malay Basin I there's been a lot of activity. Pierre showed you from the nineteen seventies. You know, it's a well known. It's a well explored, well exploited basin. What we've never seen is is someone chase the stratigraphic play on the margins of that basin, and there is no reason why it wouldn't work. The geophysics is telling us it should work.

47:10 Tembekau tells us it should work. And everything is pointing to quite substantial gas resources sitting there close to infrastructure that we just need to get off to with our drill bit. And again, for an impact on a basin, it it could be very, very remarkable. For an impact on a company, it's an absolute game changer. So this is what I wanna leave you with. You may not you may get lost in the seismic. You may get lost in all the in the chronology and the names and everything else. But look, what we've created is something with this resource base, you know, 281,000,000 barrels. And what it could lead to on the right is really the thing that, I think is exciting, is it's great to talk about the seismic and the upside and all the rest, but what does it really mean?

48:02 We've got a portfolio here which could deliver north of 40,000 barrels a day of production to this company, who today sits at the market cap of £50,000,000 and zero production. And that is a huge future. And it's all come out of Malaysia. It's all come out of the geoscience. It's actually all come out of people's heads. But it can be translated into hard cash flow and value. And that's what our job is. And, you know, that's what sessions like this is all about. So I hope it's been informative. Thank you very much for your attention, and I look forward to the next one. Thank you, guys. Well, thank you very much for attending today's presentation. Could I please ask investors not to close this session as you now be automatically redirected? Provide your feedback and all the management team can better understand your views and expectations.

49:01 On behalf of the management team of SEASCAPE ENERGY ASIA PLC, we'd like to thank you for attending today's presentation.