Seascape Asia reports wider full-year loss
By Josh White
Date: Friday 23 May 2025
(Sharecast News) - Seascape Energy Asia reported a widened full-year loss of £16.4m for 2024 on Friday, impacted by a £10.8m write-off related to its exit from Norway and £2.4m in non-recurring costs tied to its strategic pivot to Southeast Asia.
Operating losses rose to £5.7m from £3.9m a year earlier, while year-end cash stood at £2.8m, bolstered by a December equity raise.
Post-period end liquidity was significantly enhanced by the receipt of around $11m from the farm-out of Block 2A and historic cost reimbursement.
The AIM-traded company, formerly known as Longboat Energy, said it completed its transformation in 2024, divesting its 50.1% stake in Longboat JAPEX Norge to JAPEX, exiting the Norwegian market, and rebranding as Seascape Energy Asia.
During the year, it secured a 28% interest in the DEWA Complex Cluster offshore Malaysia and farmed out 42.5% of Block 2A to INPEX for $10m in upfront cash and a full carry on its retained 10% interest through the exploration phase, with an additional $10m contingent on discovery.
Looking ahead, Seascape said it expected to drill at Block 2A's Kertang prospect this summer, and further progress on development planning at DEWA.
The company said it was also actively seeking to expand its portfolio through early-stage exploration initiatives in Southeast Asia, where it saw strong fundamentals and growing demand for natural gas to support the energy transition.
"It is hard to overstate what a pivotal year 2024 was for Seascape Energy as the business undertook a complete transformation; pivoting to Southeast Asia and undertaking several transactions which have resulted in a fully funded platform to pursue growth opportunities across the region," said chief executive officer Nick Ingrassia.
"The strategic pivot has also highlighted the company's competitive advantages, including the ability to leverage excellent long-term relationships and networks established across Southeast Asia by a revamped senior leadership team and board.
"New business remains a priority for the company in 2025 with Seascape actively pursuing growth opportunities in Malaysia and elsewhere with a particular focus on high-impact, ground-floor opportunities to materially expand its portfolio."
At 1029 BST, shares in Seascape Energy Asia were down 8.96% at 30.5p.
Reporting by Josh White for Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN