Keladi Prospect Upgrade

Seascape Energy, an E&P company focused on Southeast Asia, is pleased to announce a material upgrade to its Keladi prospect following an updated independent evaluation of the Prospective Resources by Sproule ERCE on the Temaris Cluster ("Temaris", 100% PI, operated). The Competent Persons Report ("CPR") now ascribes almost 1 TCF of net mean unrisked Prospective Resources to the Temaris block.

Highlights

• Keladi prospect upgrade to 423 bcf (+125%) with a 45% GCoS
• New Tembakau North prospect (29 bcf, 58% GCoS) identified representing a high impact, low risk, nearfield target which could be drilled from a planned Tembakau field platform
• Geophysical analysis and amplitude mapping demonstrates the Keladi prospect as being located up-dip and part of the same channel system as the Tembakau gas field
• Total Temaris net mean unrisked Prospective Resources of 950 bcf (+38%), illustrating significant running room beyond the Tembakau gas field itself

All resources quoted herein are mean unrisked Prospective Resources as defined by PMRS Standard (as detailed below).

Pierre Eliet, Executive Director and Country Chair Malaysia, commented:

"The Sproule ERCE independent resource update validates the high quality nature of the Temaris block and our significant resource base. We are particularly encouraged by the Keladi prospect, where mean unrisked Prospective Resources have more than doubled.

These results, along with Tembakau, position Temaris to become a transformative gas hub for Peninsular Malaysia's growing energy demand."

The upgrade at Keladi reflects a period of detailed work by the Seascape subsurface team using updated data and high-end geophysical techniques to extract seismic amplitudes which allow for more accurate mapping of the Miocene channel systems sitting at multiple horizons across the Temaris block to the west of Tembakau in the same channel play.

The CPR is an important independent third-party verification of Seascape's resource figures. The report confirms (and in the case of Temaris, upgrades) management's technical view of resources at the time of license application.

In addition to the Tembakau field (246 Bcf 2C Contingent Resource) and the two largest prospects (Allemanda, Keladi totaling 830 Bcf mean Prospective Resources), the updated work shows several additional near-field exploration targets totaling over 110 bcf within 5 km of the Tembakau field and accessible from a planned Tembakau platform.

Temaris Block Prospects: Unrisked Net Mean Prospective Resources

Source: Sproule ERCE, numbers may not add up due to rounding. * Accessible from the planned Tembakau field platforms

Competent Persons Report Notes

• Resources have not been modified to remove inerts. Less than 2% inerts are expected in Temaris.
• Contingent Resources have not been risked for chance of development and are sub-classified as Development Unclarified
• Company working interest Resources are based on the working interest share of the field gross Resources and are prior to deduction of any royalties.
• Company net entitlement Resources require a full economic evaluation which has not been done as part of this review and hence are not presented.
• There is no certainty it will be commercially viable to develop any of the Contingent Resources.
• Prospective Resources are not risked for chance of development and there is no certainty that if they are discovered they will be developed.
• GCoS represents the geological chance of success of each reservoir interval.
• Raw gas estimates have not accounted for losses due to fuel & flare or processing.
• Gas has been converted to barrels of oil equivalent based on 6 mmscf = 1 mmboe

Glossary

"bcf" means billion standard cubic feet

"CPR" means a Competent Person's Report

"E&P" means exploration and production

"GCoS" means Geological Chance of Success

"km" kilometres

"mmboe" means million barrels of oil equivalent

"PI" means participating interest

"UKMAR" means UK Market Abuse Regulations