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Longboat Energy Plc ( (GB:SEA) ) just unveiled an announcement.
Seascape Energy Asia has reported a material upgrade to its Temaris block resource base offshore Malaysia, with an updated independent evaluation by Sproule ERCE now assigning 950 bcf of net mean unrisked Prospective Resources to the licence, a 38% increase. The key driver is the Keladi prospect, whose estimated gas volume has risen 125% to 423 bcf with a 45% geological chance of success, while a new near-field Tembakau North prospect of 29 bcf with a relatively high 58% chance of success has also been identified and could be drilled from the planned Tembakau field platform. Together with the existing Tembakau contingent resource of 246 bcf and other nearby prospects, the enlarged Temaris portfolio underpins management’s view of the area as a potential gas hub for Peninsular Malaysia, providing third-party validation of Seascape’s technical work and indicating substantial “running room” beyond the currently known Tembakau field for future development and value creation.
The most recent analyst rating on (GB:SEA) stock is a Hold with a £69.00 price target. To see the full list of analyst forecasts on Longboat Energy Plc stock, see the GB:SEA Stock Forecast page.
Spark’s Take on GB:SEA Stock
According to Spark, TipRanks’ AI Analyst, GB:SEA is a Neutral.
The score is held down primarily by very weak financial performance (no revenue, widening losses, sustained negative free cash flow, and sharp equity erosion). Technicals are only neutral with modest near-term strength, while valuation is constrained by a negative P/E and no provided dividend yield.
To see Spark’s full report on GB:SEA stock, click here.
More about Longboat Energy Plc
Seascape Energy Asia plc is an exploration and production company focused on Southeast Asia, with a particular emphasis on gas resources. The company operates the Temaris block in Malaysia with a 100% participating interest, targeting Miocene channel gas plays to help meet Peninsular Malaysia’s growing energy demand.
Average Trading Volume: 187,930
Technical Sentiment Signal: Buy
Current Market Cap: £42.93M
See more insights into SEA stock on TipRanks’ Stock Analysis page.