Seascape Energy Completes Farm-Out of Block 2A, Eyes Expansion

Longboat Energy Plc ( (GB:SEA) ) has provided an update.

Seascape Energy Asia plc has completed a farm-out transaction, transferring a 42.5% interest in the Block 2A Production Sharing Contract to INPEX CORPORATION, while retaining a 10% interest. This move provides Seascape with significant exposure to the Kertang prospect at no cost, and the transaction has bolstered the company’s cash reserves to approximately $12 million. The company aims to leverage these resources to pursue growth opportunities in Malaysia and Southeast Asia, highlighting the strategic role of independent E&P companies in the regional upstream ecosystem.

More about Longboat Energy Plc

Seascape Energy Asia plc is an exploration and production (E&P) company focused on Southeast Asia. The company is involved in the development of oil and gas projects, with a particular emphasis on expanding its portfolio through new business activities and potential mergers and acquisitions.

YTD Price Performance: 10.40%

Average Trading Volume: 183,283

Technical Sentiment Consensus Rating: Sell

Current Market Cap: £21.99M

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