Longboat Energy Plc (SEA) AI Stock Analysis

• Market Cap: £50.50M
• Dividend Yield: N/A
• Average Volume (3M): 242.80K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.02
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 11
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Energy
• EPS (TTM): -0.04
• Shares Outstanding: 63,127,968
• 10 Day Avg. Volume: 398,570
• 30 Day Avg. Volume: 242,803
• PEG Ratio: >-0.01
• Price to Book (P/B): 6.75
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: 78.00p ▲(15.56% Upside)

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.

Positive Factors

Low leverage

Zero reported debt in 2023–2024 reduces solvency and covenant risk, giving the company structural financial flexibility. For an upstream explorer, low leverage makes it easier to engage in farm‑outs, delay costly commitments, or absorb exploration setbacks without immediate default pressure.

Focused upstream asset model

A clear, repeatable strategy of acquiring licenses and maturing discoveries is a durable value-creation pathway in upstream oil & gas. It enables staged capital deployment, partnership-led funding, and optionality around monetisation as prospects mature toward development or farm‑out opportunities.

Lean operating structure

An intentionally small headcount suggests low fixed overhead and operational flexibility, which helps conserve cash during multi-year exploration cycles. A lean cost base supports the firm's ability to allocate scarce capital to high‑impact drilling or appraisal activities and partner arrangements.

Negative Factors

No revenue and widening losses

Sustained zero revenue and a large widening loss in 2024 indicate the business is not generating operating inflows and is still in a cost/burn phase. Structurally, this undermines self‑funding capacity and forces dependence on external financing or asset monetisation to progress projects to value‑accretive stages.

Equity erosion and negative ROE

Sharp erosion of equity and deeply negative ROE reflect capital destruction from losses, reducing the firm's buffer against shocks and its attractiveness to new capital providers. Over months, a weakened equity base limits financing options and increases the likelihood of dilutive funding or asset disposals.

Persistent negative cash flow

Consistent negative OCF and worsening FCF show ongoing cash consumption, shrinking runway and raising structural financing risk. Without a credible path to positive cash generation or secured partner financing, the company will likely need repeated external funding, weighing on project continuity and shareholder value.

Longboat Energy Plc Business Overview & Revenue Model

Company Description

Seascape Energy Asia plc, a full-cycle E&P company, focuses on acquiring oil and gas assets in Norway, Malaysia, South-East Asia, and the United Kingdom. The company was formerly known as Longboat Energy plc and changed its name to Seascape Energy Asia plc in September 2024. Seascape Energy Asia plc was incorporated in 2019 and is based in London, the United Kingdom.

How the Company Makes Money

Longboat Energy Plc Financial Statement Overview

Summary

Fundamentals are very weak: revenue is 0 across 2020–2024 with persistent losses, and 2024 net loss widened materially (~16.4m vs ~4.2m in 2023). Cash flow is consistently negative (2024 FCF ~-4.0m), and equity eroded sharply (~2.7m in 2024 from ~16.9m in 2023). Low recent debt reduces leverage risk but does not offset the scale of losses and cash burn.

Income Statement

Operating performance is very weak: revenue is consistently 0 across 2020–2024, while losses persist every year. Losses also widened materially in 2024 (net loss of ~16.4m vs ~4.2m in 2023), and gross profit is negative, pointing to limited operating scale and ongoing cost burden without meaningful sales.

Balance Sheet

Leverage looks low in the most recent years (total debt is 0 in 2023–2024), which reduces financial risk. However, the equity base has shrunk sharply (stockholders’ equity down to ~2.7m in 2024 from ~16.9m in 2023), and returns on equity are deeply negative (about -617% in 2024), highlighting significant value erosion. The balance sheet was also meaningfully levered in 2022 (debt-to-equity ~1.78), indicating past reliance on debt.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative every year shown, including ~-3.9m operating cash flow and ~-4.0m free cash flow in 2024. Free cash flow deteriorated in 2024 (growth about -27%), suggesting higher cash burn. While free cash flow-to-net income is around 1x in several years (losses accompanied by similar cash outflows), the overall picture remains sustained cash consumption with no clear inflection to self-funding operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-6.82K	-7.41K	-10.48K	-10.30K	-30.06K	0.00
EBITDA	-5.40M	-5.67M	-3.85M	-2.58M	-11.40M	-2.38M
Net Income	-6.44M	-16.45M	-4.19M	-15.47M	-4.68M	-1.63M
Balance Sheet
Total Assets	9.48M	4.42M	18.07M	89.15M	60.24M	7.89M
Cash, Cash Equivalents and Short-Term Investments	8.65M	2.47M	3.68M	12.06M	26.28M	7.02M
Total Debt	0.00	0.00	0.00	37.25M	582.80K	0.00
Total Liabilities	608.26K	1.75M	1.13M	68.21M	24.12M	352.04K
Stockholders Equity	8.87M	2.66M	16.94M	20.93M	36.12M	7.53M
Cash Flow
Free Cash Flow	-4.68M	-4.01M	-6.78M	-7.58M	-29.31M	-2.20M
Operating Cash Flow	-4.66M	-3.93M	-6.62M	-7.57M	-2.32M	-2.19M
Investing Cash Flow	8.87M	2.09M	-3.64M	-43.08M	-9.80M	6.38K
Financing Cash Flow	1.78M	1.78M	2.03M	35.18M	31.34M	0.00

Longboat Energy Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENW	67 Neutral	£52.91M	6.99	5.77%	―	-54.53%	-64.24%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CHAR	47 Neutral	£22.95M	-1.15	-31.10%	―	-2.69%	-5.00%
UPL	46 Neutral	£54.50M	-27.92	-47.49%	―	―	―
SEA	45 Neutral	£50.50M	-7.52	-87.09%	―	―	―
JOG	44 Neutral	£28.58M	-17.71	-6.74%	―	―	―

Longboat Energy Plc Corporate Events

Seascape Energy Asia Boosts Temaris Gas Resource to 950 bcf After Keladi Upgrade

Seascape Energy Asia has reported a material upgrade to gas resources in its Temaris block offshore Malaysia, with an independent Competent Persons Report from Sproule ERCE now assigning 950 bcf of net mean unrisked prospective resources, a 38% increase. The Keladi prospect has been upgraded by 125% to 423 bcf with a 45% geological chance of success, and a new near-field target, Tembakau North, has been identified with 29 bcf and a relatively high 58% chance of success, both accessible from the planned Tembakau field platform. Combined with the existing 246 bcf 2C contingent resource at the Tembakau field and additional nearby prospects, the enlarged resource base underpins management’s view that Temaris could evolve into a significant gas hub for Peninsular Malaysia, enhancing Seascape’s growth profile and strategic positioning in the regional gas market.

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.

Seascape Energy Asia Boosts Temaris Gas Prospects with Major Keladi Upgrade

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.

Seascape Energy Asia Boosts Management Alignment with New LTIP and NED Option Awards

Seascape Energy Asia has granted new long-term incentive plan (LTIP) awards to its executive directors and senior management, who have opted to take a large part of their 2025 annual bonus as nil-cost share options, and has also made an option award to newly appointed independent non-executive director Michael Buck under its non-executive director (NED) plan. Following these grants, directors will collectively hold 7.7% of the company’s issued share capital, reinforcing equity alignment and retention across the leadership team, while the board has used its discretion to provide an exceptional NED award sized as a multiple of annual fees, underlining the company’s focus on incentivising and retaining key personnel during a critical phase of its growth.

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.

Seascape Energy Asia Refreshes Board as It Deepens Southeast Asia E&P Focus

Seascape Energy Asia has strengthened its board with the appointment of veteran oil and gas executive Michael (Mike) J Buck as an Independent Non-executive Director, bringing over four decades of international E&P experience across the UK, Indonesia, Colombia, Libya, Pakistan, Iran, Thailand and Mongolia to support the company’s next phase of growth and operational development. At the same time, long-serving director Graham Stewart, who has been instrumental in guiding the company’s strategic pivot to Southeast Asia and maintaining board continuity since its IPO in 2019, will not seek re-election at the June 2026 AGM, marking a planned transition that aligns board composition with Seascape’s evolving scale and operational ambitions.

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.