Seascape Energy’s Bold Move: A $12M Power Play in Southeast Asia’s Energy Frontier
In a high-stakes maneuver that underscores its ambition to dominate Southeast Asia’s energy landscape, Seascape Energy has finalized the sale of a 42.5% stake in Malaysia’s Block 2A to Japan’s Inpex Corporation. This strategic farm-out leaves Seascape with a 10% interest in the block, while partners Petronas and Petroleum Sarawak Exploration & Production (PSEP) hold 40% and 7.5%, respectively. The deal, announced in December 2024, is a masterstroke for Seascape, giving its shareholders a zero-cost stake in the Kertang prospect—a potential goldmine holding an estimated 1.7 billion barrels of oil equivalent (boe).
With the transaction now sealed, Seascape is sitting on an unaudited cash balance of $12 million by the end of Q1 2025. CEO Nick Ingrassia isn’t just counting the cash; he’s eyeing the future. “The Kertang prospect is a game-changer,” he says. “It’s one of the largest undrilled structures in Sarawak, and we’re pumped to push it toward drilling. This deal fuels our mission to expand across Malaysia and Southeast Asia, proving that nimble, forward-thinking E&P companies are the backbone of the region’s upstream ecosystem.”
From Exploration to Expansion: Seascape’s Blueprint for Growth
Seascape isn’t just resting on its laurels. The company is doubling down on its strategy to “materially” expand its portfolio in 2025. Think ground-floor initiatives, strategic mergers, and acquisitions that could reshape the energy map of Southeast Asia. The Block 2A deal is a prime example of this vision. Seascape retains full, uncapped carry for its 10% interest through the exploration phase, which includes drilling a wildcat well and potentially an appraisal well if a commercial discovery is made.
The $10 million cash consideration from Inpex has already hit Seascape’s coffers, along with a $1 million reimbursement for historic costs. And here’s the kicker: another $10 million is on the table if a commercial discovery is confirmed. That’s not just a win—it’s a jackpot waiting to happen.
Block 2A: A Hydrocarbon Hotspot with Global Potential
Block 2A isn’t just another patch of ocean. Located in the North Luconia hydrocarbon province, this 12,000-square-kilometer block is a treasure trove of untapped energy. Water depths range from 100 to 1,400 meters, and the Kertang prospect—confirmed as a giant-scale resource in June—is the crown jewel. High-quality 3D seismic data from CGG in 2015 revealed direct hydrocarbon indicators (DHIs), including gas clouds and amplitude brights, making it a prime target for exploration.
Adding to the block’s allure is its proximity to Bintulu LNG, one of the world’s largest LNG facilities, located onshore in Sarawak. This strategic location could turn Block 2A into a global energy hub, with Seascape at the helm of its development.
Meanwhile, Inpex is undergoing its own transformation, rebranding and restructuring to align with its Vision 2035 strategy. The changes are designed to streamline operations and position the company as a leader in the global energy market. For Seascape, this partnership with Inpex is more than a transaction—it’s a stepping stone to a future where innovation and collaboration drive the energy sector forward.
