Slides
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Temaris Cluster Award Delivering material portfolio growth 19 June 2025
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2 Presenters Significant regional experience • Salamander Energy (Founder/CEO) • Coro Energy, TAP Oil • Lambert Energy • MSc Geophysics & Planetary Physics • Salamander Energy (BD Head) • DNO, Longboat, Faroe, Valiant • Morgan Stanley, RBS • MA Ancient History James Menzies Executive Chairman Nick Ingrassia Chief Executive Pierre Eliet Executive Director, Chair Malaysia • IPC and ROC Oil Malaysia • Cairn (Capricorn) • PhD Geology, BA Earth Science • IDP-C INSEAD
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3 Building on our successful track record Pivot complete Limited peer group Deep regional network Lean & efficient organisation Foothold established Hard value + nil-cost blue sky upside Competitively advantaged in Malaysia Balance sheet rebuilt Time for next step… Grow where we have a role to play Data, reasonable costs & timeframe Maintain portfolio asset quality What we said… …and delivered UK-listed independent achieves Malaysian hat-trick Seascape Energy signs third production sharing contract in 28 months, operatorship secured Southeast Asia-focused upstream independent Seascape Energy Asia on Tuesday signed its third production sharing contract in just 28 months, adding an operated asset offshore Malaysia to its growing portfolio, and an offshore gas project is firmly in its sights. Seascape confirmed that it has been awarded a 100% participating interest in the Temaris Cluster Small Field Asset production sharing contract (SFA PSC) offshore Peninsular Malaysia. Amanda Battersby 17 June 2025 Source: upstreamonline.com
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Block 2A (Kertang) (10%) High Impact Exploration A 9 TCF giant DEWA Cluster (28%) Discovered Resources 300-400 bcf gas cluster development Temaris Cluster SFA PSC Award 4 Expanding portfolio to Peninsular Malaysia Temaris Cluster award • DRO offering in MBR 2025 • 100% working interest • First operated development >250 bcf (~42 mmboe) of discovered resources • Fully tested • High quality, nil-cost data • Significant exploration upside Delivers: • Material growth • Low-cost of capture • High-value upside Temaris Cluster (100%, op) Discovered Resources + Exploration Upside +250 bcf gas cluster development + upside
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Significant data over Temaris supports accelerated 5 Appraised and ready to develop Originally drilled by Lundin Oil (now IPC) • Tembakau (2012, 2014); Mengkuang (2015) • Recently relinquished due to geographic priorities Significant data set gained with award • Full 3D seismic coverage, DSTs, + 145m of core Shallow water (~68m) Near infrastructure (~50 km) Targeting low-cost development plan • Minimal, unmanned facilities • Production plateau of up to 100 mmscfd (~17 kboepd) Tembakau Mengkuang Temaris
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Straightforward subsurface supports simple development Three main Early-Mid Miocene gas reservoirs clearly imaged • ~24 km2 in areal size • Strong amplitude response on 3D seismic Straightforward field, good reservoir properties • Stacked pay, gas trapped against main fault • High-porosity fluvial channel and point bar deposits • Normally-pressured, dry gas, low impurities • DST test rates of up to 16 mmscfd from individual sands 6 Tembakau: a development-ready gas field Tembakau - 2 Tembakau - 1 I-20 Amplitude Map I-10 Amplitudes Tembakau Source: Seascape, Google Maps
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Located 30 km to northeast of Tembakau Single, Early-Mid Miocene gas reservoir • ~8 km2 in areal size • Three distinct, separate lobes • Strong amplitude response on 3D seismic Very high-quality sands • Different horizon from Tembakau sands Limited data collection from original well Incremental volumes to primary Tembakau development Source: Seascape7 Mengkuang: incremental volumes Satellite potential near to infrastructure I-35 Spectral Decomposition (20, 30, 40Hz) Mengkuang - 1
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Exploration upside already identified in multiple horizons on Temaris PSC • Largely ‘low risk’ near-field potential Seismic reprocessing will allow amplitude calibration against existing wells • De-risking sands vs gas-filled sands Opportunities appear to extend into adjacent acreage available in second phase of MBR 2025 Potential to explore/appraise as part of development campaign Source: Seascape8 Exploration could more than double resource size High-end geophysics the key to unlocking near-field upside Composite Map - Sum of Amplitudes Additional Prospective Resources Tembakau Mengkuang Temaris Cluster PSC
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9 Strong regional gas market dynamics Peninsular Malaysia Gas Demand Outlook Low-cost development near infrastructure Demand continues to outstrip supply in Peninsular Malaysia Tembakau Mengkuang Sotong Angsi Duyoung ~40km ~60km SFA PSC Economic Split Royalty 10% Alpha 10% Cost & Tax 30% Contractor 50% Source: Seascape (based on Petronas, Woodmac and ST) Source: Seascape
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10 Key near-term asset catalysts Block 2A DEWA Well commitment Secure rig Seismic reprocessing Independent CPR Independent CPR Q3-25 Temaris
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Temaris represents third Malaysian license award since 2023 Temaris represents a major step towards material growth • Portfolio production potential of >20,000 boepd within ~3 years • Seascape in the Temaris driving seat as 100% owner/operator Value creation through low cost-of-capture by adding resources in licensing rounds which are development-ready • Leverage network, expertise and existing position to maximise balance sheet High-value upside in low risk, near-field exploration • Portfolio retains mix of ‘hard’ value and significant upside 11 Proven ability to deliver
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