Seascape Energy Asia plc Q2 2026 Earnings Recap

The shares rose 8.8% after the interim results, with investors likely responding to progress on the Temaris development and a cash position management says funds the project through FID. The company remains pre-production, and Temaris still depends on securing a farm-in and debt financing after FID.

Key Takeaways

• Cash was just over £7 million at the balance-sheet date, including restricted cash; about 60% of restricted cash was released after the period end.
• Management says available cash takes Seascape through Temaris FID, expected in Q1 next year, and beyond; it expects a farm-in and debt to finance the project thereafter.
• Temaris is a 100%-owned, operated 250 BCF gas development. The field development plan is due by year-end, with first gas targeted around 18 months after that plan.
• Block 2A’s Kertang prospect is expected to be drilled in under 12 months, with Seascape holding a full uncapped carry, according to management.
• The business remains pre-production and reported a loss for the period; management cited tight cost control and capitalized Temaris project spending.