UK-listed independent Seascape Energy Asia has received a significant boost in its efforts to secure a farm-in partner for its Temaris Cluster asset offshore Peninsular Malaysia. This follows a Competent Persons Report (CPR) by consultant Sproule ERCE that more than doubled the resources at one prospect and identified a new one, enhancing the project's overall potential.

Resource Update and Project Scope

The CPR now ascribes almost 1 trillion cubic feet (950 Bcf) of net mean unrisked prospective gas resources to the Temaris block, representing a 38% increase. Seascape, which holds a 100% working interest, is seeking a co-venturer for exploration drilling and a proposed low-cost development targeting the Tembakau and Mengkuang dry gas fields. The operator aims to submit the field development and abandonment plan to national oil company Petronas before the end of the year.

Key Prospect Upgrades and New Target

The report delivered a material upgrade to the Keladi prospect, increasing its unrisked prospective resources by 125% to 423 billion cubic feet with a 45% geological chance of success. Geophysical analysis showed Keladi is located up-dip and is part of the same channel system as the Tembakau gas field. Furthermore, the CPR identified a new prospect, Tembakau North, described as a high-impact, low-risk, near-field target containing 29 Bcf of gas with a 58% chance of success, which could be drilled from a planned Tembakau field platform.

Strategic Significance and Development Plan

The updated resource base, which includes the Tembakau field's 246 Bcf of contingent resources and other prospects like Allemanda (406 Bcf), positions Temaris to become a transformative gas hub for Peninsular Malaysia's growing energy demand. The operator's subsurface work revealed several additional near-field exploration targets within five kilometres of the Tembakau field, accessible from a planned platform. All developed gas is intended to flow to nearby infrastructure and via pipeline to Kerteh for purchase by Petronas, helping to meet the region's demand, which currently relies on LNG imports.

Commercial Considerations

Despite the encouraging resource update and strategic positioning, Seascape has acknowledged there is no certainty that exploiting the contingent resources on the 1,200-square kilometre shallow-water production sharing contract will be commercially viable.