Seascape Energy Asia PLC - Southeast Asia-focused exploration & production company - Pretax loss widens to £2.8 million in the first half of 2024, from £2.0 million a year ago. Administrative expenses increase sharply to £3.5 million from £2.0 million, the company formerly known as Longboat Energy says.

Looking ahead, Seascape says: ‘The company has competitive advantages in the region, including an experienced team with excellent long-term relationships and networks established across Southeast Asia. In addition, its growing portfolio already includes sought-after acreage and operatorship of a licence in one of the most exciting basins in the region, as well as visibility on accessing many additional opportunities to diversify and grow materially its asset position.’

Chief Executive Officer Nick Ingrassia says: ‘The first half of 2024 has been a period of considerable change for the company culminating in a strategic pivot to refocus the business on Southeast Asia. This transitional period is reflected in our interim results. Looking forward, we are excited about the opportunity to use our competitive advantages in the region, including an experienced team with excellent long-term relationships, to grow and diversify our portfolio. We remain focused on delivering several significant value inflection points in the near-term as we seek to grow the business under our refreshed and reinvigorated brand for the benefit of all our stakeholders.’

Current stock price: 15.50 pence each, down 13% on Monday afternoon in London

12-month change: down 10%

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