Seascape Energy Asia PLC on Friday said it was pursuing opportunities to sharply expand its portfolio during this year, as it reported an increased loss.

The stock fell 9.0% to 30.50 pence per share on Friday morning in London.

The Southeast Asia-focused exploration & production company said its pretax loss widened to £5.7 million in 2024 from £3.9 million in 2023.

Administrative costs increased to £6.7 million from £4.7 million.

Chief Executive Officer Nick Ingrassia said: ‘It is hard to overstate what a pivotal year 2024 was for Seascape Energy as the business undertook a complete transformation; pivoting to Southeast Asia and undertaking several transactions which have resulted in a fully funded platform to pursue growth opportunities across the region.’

He added: ‘New business remains a priority for the company in 2025 with Seascape actively pursuing growth opportunities in Malaysia and elsewhere with a particular focus on high-impact, ground-floor opportunities to materially expanding its portfolio.’

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