INPEX CORPORATION (INPEX) announced that it has executed an
agreement with Seascape Energy Asia plc (Seascape) to acquire 100 percent of the shares
in Longboat Energy (2A) Limited, a subsidiary of Seascape that will own a 42.5 percent
participating interest in the Block 2A (hereinafter “block”) Production Sharing Contract off the
coast of Sarawak, Malaysia. INPEX will assume operatorship of the block where it will engage
in hydrocarbon exploration activities alongside partners Topaz Number One Limited (Topaz),
a wholly owned subsidiary of Seascape, PETRONAS Caligari Sdn. Bhd. (PCSB) and
Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP). The completion of the
acquisition is subject to the fulfillment of certain conditions, including approval by PETRONAS,
through Malaysia Petroleum Management (MPM).
The block is located off the coast of Sarawak, Malaysia and covers a surface area of
approximately 12,035 square kilometers, in water depths ranging between approximately 180
and 1,390 meters. INPEX and its partners will henceforth pursue exploration activities as per
the title obligations. The block is located northwest of the Central Luconia hydrocarbon
province where recent gas discoveries have been made.
INPEX’s acquisition of a participating interest in the block aligns with the company’s broader
goals of seeking a stable supply of clean energy by focusing on core business areas including
Malaysia and will allow INPEX to further strengthen its existing ties with PCSB and PSEP as
well as establish a new long-lasting relationship with Seascape who is Southeast Asia-focused
E&P company. In addition, INPEX’s operatorship is expected to provide it with long-term
access to promising exploration prospects in the region.
