RCS - Longboat Energy PLC - Extract from EAGE Presentation

Longboat EnergyAnnouncement

31/01/2024 07:00

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RNS Number : 4352B  Longboat Energy PLC  31 January 2024

31 January 2024

 

Longboat Energy plc

("Longboat Energy", "Longboat" or the "Company")

Extract from EAGE presentation

 

Longboat Energy, an emerging full-cycle E&P company active in Norway and
Malaysia, is pleased to announce that it is making a presentation on the SK2A
PSC offshore Sarawak (Company 52.5%) at the EAGE conference in Kuala Lumpur on
30-31 January. An extract of the presentation has been posted on the Company's
website.

Ends

 

The information contained within this announcement is not considered to be
inside information prior to its release.

 

 

 Enquiries:
 Longboat Energy                                  via FTI
 Helge Hammer, Chief Executive Officer
 Jon Cooper, Chief Financial Officer

 Nick Ingrassia, Corporate Development Director

 Stifel (Nomad and Joint Broker)                  Tel: +44 20 7710 7600
 Callum Stewart

 Jason Grossman

 Ashton Clanfield

Cavendish Capital Markets Limited (Joint Broker)
               Tel: +44 20 7397 8900

 Neil McDonald

 Pete Lynch

 Leif Powis

FTI Consulting (PR adviser)  Tel: +44 20 3727 1000
 Ben Brewerton                longboatenergy@fticonsulting.com

 Rosie Corbett

 Catrin Trudgill

 

 Company Background

 Longboat Energy was established at the end of 2019 to create a full-cycle
 E&P company through value accretive M&A and near-field exploration.
 Longboat's initial focus has been in Norway where the Company has drilled nine
 exploration wells resulting in six hydrocarbon discoveries, representing a 66%
 technical success rate.

 In July 2023, Longboat completed a transaction with Japan Petroleum
 Exploration Co., Ltd ("JAPEX") to form a new joint venture company in Norway
 named Longboat JAPEX Norge AS in return for a cash investment of US$20
 million and a US$100 million Acquisition Financing Facility. Longboat
 retains 50.1% ownership in Longboat JAPEX Norge AS.

 Longboat JAPEX Norge AS holds interests in six discoveries on the Norwegian
 Continental Shelf and has a 4.80% interest in Statfjord Øst and 4.32%
 unitised interest in Sygna producing fields.

 Longboat entered Malaysia in February 2023 through the award of a Production
 Sharing Contract for Block 2A, offshore Sarawak where it holds a 52.5%
 operated interest. Block 2A covers approx. 12,000km2 and is located in water
 depths of between 100-1,400 metres and contains the giant 'Kertang' prospect
 which has volume potential of multiple trillions of cubic feet of gas.

 Longboat's activities remain focused on creating a portfolio with a clear
 low-cost route to monetisation and low-carbon drilling and development
 opportunities, well aligned to Longboat's ESG targets which includes a
 corporate 'Net Zero' on a Scope 1 and 2 basis by 2050.

Cavendish Capital Markets Limited (Joint Broker)
              Tel: +44 20 7397 8900

Neil McDonald

Pete Lynch

Leif Powis

 

 FTI Consulting (PR adviser)  Tel: +44 20 3727 1000
 Ben Brewerton                longboatenergy@fticonsulting.com

 Rosie Corbett

 Catrin Trudgill

 

 

 

Company Background

 

Longboat Energy was established at the end of 2019 to create a full-cycle
E&P company through value accretive M&A and near-field exploration.
Longboat's initial focus has been in Norway where the Company has drilled nine
exploration wells resulting in six hydrocarbon discoveries, representing a 66%
technical success rate.

 

In July 2023, Longboat completed a transaction with Japan Petroleum
Exploration Co., Ltd ("JAPEX") to form a new joint venture company in Norway
named Longboat JAPEX Norge AS in return for a cash investment of US$20
million and a US$100 million Acquisition Financing Facility. Longboat
retains 50.1% ownership in Longboat JAPEX Norge AS.

 

Longboat JAPEX Norge AS holds interests in six discoveries on the Norwegian
Continental Shelf and has a 4.80% interest in Statfjord Øst and 4.32%
unitised interest in Sygna producing fields.

 

Longboat entered Malaysia in February 2023 through the award of a Production
Sharing Contract for Block 2A, offshore Sarawak where it holds a 52.5%
operated interest. Block 2A covers approx. 12,000km2 and is located in water
depths of between 100-1,400 metres and contains the giant 'Kertang' prospect
which has volume potential of multiple trillions of cubic feet of gas.

 

Longboat's activities remain focused on creating a portfolio with a clear
low-cost route to monetisation and low-carbon drilling and development
opportunities, well aligned to Longboat's ESG targets which includes a
corporate 'Net Zero' on a Scope 1 and 2 basis by 2050.

 

 

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