AGM Update

Seascape Energy Asia

27/06/2024 07:00

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RNS Number : 0542U  Longboat Energy PLC  27 June 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

 

27 June 2024

 

Longboat Energy plc

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

 

AGM Update

 

Longboat Energy, an emerging E&P company focused on Southeast Asia
provides the following corporate update in advance of the Company's 2024
Annual General Meeting, which is being held today at 11.00 a.m. at the offices
of FTI Consulting LLP, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.

 

Norway Exit

 

Longboat is pleased to announce it has now received consent from the Norwegian
Ministry of Energy agreement to sell its 50.1% holding in Longboat Japex Norge
AS to its joint venture partner Japan Petroleum Exploration Co. Ltd (the
"Transaction") along with approval by the lenders under the Exploration
Finance Facility. With only the transfer of third-party contracts remaining,
these key approvals pave the way for Transaction completion in early Q3-24.

 

Block 2A Competent Persons Report

 

As announced separately today, Longboat has published a Competent Persons
Report ("CPR") undertaken by ERC Equipoise Ltd ("ERCE") on the giant Kertang
prospect located in Block 2A (52.5%, op), offshore Sarawak in eastern
Malaysia.

 

The CPR confirms the giant scale of the Kertang prospect assigning gross,
unrisked mean prospective resources of 9.1 TCF plus 146 mmbbls of NGLs across
four main horizons.

 

Following recent increased interest levels in exploration for world-class
scale fields, multiple large companies have approached Longboat regarding
Block 2A. Having consulted with PETRONAS, the Company now intends to run a
farm-out process during H2-24 to identify a suitable partner.

 

Investor Meet Company

 

Immediately following its AGM, Nick Ingrassia (CEO) and James Menzies
(Executive Chairman) will host a live presentation for investors via Investor
Meet Company on 27 June 2024, 11:30 BST.

 

Investors can sign up to the presentation via:
https://www.investormeetcompany.com/longboat-energy-plc/register-investor
(https://www.investormeetcompany.com/longboat-energy-plc/register-investor) .

 

Investors who follow Longboat on the Investor Meet Company platform will
automatically be invited.

Ends

 Enquiries:
 Longboat Energy                                   via FTI
 Nick Ingrassia (Chief Executive)

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

 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 (mailto:longboatenergy@fticonsulting.com)

 Rosie Corbett

 Catrin Trudgill

Standard

Estimates of reserves and resources have been carried out in accordance with
the June 2018 SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management
System ("PRMS") as the standard for classification and reporting. A summary of
the PRMS can be downloaded from:-
https://www.spe.org/en/industry/petroleum-resources-management-system-2018/
(https://www.spe.org/en/industry/petroleum-resources-management-system-2018/)
.

Review by Qualified Person

The technical information in this release has been reviewed by Dr Pierre
Eliet, EVP Corporate & Business Development, Country Chair Malaysia, who
is a qualified person for the purposes of the AIM Guidance Note for Mining,
Oil and Gas Companies. Dr Eliet is a geologist with more than 25 years'
experience in the oil and gas industry. Dr Eliet has a BA Degree in Earth
Sciences from Trinity College, Dublin and PhD in Geology from Manchester
University, UK.

Glossary

"mmbbl" means Million barrels

"NGL" means natural gas liquids

"Prospective Resources" means those quantities of petroleum which are
estimated, on a given date, to be potentially recoverable from undiscovered
accumulations

"TCF" means trillion cubic feet

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