Disposal

Seascape Energy Asia

15/07/2024 07:00

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RNS Number : 3149W  Longboat Energy PLC  15 July 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").

 

15 July 2024

 

Longboat Energy plc

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

 

Completion of sale of Shares in Longboat Japex Norge

 

Longboat Energy, a Southeast Asian focused E&P company, announces that it
has completed the sale of its 50.1% holding in Longboat Japex Norge AS ("LJN")
to its joint venture partner Japan Petroleum Exploration Co. Ltd ("JAPEX").

 

Longboat has received the full cash consideration of US$2.5 million and JAPEX
has now assumed all future financial obligations associated with LJN,
including existing debt in LJN.

 

Proceeds from the Transaction, along with Longboat's existing cash resources
and savings from continued cost reduction measures are forecast to provide
sufficient capital through the end of Q1-25.

 

Longboat's near-term focus remains its Malaysian activities. This includes the
farm-out of Block 2A, which contains the world-class Kertang prospect, and
finalising negotiations with Petronas on a production sharing contract for
several material and undeveloped gas fields capable of near-term development.

 

In the coming months, it is Longboat's intention to rename and rebrand the
Company as the final step in repositioning its business for success in
Southeast Asia.

 

James Menzies, Executive Chairman of Longboat commented:

 

"I would like to thank both our staff and partner, JAPEX, for their tremendous
efforts in managing to complete the process of withdrawing from Norway in just
under a month from announcement.

 

Following completion of our transaction with JAPEX, Longboat's streamlined
Board and Management team will now direct its full focus on building a
business in Southeast Asia. We will take advantage of the exciting opportunity
in front of us to grow shareholder value."

Ends

 Enquiries:
 Longboat Energy
 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

 

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