TIDMLBE
RNS Number : 3946U
Longboat Energy PLC
23 November 2023
23 November 2023
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Operational Update
Longboat Energy, an emerging full-cycle E&P company active
in Norway and Malaysia, is pleased to provide the following
operational update.
Statfjord satellites acquisition
Highlights:
-- The fourth of five new infill wells in Statfjord Øst has now been successfully drilled.
-- Overall, project execution is on track with the Statfjord Øst
and Sygna fields expected to be fully on stream from all wells
early in the new year.
-- The transaction is progressing towards completion, which is expected in in January.
On 3 July 2023, Longboat announced that it had signed a sale and
purchase agreement with INPEX Idemitsu to acquire a 9.60% interest
in PL 089, equating to a 4.80% unitised interest in the Statfjord
Øst Unit and a 4.32% unitised interest in the Sygna Unit, for cash
consideration of US$12.75 million.
Statfjord Øst is located seven kilometres to the northeast of
the Statfjord field in a maximum water depth of 190 metres and
produces oil and gas from two subsea production templates and one
water injection template tied-back to the Statfjord C platform. The
Norwegian Ministry of Petroleum and Energy approved a redevelopment
plan in 2021 to drill five new production wells into potentially
undrained areas of the field while also adding gas-lift to increase
production levels.
Initial production for 2023 is estimated to be around 250 boepd
net to Longboat JAPEX, which is slightly lower than anticipated
mainly due to a delay in bringing the new wells on stream.
Production is expected to increase significantly early in 2024 when
all wells will be brought on stream. Gas-lift installation is
completed.
The Statfjord Øst Unit partners are Equinor Energy AS (43.25%,
op), Petoro AS (30.00%), Vår Energi ASA (20.55%), INPEX Idemitsu
Norge AS (4.80%) and Wintershall Dea Norge AS (1.40%). The Sygna
Unit partners are Equinor Energy AS (43.425%, op), Petoro AS
(30.00%), Vår Energi ASA (20.995%), INPEX Idemitsu Norge AS (4.32%)
and Wintershall Dea Norge AS (1.26%).
Business Development Update
Longboat remains strategically focused on delivering
value-accretive M&A opportunities across both of its key
regions of Norway and South East Asia. It is actively pursuing
numerous growth opportunities, which span from near-term,
short-cycle developments through to current production - many with
a gas-weighting.
Following the acquisition of privately held Topaz Number One
Limited and the addition of James Menzies and Pierre Eliet to the
Longboat organisation, as announced 13 September, the Company now
has a Business Development Team for SE Asia with a proven track
record, depth of knowledge and excellent relationships across the
region.
Longboat also remains focused on delivering acquisitions using
innovative financing structures, such as it did in the Longboat
JAPEX joint venture, which seek to minimize shareholder
dilution.
Corporate Presentation
A new corporate presentation can be found on the Company's
website ( www.longboatenergy.com ) setting out the strategic vision
for the business as it enters a major growth phase.
Longboat will also be hosting an Investor Meet Company
presentation at 10:00 GMT Tuesday 28 November 2023. If you wish to
attend the online presentation you should register for the event in
advance via this link:
https://www.investormeetcompany.com/longboat-energy-plc/register-investor
Attendees registered to attend are invited to pre-submit
questions online via the Investor Meet Company dashboard up until
9.00am BST on Tuesday 28 September 2023 or at any time during the
live presentation. A recording will be made available on the
Investor Meet Company platform after the presentation.
Helge Hammer, Chief Executive of Longboat, commented:
"We completed an outstanding milestone transaction with JAPEX to
form our new JV in Norway. The JV in Stavanger is now fully up and
running and in prime position to pursue and deliver on our plans to
grow production and reserves in high quality assets in Norway.
"The timing of our entry into the SE Asia region has been
excellent given the exceptionally active M&A market. We are
excited about the many and varied opportunities available to us and
with our highly experienced team and excellent relationships. We
are confident that we will deliver considerable growth and create
substantial shareholder value in the period ahead."
The information contained within this announcement is considered
to be inside information prior to its release.
Ends
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
Rosie Corbett
Catrin Trudgill longboatenergy@fticonsulting.com
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 eight exploration wells resulting in five
hydrocarbon discoveries, representing a technical 63% 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. Under these arrangements,
JAPEX will make a cash investment of up to US$50 million, of which
US$16 million was paid on completion, for a 49.9% shareholding
in of Longboat JAPEX Norge AS and provide the Joint Venture with
a US$100 million Acquisition Financing Facility to finance acquisitions
and associated development costs. Longboat retains 50.1% ownership
in Longboat JAPEX Norge AS.
Also in July 2023, Longboat JAPEX Norge AS announced its first
production acquisition in Norway of interests in the Statfjord
satellite fields, Statfjord Øst and Sygna .
Longboat entered Malaysia in February 2023 through the award of
a Production Sharing Contract for Block 2A, offshore Sarawak.
Block 2A covers approx. 12,000km(2) and is located in water depths
of between 100-1,400 metres where a number of large prospects
across multiple plays have been identified, with significant volume
potential representing 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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END
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