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Noted the copy and paste from offshore-technology website states 3.5 million barrels of condensate. I'd suspect that's a typo on their part, 35 thousand or 350 thousand would be more likely
Aye Kertang is a game changer here: Kasawari is 3 TCF, Kertang is estimated at 9 TCF. KasawariIt is expected to produce 900 million standard cubic feet per day (mmscfd) of gas and 3.5 million barrels of condensate per day.
The Kasawari gas field is expected to commence production in 2023.
Currently we're 50% holders. Imagine the value here even if farmed down to 5-10%.
Im in buy mode. Looking cheap on all levels £9m mcap, with what we have....Hmmmm.
If you listen to James in the last interview Block 2A offshore, Sarawak - Kertang will be drilled in 25 and is part of the Petronas drill plan. That to me indicates that they have a major in the process of being lined up. As soon as news starts to flow here, we will be way higher. Plus we have NS/ Norway stuff
A great time to keep accumulating though!
Unfortunately the market doesn't seem to think they are working on something big.
The secondees are more likely to be there asking some difficult questions and perhaps questioning the BODs appetite to invest. In the meantime we've entered yet another period of higher oil and gas prices. "Ooo the timings not right" "Ooo we're still reviewing a number of possible deals" ...
At the rate I’m accumulating them yes
This time next year, Rodney, we'll be millionaires.
With c. $90m of available liquidity and further RBL capacity ... then on a good production deal this is a huge op at this equity price.
C. £10m of equity could easily be doubled or tripled over night.
Interestingly they mentioned japex "secondees" in Norway office... obvious what they are doing there!! Have no doubts they are working on something pretty big.
20/3/23 OKEA
The Statfjord Area comprises the Statfjord Unit, Statfjord Øst Unit, Statfjord Nord and Sygna Unit.
The Statfjord Unit development covers the Statfjord A, B and C concrete gravity-based platforms. The other fields are subsea developments tied back to the main field platforms.
Statfjord Area is one of the largest fields on the NCS in terms of initial oil in place which was in excess of 6 billion barrels. Statfjord A was put on production in 1979, followed by Statfjord B in 1982 and Statfjord C in 1985.
====================================================
*****
The field is operated by Equinor and the Field Life extension (FLX) unit was established in 2020 with an ambition to deliver 200% increase in remaining reserves, 25% cost reduction and 50% CO2 reduction in the Statfjord Area by 2030.
****
================================================================
https://www.okea.no/investor/investor-news/okea-acquires-28-working-interest-in-pl037-statfjord-area-from-equinor/
Longboat
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 Sygna field is located just northeast of the Statfjord Nord field in 300 metres water depth. Sygna produces oil and gas from good quality, Middle Jurassic sandstone in the Brent Group. Originally discovered in 1996, the field began production in 2000 from three production wells tied-back via a subsea template to the Statfjord C facility.
https://longboatenergy.com/operations-norway/
Thanks for the clarification
LBE's description of Statfjord East on its webpage also confirms that it uses the Statfjord C platform:
"Prospect: Statfjord East
Licence: PL 089 CS
Partners: Longboat JAPEX (4.8%), Equinor (operator), Petoro, Vår, Wintershall Dea
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.
Production is expected to increase significantly early in 2024 when the new wells will be brought on stream. Gas-lift installation has been completed."
Source: https://longboatenergy.com/operations-norway/
Yes, the Statfjord A platform is for the main field. Statfjord East or Ost in which LBE has its interest uses the Statfjord C platform. Below is an excerpt from the regulatory factpages for Statfjord East which confirm this fact:
https://factpages.sodir.no/en/field/pageview/all/43672
"Statfjord Øst is a field in the Tampen area in the North Sea, seven kilometres northeast of the Statfjord field. The water depth is 150-190 metres. Statfjord Øst was discovered in 1976, and the plan for development and operation (PDO) was approved in 1990. The field has been developed with two subsea production templates and one water injection template, tied-back to the Statfjord C platform. In addition, two production wells have been drilled from Statfjord C. The production started in 1994."
We’re Statfjord c no?
OSLO, April 17 (Reuters) -Norway's Statfjord A oil and gas platform in the North Sea was hit by a fireearly on Wednesday, which was put out after about 90 minutes, operator Equinor EQNR.OL said.
Production was already shut due to maintenance when the fire broke out, a spokesperson said.
Workers were not evacuated from the platform during the incident, Equinor said. Local news reports had previously said workers were evacuated.
https://www.xm.com/research/markets/allNews/reuters/norways-statfjord-a-oil-and-gas-platform-hit-by-fire-53814641
I think I bought what he sold yesterday.....lol
Reduced by 400,000 or so yesterday - message to the board??
Agree Mommur,
Like I've said previously, I'm all in on LBE based on the current trajectory and plan. I was never sold on it pre-JAPEX, exploration is like waiting for a lottery ticket to come in but once JAPEX was onboard with $100 Million to fund acquisitions, the potential prize here is far too tempting from my standpoint.
Add in the fact that Helge has mentioned we could extend this for a deal worth unto $200 Million then the Mcap is looking a little silly in my opinion. These guys could spring out an acquisition anywhere between 6000- 15000 boepd at any time.
The initial acquisition has worked out v.well for us at 1000 boepd (we're not there yet but come June we will be). A further bolt on acquisition of similar magnitude put's us in a very good place and yet the board have expressed a desire to achieve a much bigger deal.
I'll continue to acquire shares whilst we're in the teens because the Mcap is just silly at the minute. If nothing else happens between now and the Q3 well spud, I'd put a dead cert on us approaching 30p by September which is 76% increase from todays price. Even then at 30p a share the Mcap is tiny... £15 million's. Mental
I'm not sure who quoted this but 'everybody wan't it right now...nobody want's to get rich slowly'
and my other favourite quote by Peter Lynch - It takes remarkable patience to hold on to a stock in a company that excites you, but which everybody else seems to ignore. You begin to think everybody else is right and you are wrong. But where the story is promising, patience is often rewarded
Time to call it a day guys on the rancour and assess whether you as a PI can accumulate some wealth here. I was one of a few voices that cautioned buyer beware when these were issued at 100p, due to the "new fpm" management team. Was it a lifestyle company or would it roll the dice and strike lucky. I bought a tranche for the last three drills at 50p - silly me, but have been a buyer in the teens. Perhaps Serica will pounce, that would be good for me, but slowly,slowly just perhaps. Of course in another few years these "entreprenuers" will have recovered their initial stake in wages - aaah the life!!! Place your bets on this one and the p0ast is done.
Long term holders have very good reason to be cynical. Cynicism based on the experience of holding shares in this company for the past 4/5 years. Cynicism based on facts not speculation.
I’m still holding and have also averaged down a bit Whirlaw. I do agree with a fair amount of what you say, but I think management performance has been extremely poor to date. I think it’s undervalued at the moment given the licenses they have in Norway and the prospects in Malaysia, and I’m hopeful that the JAPEX backing will enable them to create some shareholder value.
I just think it’s important to be honest about how the company has performed to date, and an 84% drop in the share price since the IPO tells its own story. That is pure destruction of shareholder value.
I share in the hope they can turn this around Zengas, but we are now waiting for them to pull a rabbit out of the hat.
They have a lot to do to convince this whole setup isn’t purely designed to line the board’s own pockets, but we will see.
Paul because you still can’t grasp what I’ve said and twisting it to suit the situation you find yourself in.
Anyway enough, I’ll leave you to look back while I and some of the others look forward to the future with the 1st production deal bagged, Japex funding deal, largest undrilled target off Sarawak consolidated all in the past 6-9 months with upcoming carried drilling Q3, wider Asian region team and deal sourcing in both jurisdictions.
Did you sell out Paul? I remember you saying a couple of years ago that you held quite a chunk? As did mozzabezza, not heard from him for a while either..
I'm still here, in from 70p in 2020, have averaged down quite a bit since then.
I'm comfortable waiting, believing they've finally got themselves in the position to do well from here.
Share price performance has been disappointing for sure, but I don't put all the blame on the company. I believe the pandemic changed the market completely. Pretty much all deals where shelved initially, there was hardly anyone wanting to sell when the oil price was so low/unstable, not in Norway anyway. Then PE leveraged cheap money massively, which skewed the market dynamics as the market for M&A began to come back. The share price has not recovered from the II sell down, I guess it's whether one sees that as a buying opportunity. But if you don't believe in the management, as you clearly don't, then I guess you see no upside from here.
It’s not putting words in your mouth, it’s what you’ve said!
Like it or not Zengas, Longboat Energy has been nothing but a failure so far. The share price has dropped from £1 to 16p which should tell you everything you need to know but for the benefit of others I shall provide the history.
Longboat launched with the objective of securing production assets in Norway (predominantly gas). When the pandemic hit and energy prices dropped significantly they tried to negotiate too hard and subsequently lost out on doing a deal when commodity prices were at historic lows (no foresight).
After the pandemic energy prices spiked which meant the Longboat management were definitely now unwilling to pay the market prices for production assets. They ended up instead getting desperate and securing a portfolio of exploration prospects, boasting at the time that Norway had a 50% success rate at exploration and these prospects were carefully chosen by their expert technical team. Well that technical team turned out to be utterly useless - out of 10 prospects (Rodhette, Egyptian Vulture, Mugnetind, Ginny, Hermine, Cambozola, Copernicus, Oswig, Velocette & Kveikje), only one of them found commercial hydrocarbons. Their technical team would have had better success throwing darts at a wall - 10% success compared to an industry average of 50%. The only successful well had an over 50% CoS as well!
Having wasted all their money on a failed exploration programme it’s no wonder several of their institutional investors wanted out and weren’t prepared to back them further.
They were between a rock and a hard place but thankfully managed to do a deal with JAPEX and they have now secured a small production deal but even that has had cost overruns that would have been disastrous had JAPEX not come on board.
Now I’m not saying they can’t go on to be successful, and I’m hopeful that they can. But don’t kid yourself or others, it’s been a total disaster thus far.
You can disagree all you like but the market agrees with me, hence a share price of 16p despite the Kveikje discovery & nearby license area, the JAPEX deal and the Malaysian exploration prospects. Sentiment is in the toilet and for good reason.
Sorry Paul, contrary to what you try to put in peoples mouths, No.
You like to think you what you write is correct without checking facts and it's why i don't give you any credit in knowing what your talking about.
As someone who is 'new here and it shows' as you put it, let me remind you that without any fact checking on 1st Dec you stated our second biggest holder was out when in fact it was a transfer within the same group that i pointed out.
So what you’re essentially saying Zengas is that the Longboat management started the company with the aim of acquiring production assets, only to realise afterwards that they could not compete with private equity after setting it up and needed the JAPEX deal to be competitive.
That would mean they were totally incompetent from the start.
Maybe you’re right!