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And this too, exciting week ahead anyhow even if the CPR goes into July. The agm and meeting after should provide lots of information.
"Longboat is pleased to announce that it has provisionally been granted an award, subject to the successful negotiation of certain key contractual terms, for acreage in shallow water offshore Sarawak containing several material, undeveloped gas fields capable of near-term development. These resources are an important addition to Longboat's growing Asian portfolio."
Â
Will be good to have the CPR before Thursdays AGM;
"Multiple large companies" in that area, Total, Shell etc
"The Company has recently commissioned ERCE to undertake a competent persons report ("CPR") to confirm the potential size and risk associated with Kertang, believed to be one of the largest undrilled structures in Malaysia. It is anticipated the CPR will be published at the end of June.
Â
Following recent increased interest levels in exploration for world-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."
Â
I suggest you read the recent RNS as to how much cash they and the interest partners have
Which RNS does it say we are in discussions with Majors?
And ex cash we are valued at c.£10mn , which is more or less what we were valued at when we had Malaysia plus Norwegian assets as well. I’d be happy to be proven wrong with my smaller position if we do get a rerate like upl. Unfortunately not aware of upl other than that they have an attractive onshore opportunity vs our offshore ones.
If you think multiple TCF and DRO with majors already in discussion with a highly experienced board is worth only £5million (takeaway cash) then I would love to hear your thoughts as to why UPL is valued at £40million
DRO and CPR news next week. With thanks to Zengas for this link:
https://www.upstreamonline.com/exploration/malaysia-to-unveil-2024-licensing-round/2-1-1587111
And Zen's great detective work strongly suggesting LBE have secured the DEWA complex and Kepatu clusters, together with OilDtR's speculation that the size of these alone will make the Norway resources look like chump change.
There must be a significant amount of data about Kertang on Petronas's myPROdata platform, whoch all the majors mist have access to, and the CPR should put the final capstone into place for the farm-out process to begin. Starting in H2, which kicks in the week after next. So, much to look forward to.
Don't forget though, CPRs are always ultra-conservative. All the companies considering participating in a farm-out will well understand that - AIM punters sometimes don't.
Started: keeptofacts, Today 08:20
Last post: Mommur, Today 08:56
Must say I am glad we are back to where we started, prior to our exit from Norway, where we were a Norway Malaysia joint operation. Cash strapped and our multi millionaire (ex FPM) Directors couldn't spare a penny for their lifestyle company . Graham Stewart still accepting some gravy mind.
Now we are a single entity and a pure exploration company with funding up until Q1/25. (risk?)
Farm outs, drilling brings their own risks - lets hope for a ECO moment with sp going from 16p to 161p, but it took a few years and has never returned to those heights.
Still early days for me, so can anyone highlight the negatives / risks here?
thanks.
Started: zebbo, 20 Jun 2024 11:13
Last post: Deeko19, Today 08:34
Found an article on the PETRONAS website last night relating to 2023 DRO awards.
1 field was 4 TCF of discovered and appraised gas resource. Gas was high CO2 concentration so CCS required.
The second which was highlighted several times as a small award was 260 Bcf of sweet gas which is close to 50 MMboe resources. Amazing that Petronas are giving these away, in Norway people are spending £50+ million for half that.
To put it into context, Jadestones Akentara gas field development is 69 Bcf of gas resource.
Looking forward to next week and hopefully we see a FOMO Friday today',
With the likes of UPL at market cap GBP 40 million , BOIL at GBP 23 million imho LBE is cheap at GBP 11 million ( 20p). Just to give examples compared to 2 exploration companies also operating in south east Asia.
At 7p was simply priced to go burst.
Depending on the DROs being acquired soon and numbers from the huge block 2A CPR , this could be multiples of todays price in the very near future..
Lets hope for similar finish as yesterday without the last minute fall back. Looks solid
Blimey.
If we get something like that, then looks like my £1 sp target may finally be within reach again then.
And that's before any drill on Block 2A/Kertang.
Started: zebbo, 19 Jun 2024 16:00
Last post: Stockyinvest1, 20 Jun 2024 15:11
I am sure TR1 buyers are not finished yet but market malers will need to shake out some sellers
19p is only £10million mcap keep that in mind
There cannot be much available "at all", still feel the MMs have been wrong footed here. If so this could really spike at some point.
10% into sticky hands that we know of over the last few days. That does not include a number that must be holding 1% + me included
Started: keeptofacts, 20 Jun 2024 11:33
Last post: keeptofacts, 20 Jun 2024 12:01
Thanks, makes sense
They are waiting for the Kertang CPR (and hopefully news on DROs) before issuing updated coverage. So earlyish July.
Most recent I can see is Feb 2023
thanks
1. "Multiple large companies" in that area, Total, Shell etc
"The Company has recently commissioned ERCE to undertake a competent persons report ("CPR") to confirm the potential size and risk associated with Kertang, believed to be one of the largest undrilled structures in Malaysia. It is anticipated the CPR will be published at the end of June."
2 "Longboat is pleased to announce that it has provisionally been granted an award, subject to the successful negotiation of certain key contractual terms, for acreage in shallow water offshore Sarawak containing several material, undeveloped gas fields capable of near-term development. These resources are an important addition to Longboat's growing Asian portfolio."
Â
Â
Following recent increased interest levels in exploration for world-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."
Â
Great blue opening there.
Market cap at 20p will be about £11 million. Just too low with block 2A on which cpr is imminent.
Not to mention the DROs we are acquiring soon.
See UPL jam tomorrow rns today and they have a £40 million market cap and have no psc, no cpr till q4, no jv, poor management
Should open blue and imo should rise above 20p tomorrow.
Heading for much higher share price in the short term 50p+) ie £30 + million market cap .
What is out there on the DRO ? Any tips would be great
Started: Deeko19, 19 Jun 2024 13:53
Last post: Jungmana, 19 Jun 2024 16:16
Sold out of one of my stocks and from today this is my largest holding out of 5 stocks.
Target 100p by Xmas
That's two of us who don't do internet arguments :)
Savv. Of course their is going to be deal making, also RN Soon ,if not already done on buying/Partnering or investing in Asian Asset to add to our very good Malaysian assets . I don't do Arguments on here. Good RNS today
The director dealing perhaps suggests no further major news in the works but interested to hear what they say on June 27th.
Ezra Machnikowski - total capital under management of 3.7 billion! Chump change. Wonder if he’ll keep increasing?
He obviously see’s the value potential here.
Started: keeptofacts, 19 Jun 2024 15:12
Last post: keeptofacts, 19 Jun 2024 15:25
Agreed, that's what I meant.
All news is already in public domain
CPR and talks with majors/licences
News flow looks good, insti holders look good.
the thingb that hit me wsas the BOD would look a bit stupid to change the name of the subsidiary unless they had the nod.
as to director buys meaning no news, just means there is no non public news that they are privy to that will move the price. Not a concern I feel.
Not sure I will get to 3% but nearer 2% now
Also great to our CEO buying
Started: Deeko19, 19 Jun 2024 10:14
Last post: Deeko19, 19 Jun 2024 12:03
Yes, the shares appear to be sitting in more patient hands now.
Looking forward to the CPR, DRO and investor presentation in the next week or so. Hopefully, Menzies is out speaking with institutions and storing up interest to remove even more shares from circulation.
The free float getting even tighter as big hitters load up more.
Onwards and upwards
I've topped up; the trades in red are likely buys. I managed to buy at 15.20p but soon after asking 15.28p.
Feel very confident here, that we have something special here, such early days in its new potential.
Encouraged by the write-ups by oil specialist Maylc and great insight by Zengas ofcourse, who has loved his oil shares for a long time. I go back as far as Victoria Oil & Gas days
James Graeme Menzies, bought 17th
1,025,641 @ 9.75pence
Jonathan David Selby Cranston
Started: Oiltdr, 18 Jun 2024 08:21
Last post: Urraca, 19 Jun 2024 09:49
I attempted to register with Petronas's MyProData platform, which appears to have a vast amount of data on all Petronas activities, including the bid rounds. I fell at the first hurdle when it refused to take a gmail address. Just have to wait until next week for the Company to reveal all I guess.
Some of those fields had already produced in the past with first oil in 2013, search for the Balai cluster. There are existing wellhead platforms included in the DEWA cluster, but the main asset, the FSP vessel, was sold by Petronas.
It is anticipated the CPR will be published at the end of June.
Subsiduary name changed to that of the DRO assets up for grabs (and already provisionally awarded).
The investor presentation is next Thursday the 27th and just one day shy of the last reporting day of the month. Imo, it would be a pretty bland affair to hold the presentation without the above being included so i would have thought there would be meat on the bones by then so to speak - otherwise why not just hold off a few more days if nothing of substance to talk about.
Zengas' impressive detective work strongly suggest the assets they have been awarded are collectively known as the DEWA Complex. What more can you tell us about these fields Oiltdr?
If I was to hazard a guess , if I could find out what assets they have been awarded it wouldn’t be a stretch for some of the smaller funds invested. Wait for the AGM or just before.
Started: zebbo, 19 Jun 2024 08:38
Last post: Jungmana, 19 Jun 2024 09:27
It was about this time last year that UPL started its move from GBP 4 million market cap to 10 bag by November of 2023.
LBE is far advanced in projects and in a better position, therefore 100p ( GBP 57 million market cap ) before end of this year imo is very achievable.
We have psc, 3D costing over $10 million, new DROs soon adding to the huge 2A block, far more experienced management, cpr due on 2A soon etc.
100%
Happy to sit back here and watch.
57,000,000 shares in circulation. MM are doing what they do, trying to make some cash on spreads, brokers are doing what they do, trying to make money on buys and sells.
Massively undervalued and LBE has huge news due in the next week
And that is up.....MMs trying to shake a few loose this morning
Started: Deeko19, 18 Jun 2024 08:21
Last post: Stockyinvest1, 19 Jun 2024 08:05
Potentially the largest undrilled structure in Malaysia
Strip away cash then this is being valued at £4million
Zengas, brilliant analysis once again. Every post has been informative,
I noted the DRO’s last night as DEWA and Ketapu. Strangely I could t find anything on DEWA via google but managed to find some old info from JAPEX buying in on Ketapu. Suspected it may have been Ketapu but now confirmed as DEWA.
If anyone can find info on these assets (sounds like multiple fields as described in the RNS) please post it here
With the name change to Longboat Energy (DEWA) Ltd the DROs must be in the bag.
Has to be the DEWA complex.
'The bid deadline for the MBR+ assets — three DRO clusters offshore Peninsular Malaysia and two DRO clusters (DEWA Complex and Ketapu) offshore Sarawak, East Malaysia — was 15 January. For these assets, MPM envisages awarding the PSCs in April or May and signing the PSCs in June this year.'
https://www.upstreamonline.com/exploration/malaysia-to-unveil-2024-licensing-round/2-1-1587111
Thanks Haggis. When the sp drops so much i don't like selling and equally don't like chasing a falling knife. So yes sat tight in hope it turns out good in the long run.
Think there's a few still here since the beginning, you and i being two.
Topaz Energy Ltd that was established 8 weeks ago at Companies house has been registered as a name change today as Longboat Energy (DEWA) ltd as a subsidiary of Longboat Energy PLC.
Started: Urraca, 18 Jun 2024 14:53
Last post: Urraca, 18 Jun 2024 14:53
For poor old Alastair Bruce. I could well sympathise if he came on here to vent, he must be apoplectic with fury now. Still, it's an ill wind, and I picked up around 10% of his epic dump at under 7p - bargain of the year. Thanks Alastair, I'll buy you a beer if we ever meet up. I'm now back in the black on my entire LBE holding, after that savage averaging down.
Last post: haggis_trap, 17 Jun 2024 20:50
I was always confident there was a plan in place here.
Board was recently divided between Norway and Malaysia. No idea if Japex got frustrated with lack of Norwegian progress? Or perhaps LBE decided on their own accord to focus on more exciting opportunities elsewhere?
Either way the divorce seems to have been amicable and beneficial to both parties. If you believe a farm in can be delivered in short order then there is plenty to get excited about once again. Could / should be back to 20p soon
- the data room for 2A will be extremely competitive. As such the farmout terms will be very favourable.
- 2A is additionally attractive as it’s outside the carbon belt - don’t underestimate the importance of this to majors.
- as for the discoveries , PETRONAS are very good at the gas offtake side which in return provides the covenant for farm out or finance.
The equity value here is potentially extraordinary.
Malcy's take on things:
"So pick the bones out of those two announcements this morning as Longboat, remarkably quickly after the recent news that Norway was proving to be somewhat less than profitable, and that its South East Asia portfolio was the future. The way that it has been done is pleasing, the company could not find any reason to stay in Norway and if they had stayed in what was a deteriorating situation there was no guaranty that they could have got out so cleanly.
Longboat has sold its 50.1% interest in the JAPEX JV for $2.5m in cash but importantly taking with it the share of the debt which adds $8.5m to the total making an $11m exit purse. As a result in one fell swoop the board has wiped the slate clean in Norway and is now preparing for life as a South East Asia focused hydrocarbon play.
And what now, well the good news is that there are the makings of a pretty handy portfolio of assets tucked away under the watchful eye of James Menzies who is somewhat of a legend in the area and has the optionality to make something really rather good out of what he starts with.
The jewel in the crown is obviously Block 2A where they have a 52.5% operated interest in this offshore Sarawak located area in eastern Malaysia and in which the ‘giant Kertang prospect’ is located. And this is indeed a jewel, we are told that ‘multiple large companies have approached Longboat’ with interest, accordingly a farm-out process will take place in H2 2024.
In addition to this, Longboat has also potentially an interest in shallow water Sarawak ‘containing several material, undeveloped gas fields capable of near-term development’. These, added to 2A are really excellent starting blocks for the company and as they have said, an important addition to the Asian portfolio.
The speed with which Longboat has got to grips with the Norwegian problem, cut a deal to sell and move forward has been very impressive. Fortunate maybe, in having 2A and Mr Menzies to call upon but I can’t think of anything or anyone better to lead the company going forward.
I have said twice now that investors should not hang around in reassessing and deciding to invest in what we should call ‘New Longboat’, with a CPR imminent I have a feeling that there is lots of upside here and maybe quite quickly too. "
Oiltdr are you currently located in SE Asia by any chance ?
Thanks for sharing Oiltdr - much appreciated.
(and kudos to Zengas, you had this pretty much worked out a couple of weeks ago)
The Norway nightmare is over, can't say I'm gonna miss that albatross Helge too much.
Us long term holders are now back in play!
Started: 1408., 17 Jun 2024 07:18
Last post: Stockyinvest1, 17 Jun 2024 18:45
Get the feeling CPR numbers will blow the socks of this. Very under the radar currently.
Remains to be seen Whirlaw but I'll fill my glass up :)
Lol Ash! Now, cheer up mate, time to leave your half empty glass in Norway and reread what Oiltdr just wrote about the DRO award...
It'll just be our luck that the lotus drill in H2 this year will come in as a rate stonking result. đŸ˜±
Just need to fabricate a buyer :)
Started: chumba, 17 Jun 2024 09:43
Last post: chumba, 17 Jun 2024 09:43
Ditch Longboat and insert Sanpan.
And give all who sail in her a daily ration of Horlicks.
Any decent broker buys or sells inside the advertised price. Pointless bloody statement…
Horrendous spread indeed .
You are down the full 11% once you hit the buy button and I can't see that news keeping the SP 25% up all day
If it drops a few more % and spread remains you will be 20% down
Is a bit much eh
Started: Hazbeen, 17 Jun 2024 07:45
Last post: Urraca, 17 Jun 2024 07:50
Much better than being diluted to oblivion anyway
.
Started: zebbo, 17 Jun 2024 07:46
Last post: zebbo, 17 Jun 2024 07:46
Onwards and upwards
Started: Mrnaddy100, 12 Jun 2024 23:55
Last post: Savv, 14 Jun 2024 23:48
You're speaking to someone who hasn't been venting or raging by the way. Being too negative doesn't help anyone. The same can be said for those who are too positive.
Savv, I'm underwater here - who isn't? But venting and raging accomplishes nothing - it's a waste of time. And I'm too busy doing other stuff to be bothered wasting my time. Happy to hold here because I think it'll come good. If not, I'll move on.
One thing I've been thinking recently is, is it best for LBE to sell down 50% of Norwegian JV? Current estimates based on what JAPEX paid us would be $10 million net paid to Longboat.
JAPEX have ambitions of growing Longboat JAPEX into a 15,000 boepd company, with JAPEX as the 75% stakeholder I'd suspect they would be inclined to push this agenda with more force. This then allows LBE to act more as a silent partner whilst keeping all the benefit of any progress in Norway.
SAVV - I'd personally just sell up and move on to something I believed in. Been there before and managed to claw back every penny of losses and multiples more. I wouldn't waste my limited time on this earth getting frustrated, I'd spend it researching some other company.
Zengas, brilliant post.
I keep coming back to the same question, is this worth more than £4 Million? Kertang which is a world class exploration target at 9 Trillion cubic feet, Discovered resource bids entered with a JV partner, Independent Norwegian JV which will be generating revenue at some stage from 1000 boepd and (regardless of what others think) potential acquisitions of production and development opportunities in Norway.
Can I see this being valued at £0.40p (Mcap £22 million). Without a doubt, and that's why I'll continued to buy tranches as and when I can.
Give it a few months and you might be here venting with the rest of us :)
Started: zebbo, 6 Jun 2024 17:01
Last post: Ash78, 13 Jun 2024 09:23
Thanks Urraca, I'd missed that comment about update towards end of june. Cheers.
Fingers crossed it's positive and things start to look up..
They said in their last RNS "It is anticipated that Longboat will give a further update to the market around the time of its AGM at the end of June.". So news is coming shortly. The price fell today on apparently strong buying. All players can fold whenever they wish, but we already know we'll get updated before the end of the month.
5 pence placing anyone?
Some additional communications from the company wouldn't be a bad idea asap
Nervous couple of weeks. I wish they'd just tell us now
How low can we flippin go!
Started: ZENGAS, 11 Jun 2024 20:14
Last post: ZENGAS, 11 Jun 2024 20:14
Longboat bought out Topaz Number One limited that held 15.75% of Block 2A in Malaysia. It's still active as a company with Helge Hammer, Pierre Eliet, Jonathan Cooper as current directors and a notification as Longboat Energy having control on 3/1/2024.
'Longboat Energy 2A limited' was set up on 16/1/23 and 1 month later was awarded 36.75% and operatorship of Block 2A Malaysia (Nick .
Nick Ingrassia our CEO is director in both Longboat Energy PLC and Longboat Energy (2A) limited.
Now a new company has been set up at Companies house just 8 weeks ago on 7/4/24 called 'Topaz Energy Limited'. with Nick Ingrassia as director and Longboat Energy PLC as having control.
I'm just wondering could the new company be about to or expecting to be awarded assets in Malaysia at any time just as they did with forming LBE 2A Ltd one month before their 2A interest and operatorship was awarded.
Worth noting again what JM said then in the 11th April presentation if you listen (see my post 6/6/24 13:48 ) 'they offer some of these to you for development at no cost if there is a sensible, credible development plan'. He said back then in the 11th April presentation they had applied for offshore Sarawak. So have these already been offered to us as he said then, hence the new company recently formed to take these assets.
Taking into account JM saying that on 11/4/24 We have applied for some of these - so how long before this interview on were they negotiated/applied for January, February, March ???
Why bother setting up a new Malaysian subsiduary company on 7/4/24 ?
I wonder why call it Topaz Energy limited and perhaps could this be a precursor at some point to being known as Topaz Energy PLC if we were to exit Norway?.
Started: bongostarjr, 10 Jun 2024 18:21
Last post: bongostarjr, 10 Jun 2024 18:21
The HE1 placing shows why we need to make sure the price is a lot higher if we need to raise. Shocking. We need to avoid a raise at all costs down here