LBE.L Share Chat (LBE)

If you search SEA you’ll find the page on LSE, together with the RNS announcing this. Amusingly the historic RNSs below belong to Lansdown Energy - Irish Sea company

Name changed effective today;

https://x.com/SeascapeEnergy/status/1836284021560742308?t=ZZo5WKCzWfdbVQoGC1YSUA&s=19

I see Companies house have just done the name change today from Longboat Energy to Seascape Energy Asia PLC.

'Company name changed longboat energy PLC\certificate issued on 17/09/24

Change of name notice

This document is being processed and will be available in 10 days.'

https://find-and-update.company-information.service.gov.uk/company/12020297/filing-history

I did wonder if Petronas wanted the farm out sorted before awarding the DRO.

Yup : looks like we are expecting a big reveal ...

DRO, farm in and name change to Seascape Asia?

Good luck all

"Name Change to Seascape Energy Asia plc

Longboat Energy, a Southeast Asian focused E&P company, announces that it has changed its name to Seascape Energy Asia plc.

The Company will commence trading on AIM under the new name and the new stock symbol "SEA" effective from the start of trading today. The CUSIP and ISIN numbers remain the same. There is no consolidation of share capital. Shareholders are not required to change their existing share certificates for new certificates bearing the new company name and Company shares held electronically will be booked electronically. The name change does not affect the rights of the Company's shareholders, and no further action is required by existing shareholders with respect to the name change.

The Company's new web site can be found at www.seascape-energy.com"

Nice find!

Surely not long now.

Https://www.upstreamonline.com/exploration/petronas-awards-latest-offshore-production-sharing-contract/2-1-1706206

"The South Korean player’s confirmation as winner of the Ketapu Cluster PSC places independent Longboat Energy in the frame to be awarded the DEWA DRO PSC — also off the Sarawak coast — which too was part of the MBR+ acreage release."

I also noticed Seascape Energy Asia Ltd. (incorporated on 2nd Sep) are registered as "06200 - Extraction of natural gas", so gives a clue about the DRO award. All very quiet here (for now...) but not long until the Investor Meeting on the 19th. My invite says "interim results" so I'm guessing it won't be a big announcement, but it could be...

"Nick Ingressia strikes as more dynamic than Helge" - agreed! Good luck 🤞

> Haggis trap! Good to see you're still in.

I got lucky. Sold out on way down (at loss). But got back in at 8p lows. So sitting on paper profit for now. Plan to hold until Malaysia plan fully crystallised. I think they will get it right this time. Nick Ingressia strikes as more dynamic than Helge

Bongo, hopefully not re japex as that previous link up didn't prove too fruitful to say the least!

Haggis trap! Good to see you're still in. Think you and i and just one or two others were on here very early days. Been times where i was close to writing this one off but now not only do we have life in us but the prospects medium term look bright. Onwards...

Impending name change to Seascape Asia formerly announced to stock market. Quite excited about next few weeks. Must have been offered something good to make all this worthwhile. Exciting few weeks for those who held ahead :-)

People seem to have forgotten what's possible with SEA/LBE.

Nice one for Conrad today

As i said on 12th August -

RE: Development funding? 12 Aug 2024 15:25

Yes and neither does Conrad Asia have the development funds for Duyung (215 bcf 2C net) needs $300m gross.

Doesn't have exploration funds/farmout for it's 11 TCF net and 161 Bcf 2C (on over 30 individual drill prospects make up that 11 Tcf) in Aceh.

Valuation A:90c and m/cap £54m down from £100m on funding delay.

---------------------------------------

Today 2/9/24

Still no word on development financing but signed a confidential gas sales agreement with Sembcorp of Singapore announced today.

"This GSA is the essential document that underpins the financial viability and the value of the project"

Closed up 26% at A-114C and a m/cap of just under £70m.

"We are excited about our growing portfolio which we expect to deliver several value inflection points in the near-term."

ie more than two !

and in the near term !

The words value inflection points means the increase in the value of the assets held , well to me anyway

We are excited about our growing portfolio which we expect to deliver several value inflection points in the near-term. We look forward to working with all of our stakeholders to create value as we seek to grow the business under our new brand."

*last of Progressive Capital

Today went largely as expected. Reshuffling of holders, Large seller dumping and random posts about capital raises.

My guess would be they expect completion. Over the next 3 weeks and will be hoping to talk through these assets at the investor meet. Cherry would be farm out update at the investor meet plus other prospects worked up on 2A?

Overall t

Don’t bank on Jallus having a clue.

Don't bank on them not having to raise cash...

Don't bank on them having to raise cash....thats all I will say

Geez, wish I'd got out at 19p. Now lowered than yesterday 17/17.5????

Good luck lads.

personally I'm an investor not a trader.

Need a stronger RNS with results and it will be worth it.

Solid RNS and much appreciated

Well done LBE (now Seascape Energy Asia - SEA!)

Exciting times

Not expecting fireworks today but good to get the update!

Sound like everything’s going to plan with DRO’s! This and 2a farm out will send this rocketing.

Should be a brilliant day here. never doubted the team leading this company.

Those that are NOT getting nervous on a few pennies drift are the investors. Others fall into the traders bucket. Nothing wrong with trading, just take a p1$$ or get off the pot, if the trade goes against you

Long term holders will not be surprised by this lack of news / share price drift.

Guess they are busy, we have some big ducks to line up.

Sniff of any news and this will move fast. Im happy to sit tight even if we do get some SP drift.

Dissapointing the lack of comms has seen this drift though.

Good luck value seeker!

Personally I’m not sure there is a delay. Board communicated mid summer which I assume is the best dates they had. The DRO’s will arrive at Petronas’s pace. They’ve clearly done Borneo first, Peninsula Malaysia second and Sarawak last. Last comms from Petronas was ‘will be signing more DRO’s in the coming weeks’ which was the exact same comms as the prior DRO. Almost exactly 5 weeks later they announced.

I’m still happy here

I have sold a moderate percentage of my shares. Don't like delays from past experience. Monitoring closely now and hoping I don't need to sell more. GL to all

Another week ticks by with no news or info forthcoming. Given we were told DRO news by mid-summer, mid-August is really stretching that definition... Some clarification for the delay would be welcome. Or am I just being impatient?

Fair few sells went through today.

No (reported) trades all afternoon and I can't buy or sell on HL. Interesting....

Good to see a decent rise on a relatively small margin of more buys than sells. Looks like Jallis gets their kicks from waving the shroud of equity raises - was banging on about it relentlessly on the (former) Baron Oil BB. Jallis has also conspicuously overlooked a potential 3rd source of funding. So is either being very disingenuous, or has not bothered to do basic research on LBE before turning up to scare-monger.

Yes and neither does Conrad Asia have the development funds for Duyung (215 bcf 2C net) needs $300m gross.

Doesn't have exploration funds/farmout for it's 11 TCF net and 161 Bcf 2C (on over 30 individual drill prospects make up that 11 Tcf) in Aceh.

Valuation A:90c and m/cap £54m down from £100m on funding delay.

Tick tock Ingrassia...

This imminent DRO announcement is taking a long while 😴

The seller is going to be feeling pretty left out on DRO and farm out :)

This is bang on and corroborates the info I’ve been given from a friend with access to industry exploration annd production analysis tools (all in the public realm too of course). Reserves at Spoah and West Acis alone are +35 MMboe.

Thanks

Silly games IMO. Should have never come down I. The first place.

Rumours?

Some good buy side volume, rumours......

Nothing wrong with a bit of conviction Deeko, I did the same with Serica Energy and Trap Oil (2009-2015) and one came good.

Nautical Petroleum was another good investment, but value traps abound then and still do. Happy with my smaller holding and await news. GLA.

Also, I've finally reached my target of 300,000. Still tiny compared to some holders here but I'm happy with my holding.

For me it's not the waiting game, it's the fact that any time any reasonable amount of upward momentum is gained, someone starts dumping tranches of 100,000 to hammer it back down.

Games being played because if they wanted out, they've had plenty of opportunity to get out. They just seem to wait until a poxy rise of 0.005p before hammering it again. For me if I was selling up, I would just sell up and. move on, I wouldn't wait until it goes from 22.5p to 23p to sell. Seems arbitrary and in the noise really given you can get better returns by just moving on.

Either way, exciting times still ahead for this share and we should be sitting at 30-40p already.

Losing a bit of patience here when we are just stagnating . So many other opportunities out there ATM. However, holding in here.

Yawn

Apologies if mentioned already, but seems TOPAZ ENERGY LIMITED has recently changed name to "LONGBOAT ENERGY (DEWA) LIMITED". Hopefully this is part of the formalities of the DEWA Complex agreement:

https://find-and-update.company-information.service.gov.uk/company/15623739

These are all very good figures, but think it's best to wait until LBE release the news on the DRO assets, otherwise a lot of investors are going to be expecting very high oil figure assets

Spoah reserves example https://theedgemalaysia.com/article/petronas-finds-new-og-fields-offshore-sarawak

100 million boe, 25% -35% recovery. 25-35 million boe on Spoah alone.

With selling this down at already suppressed values. Top up opportunity for others!

Who bought 400k shares today?

Took a few more from said seller, like to think he's about done, a few dummy trades seem to suggest as much, any good news which creates decent volume he's out in the first hour imho

Yep, the seller appears again. Hurry up and get out. This should be well on its way to 40p by now

And then the seller wakes up.

Farmout update must be close aswell

“Significant industry interest in Malaysia Block 2A…launched H2 2024”

News soon?

Still impressive how quiet this is considering what is on offer at this low market cap

From Jadestones Presentation.

SFA Cluster award 100% interest. 358 km2 in shallow water.

Estimated 15 mmbls 2C.

Producing 5,000 boed in 2022 (shut-in) FPSO went for repair - back to owner and chartered to another operator. Jadestone expect to have it in H2 2026 ).

Intend to subsmit FDP by end of this year.

Potential for significant upside from future infill drilling.

Crude oil commands premium to Brent.

Small field Asset PSC - Simple, strightforward fiscal model.

Revenue Split = Royalty 10%, Government 10%. Jadestone 80% of revenue to cover costs of capex/opex, and usual 38% tax on profits.

https://www.jadestone-energy.com/wp-content/uploads/2024/07/20240726-JSE-Presentation-Puteri-Cluster-Signing-vF.pdf

15/6/24

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.

17/6/24

"An Area of Mutual Interest ("AMI") in Shallow Water Sarawak was signed earlier this year, between Longboat and another international E&P company active in Malaysia to pursue discovered resource opportunities ("DROs") being offered by PETRONAS.

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."

As we know the Malaysian subsiduary company was set up on 7/4/24 as Topaz Energy, then changed its name to Longboat Energy (DEWA) ltd on the 13/6/24 4 days before they announced it had recieved the award subject to contractural terms.(DEWA being one of the DRO clusters on offer).

Sorry it was a dud article on my part. It was referring to the 2023 awards. Can’t be bothered looking up the 2024 just yet.

RNS’s tell you why we are confident. It’s already been provisionally awarded to LBE pending terms negotiations.

So only 1 more DRO Psc to be concluded in this round?

Why are we so confident that Lbe is in the frame at this late stage?

100% agree on the targets.

Interesting 5 months ahead!

Deeko I am certain there is buyer lurking aswell, just an exchange of shares from funds whilst company realigns new focus

Think we see 50-60p before year end

If it’s progressive capital with their 5% then they have around 17 days assuming they sell 200,000 on avg a day. That’s from the date of their last RNS which was 8 days ago.

Menzies needs to step on the gas, find some new institutions that want to come along for the journey and go for it. This should be sitting at 36p-43p right now. Suspect it would be if progressive capital hadn’t sold us down the river.

To jump back in with 100,000 tranches and keep us tied to the low 20’s. I’d rather they just dumped them all and let me buy some more on the cheap rather than bore us to death by killing any increase. I suspect they don’t have many days left though with their dwindling shares.

Nice find, things are going to heat up here for sure not many have a c9TFC with multiple targets. Very interesting 6 months ahead

Extract from Malaysia activity analysts

‘Once Totals energies takeover of SamuraOMV takeover is complete and the Jerun cash flow is rolling in, it will be interesting to see what Total energies’ next move in Malaysia will be. Options include expanding its deep water oil exploration programme in Sabah - although results have been mixed to date - or further expanding in Sarawak gas, either through acquisitions or exploration farm-ins. We expect both will feature.’

Kerrang surely must be high on their radar? Jerun is the last of the gas giants. Only high impact exploration prospects such as Kertang are able to sustain the run of gas giant developments such as Marjoram, Lang Lebah and Rosmari.

I am sure it is on alot of the Malaysia investors radar after today

In any case DRO news shortly, mid summer is now

I had hoped we would converge with the UPL market cap by way of our own market cap shooting up.

Wonder if LBE will bid for SK433 :)

Couldn’t help it on this occasion

Looks to be in disarray. Appears they dont have much at all, PSC looks shakey as well........onging talks

Makes LBE look even more of a bargain

Brutal day over at UPL today. Hopefully it comes good for the PI's invested. I never like to see PI's lose money at the expense of a large corp making a profit.

I personally don't see any migration from UPL over to LBE, the first rule of investing is never become attached but it's always the hardest one to follow. The second rule is does the company have a story you believe in, the RNS's coming out of UPL all sound credible and the PSC is always just around the corner... as the corners approached its just around the next corner. The board there should be held accountable and start giving some tangible details.

Anyway, hopefully I'm misinterpreting it and it will all play out as they hope.

Wonder if UPL lot will transfer money into LBE

Seems the safer bet now by a long way, no CPR or PSC issues

Great consolidation and new base forming

Very quiet here aswell herd has not even arrived yet, DRO will change that

Didn’t same myself yesterday. Showed as a sell again.

Patiently soaking up more shares here :)

Had a small 10k top at 11.10 . Every little helps as i nudge close to that 1 million holding target I want here.

One or 2 institutions have been selling over last 5 weeks due to the change in focus of the company from what they see imo as safe secure jurisdiction to South East Asia . Should be done soon.

Other institutions will join us and won't be surprised to see a tr1 soon.

Great post zengas

At £10million mcap this will be something special nothing is being priced in, if UPL can get to £120million at one point I dont see why LBE cannot follow on a similar path

I don't see what the issue is.

Some either don't read the adm doc or make themselves aware of these things prior to investing.

It's a standard practice. They could go work at alternative companies that also reward thus why bother.

Afentra yesterday, it's present in Save where i hold both. Saw people throw a wobbler when the same plan was activated at Kistos as if they didn't know about it.

Wasn't that long ago there were posts about a 5p placing here.

23p strike - shares aren't in play anyway but they intend to net settle so actual shares issued could be a lot less than the 4 amounts indicated this morning under current tax rules (possibly 47% less shares).

Let's see what the potential is for a farmout cash element payment ahead of funding needs in Q1 2025 and who the potential faminee might be ?.

If they were to pull in $10m at a 20p future placing - it keeps the share issue potential at 100m. Could better that perhaps given the 23p option strike price set today.

I expect the DROs to be significantly debt financed if there is significant resources there.

A $500-$1B gas prize in 2A is still a target of over £3.50/share on the above imo so it will be interesting to see what the broker analysis is on both 2A and the DROs.

I see both sides on this one but leaning more in favour of Mommurs view point. Maybe options tied to performance metrics would have been best. I’ve also seen much worse incentive plans too so overall I’m not too fussed.

Either way it’s done. If this goes the way I think it should then we’ll all be happy.

These red dots are easing my excitment levels. I keep expecting it to be the DRO news dropping! The wait continues :)

All in all it is not that bad

Rather the board be incentivised than not, small premium, sure could have been higher but all good in my book

Lets get them motivated

Roll on DRO and farmout

It always amuses me that the simple fact that an executive is paid handsomely, he is entitled to be incentivised to work harder.

I have been in the position of being in receipt of retention bonuses with the workforce unaware of the perilous position the company was in - it went to a good charity. Each to their own - making proper money for a company doesn't just come from the exec - its a team game. I don't resent any exec just the gravy train. End of.

In the words of Menzies ‘some of these have wells in already’

Near term development, potential to already have wells drilled. Petronas happy to negotiate offtake routes.

Sounds like the stars are aligning

Finalising negotiations with Petronas on a production sharing contract for several material and undeveloped gas fields capable of near-term development.

I am guessing DROs couldn't complete until disposal finalised?

Name change to Topaz energy next?

There has clearly been a coherent plan in place here all along.

Hopefully no one got bounced by the drop to 7p.

New RNS - Sale now complete

As per RNS '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'.

All sounds positive

Was in Tullow from 7/8p too! following the shocking downgrades and the RNS on Orinduik being sour. Noted at the time it was similar to hammerhead and was surprised to see Tullow bow out of Guyana (bad move imo). Sold out between 45p and 60p.

Agreed that the low float does open this option up but I think given the board have shown a willingness to not sell us down the river even at the worst of times, I’m doubtful it will happen. At least until the Mcap is many multiples from here.

Patience will pay off here IMO.

Nice resistance base being built at 20p. I personally think this will fly to a £20/30 million Mcap on DRO news quickly followed up with an update on the Farm out being progressed to data room etc.

All IMO of course but I’m taking advantage of the price right now

Feels a bit like the SP is bouncing around in the clouds holding altitude before we get clearance to climb. Hopefully the DROs news is released soon...although the lack of info and anticipation is frustrating, I keep remembering the guarded smiles on Nick & James' faces when it was mentioned in the post-AGM preso. Hopefully a good omen...

‘Wait until you hear of a place called Brunei’

Dude, if this is your investment decision, I suggest you actually look at a map of Brunei.

Surely there's room for both to prosper in SE Asia. But why is one valued at nearly 4 times the other, pre-drill, and pre-PSC?

There’s only a few onshore discoveries in the area?

Wait until you hear about a place called Brunei