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IN BRIEF: Longboat Energy hails start of drilling at exploration well

Wed, 15th Sep 2021 20:26

Longboat Energy PLC - North Sea-focused exploration firm - Says drilling of its 20% owned Rodhette well in Norway has commenced using the deep water Scarabeo 8 semi-submersible drilling rig. Longboat also says Egyptian Vulture and Mugnetind wells are expected to start drilling by the end of September, whereas Ginny/Hermine is expected to start in December.

Further, Longboat notes a rig has been contracted to drill the Kveikje and Cambozola exploration wells in the first half of 2022 by Equinor.

Chief Executive Officer Helge Hammer says: "Following the successful completion of our first transactions at the end of last month, I am pleased that we are already under way with exploration drilling. Rodhette is the first of three wells, which we expect will begin drilling over the next few weeks in an extremely busy and exciting time for the company. The wells have the potential to create significant shareholder value."

Current stock price: 78.00 pence

Year-to-date change: down 6.6%

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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