Longboat Energy PLC - exploration and production company, active in Norway and Malaysia - Announces completion of farm-down of two exploration licences on the Norwegian continental shelf by Longboat Japex Norge AS through an agreement with Concedo AS. Longboat Japex is a joint venture between Longboat and Japan Petroleum Exploration Co Ltd. Longboat has farmed down its interest in the PL1182S licence to 15% from 30% in return for a full carry of the Lotus exploration well. The well is expected to spud in the third quarter of 2024. Longboat has also farmed down its interest in the PL1049 licence to 25% from 40% in return for Concedo carrying a portion of the company's 2024 exploration expenditure.
Further, Longboat says that its joint venture Japex had acquired a 4.8% interest in the Statfjord Ost Unit, and a 4.3% interest in the Sygna Unit, both of which are in Norway. Production from the two satellites averaged 254 barrels of oil equivalent per day in 2023, and is currently at 370boepd. Drilling operations have been completed and the operator, Equinor, is in the process of commissioning new drills for Statfjord Ost, expected to be brought on stream in the next few months. The acquisition has been funded by a combination of investment by Japex and the drawing of around USD15 million from the joint venture's acquisition bridge facility.
Current stock price: Closed down 7.1% at 19.50 pence each in London on Thursday.
12-month change: 6.9%
By Hugh Cameron, Alliance News reporter
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Longboat Energy (LBE)