(Alliance News) - Longboat Energy PLC on Friday said its Longboat JAPEX Norge AS joint venture has farmed down two exploration licences.
The exploration and production company, active in Norway and Malaysia, said the licenses, on the Norwegian Continental Shelf, were farmed down via an agreement with Concedo AS.
Longboat JAPEX is a joint venture between Longboat and Japan Petroleum Exploration Co Ltd.
The firm said it farmed down to 15% from 30% on the PL1182S licence, in return for a full carry of the Lotus exploration well. It said the well is expected to be drilled in the third quarter of 2024.
In the PL1049 well, containing the Jasmine and Sjokreps prospects, the firm said it has farmed down to 25% from 40% in return for Concedo carrying 15% of its 2024 exploration expenditure.
The firm said a drilling decision at PL1049 must be made by February 2025, following seismic studies and seismic reprocessing and integration of results from wells targeting the same interval.
Chief Executive Helge Hammer said: "We are pleased to announce the successful farm down of the two Norwegian exploration licences and the full carry of the Lotus exploration well cost, which is in line with our strategy to retain exposure to high quality exploration wells but at minimum use of the company's equity capital, and we remain fully focussed on delivering on our plans to grow production and reserves in high quality assets in Norway and in SE Asia."
Longboat shares rose 0.3% to 17.55 pence each on Friday morning in London.
By Harvey Dorset, Alliance News reporter
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Longboat Energy (LBE)