Member Info for haggis_trap

> 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

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 :-)

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 it

> Still a question of how will the undeveloped PSC's be funded?

Certainly there is uncertainty - however the RNS hints (in plain English) that a farm in and production sharing contract are expected. If you believe board can get a decent deal over line this will fly.

Solid RNS and much appreciated

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

Exciting times

As we approach September my patience wearing thin. Investors sentiment entierly dependent on good will and trust right now. Some kind of update would be appreciated

As we approach September my patience wearing thin. Investors good will entirely dependent on good will. Some kind of update would be appreciated

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.

> My average is 32p

Ash : well done for refusing to panic and holding. It's not nice being underwater. There is now credible reason to believe share price could easily be back north of 30p by Q3/Q4.

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

Big rns. However giving the lack of meaningful progress in Norway this feels like a positive. The uncertainty and short term funding concerns are gone. Draw a line under Norway cleanly and move on. The board has clearly been divided and Malaysia has won. Feels to me like there is now a coherent plan in place given recent director changes. The key to unlocking value is the farm in process : reading between lines there seems to have been good progress on that front and they seem confident.

The rns was terrible.

1) new CEO kitchen sinking the bad news

2) no doubt Japex demanding action

Clearly there is a plan in place already approved by stake holders. We just need to see what it might be....I am holding. Share price is terrible but not overly concerned yet.

Feels to me like there is a plan already in place since Helge was displaced. Likely japex have put pressure on plc? What we don't know is if this will lead to complete divestment of Norway business, to focus on Malaysia. Either way I think things obviously aren't great : but there is opportunity to turn it around (with a little luck, japex good will and Malaysian farm in)

So what do people make of this morning's RNS? Some changes (which are required)

Longboat bring prepared to divest itself of the Norwegian side of business?

Sadly the last update has created more uncertainty - clarity required from the board!

From the 2023 financial report (which can be found on the website)

https://longboatenergy.com/wp-content/uploads/2024/05/c121356CCL_High.pdf

"The Directors have completed the going concern assessment, taking into account cash flow forecasts up

to the end of 2025, sensitivities to those forecasts and stress tests to assess whether the Group is a going

concern. The base case scenario includes the repayment of the Longboat JAPEX facility draw downs at

the end of 2024 and makes assumptions around the final development costs and start up dates for the

recently acquired Statfjord Satellites development wells, including initial start up of the development wells in

April 2024 and the levels of business development activities and their chances of success.

Having undertaken careful enquiry, the Directors are of the view that the Company and Group will need to

access additional funds during 2024 in order to fund on-going operations and pursue growth opportunities.

This is in line with the Company’s current activities of exploring, maturing its discoveries and seeking

acquisitions.

The Group is forecast to have limited liquidity during H2 2024 under the base case and will require additional

funding. It is anticipated that funding will be sourced through asset disposals, farm downs, the issue of new

equity, dilution in the Company’s joint venture or a combination of all these actions"

There is a route out of this:

1) joint venture gets sold to japex

2) farm out in Malaysia announced at similar time

Kind of feels that is what we are being primed for?

Combination of the two would see share price return to previous levels

I am not going to write much about this update because I have not yet spoken to either IR agency or more importantly the company today. What looks like major league problems in Norway may take more than a little sorting but fortunately the SE Asia portfolio is in the excellent hands of James Menzies.

We can now tell why the previous management changes were made, it seems that this was apparent some time ago and whilst there may be substantial upside in Norway the cost base is one for a much larger company, something that new CEO Nick Ingrassia will have to get to grips with pdq. As they say, it lives a champagne life on a beer income…

I am hoping the phone rings tomorrow and I can hear from the horses mouth exactly what is going on, hopefully before it is too late…

https://www.malcysblog.com/2024/05/oil-price-zephyr-longboat-petro-matad/

> There is other option - Japex take the 50.1% of the JV, leaving LBE Asia to go it alone

I think that is the worst-case option outlined today.

It is a possibility. But arguably in neither sides interest.

JAPEX hold the trump cards but presumably signed the deal (just 11 months ago) as it could be mutually beneficial.

this is a **** show. however i am sure kveijke alone is worth more than the £5 million market cap.