Farm Down RNS8 Dec 2023 08:07
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Farm-down of two exploration licences in Norway
London, 8 December 2023 - Longboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, is pleased to announce that Longboat JAPEX Norge AS ("Longboat JAPEX") has farmed down two exploration licences on the Norwegian Continental Shelf ("NCS") through an agreement with Concedo AS ("Concedo").
Summary
· In PL1182S, the Company has farmed down from 30% to 15% in return for a full carry of the Lotus exploration well, up to an agreed cap above the dry well budget, which is expected to spud in Q3 2024
· In PL1049 which contains the Jasmine and Sjøkreps prospects, Longboat JAPEX has farmed down from 40% to 25% in return for Concedo carrying 15% of the Company's 2024 exploration expenditure