George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Im still buying at 46p ..ludicrously under valued given the science, institutional holdings, and BOD members.
Due next week
Https://www.youtube.com/watch?v=uESpduV_Vzo
Investor Meet recording
Https://topaz-energy.co.uk/wp-content/uploads/2023/06/SEAPEX-2A-PSC-Malaysia-an-undrilled-giant-Edited-.pdf
https://www.lse.co.uk/ShareChat.html?ShareTicker=LBE&share=Longboat-Energy&thread=C818FED1-8CA0-47E0-8842-B2B9B01B7AF8&reply=true#posting-rules
Seismic is intriguing (from the original farm in in February)
Https://www.upstreamonline.com/focus/longboat-chief-helge-hammer-has-high-hopes-for-new-japan-venture/2-1-1457093
Anybody got a subscription?
Https://www.rigzone.com/news/norway_set_to_earn_over_200bn_from_oil_and_gas_in_2023-17-jan-2023-171750-article/
Very interesting background on the Norway oil/gas environment
Cenkos comment.
Lotus Rig Selected The Deepsea Yantai semi-sub has been selected for the drilling of the Lotus (Kjøttkake) prospect in Q3/24. Lotus is situated 4kms southeast of Longboat’s Kveikje discovery and is estimated to contain gross 27mmboe (Longboat net, 9mmboe) of gross mean prospective resources, with further potential upside estimated at gross 44mmboe. If successful, Lotus will form part of an area cluster development and would substantially add to Longboat’s existing discovered reserves in the area.
We reiterate our BUY recommendation and our 66p price target (comprising 41p of core and tangible business and 25p of risked exploration).
Lotus Introduction – Lotus is located in PL 1882 S, which was awarded under the Norwegian 2022 APA Licensing Round. Longboat was awarded a 30% interest in a firm well on the Lotus prospect, which lies 4km southeast of the Kveikje discovery and is expected to contain analogous injectite sands to the sand encountered in Kveikje. An exploration well is planned for Q3/24, targeting 27mmboe of mean prospective resources (9mmboe net) with further potential upside estimated at gross 44mmboe. The Lotus prospect has a Longboat estimated 56% chance ofsuccess, with the key risk being hydrocarbon retention.
Lotus Valuation – On a risk adjusted basis we value Lotus at c8p net to Longboat, using a 56% geological and 60% commercial chance of success. A successful discovery at Lotus would increase this valuation to c14p (net).
The Rig was engaged lasy year by OMV ,It will spud in late summer I assume september.
AGM will have more details...
Annual General Meeting, to be held on Thursday 22 June 2023 which is also available on the Company's website at www.longboatenergy.com
Following the Annual General Meeting the Company intends to present an /updated corporate presentation via the Investor Meet Company platform. The online presentation will take place at 11.30am on 22 June 2023 and is open to all existing and potential shareholders.
Https://www.marketscreener.com/quote/stock/SYNECTICS-PLC-4002251/
Very cheap on fc metrics
Https://masterinvestor.co.uk/equities/longboat-energy-a-jolly-good-deal/
You were right the first time Davieri...The 16m m$ goes to LBE who then use it to source the JV alongside Japex
.Cenkos have a note out indicating 2023 end year LBE cash, based purely on that initial payment ,of £ 25m.
Thats the House broker BTW so they should know.
https://www.japex.co.jp/en/news/detail/20230502_01/
JAPEX places the acquisition of new oil and gas interests as one of the priority items in the "JAPEX Management Plan 2022-2030" formulated in March 2022, under the expectation that oil and natural gas demand will continue for a certain period even under the way to the carbon-neutrality. Based on this plan, we set the North Sea as one of our main target areas, where infrastructures for production and transportation such as offshore processing facilities and transportation pipelines to onshore are in place. After the consideration* of various possibilities, we decided the capital participation in LBEN.
Please refer to the appendix for the outline of LBEN.
Regarding this transaction, we expect to invest approximately 150 million USD over the course of the next three years at this moment, for the exploration, development, and the acquisition of new interests
Cenkos comment
Follow On Financing Commitment to Pursue Growth - As part of the investment, JAPEX will provide the joint venture with a five-year, US$100m acquisition financing facility to finance acquisitions and associated development costs. As a result, Longboat will be able to pursue transactions from a position of strength, with counterparties knowing that Longboat has the sufficient funds with which to transact. The facility will be available for drawing for the first three years and will attract a market rate of interest on an increasing scale over its tenor with an initial rate of 6% in the first year and an all-in-cost over the term of less than 10%.
We believe the acquisition financing facility has been structured in such a way that the JV can bring in additional third part debt. Using the leverage generated by the facility, the JV will be able to unlock significantly more financing capacity, and therefor pursue much larger deals with meaningful growth