RE: Results22 Mar 2023 11:10
Auctus Broker comment ..Longboat has reported its preliminary FY22 results. There were no surprises. The YE22 cash position was ~£12 mm, £3 mm above previous indications. The difference is associated with working capital movement with a payment on the Velocette well due in 1Q23. • Longboat now expects the monetization of the Kveikje discovery by the end of 2Q23. We value this asset at £0.17 per share (US$13 mm), which would boost the company’s balance sheet and address funding concerns.