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Interesting that in the recent results RNS they stated a couple of times that
"in the coming year we will seek to build cashflow generating E&P portfolios in both Norway and Malaysia."
This seems to suggest they are actively looking at acquiring production in Malaysia in addition to the exploration block they recently acquired, and that they are looking swap Norwegian discoveries into production.
PS welcome back Haggistrap:)

https://www.upstreamonline.com/exploration/equinor-partnership-on-cloud-nine-over-new-norway-oil-and-gas-discovery/2-1-1418749

The Heisenberg discovery, announced today, is located adjacent to the Kveikje discovery, and so will do no harm to the value of Kveikje, and also Lotus.

The BoD need to get the share price above 2 quid if they are to receive their performance incentives. I believe they set this 2 pound hurdle believing it would be achieved fairly easily.

It does suggest that the BoD were conscious of criticisms of Faroe Petroleum being 'more about mcap than share price', and thus tied their 'bonuses' more to the share price with Longboat than they ever did with Faroe, however it has(so far) not worked out as they must have anticipated. However having invested collectively over three million at 1pound and 75p, the BoD might also be looking at special dividends as a way to generate some returns.

One might also expect significant Director buying at these levels, but that can't be before they have announced the monetisation news they have indicated will arrive before the end of this month.

How to think about creating value for shareholders when the share price is not performing? Oil and gas companies seem to be generally out of favour so we can't assume that share price will reflect intrinsic value any time soon. So let's look to be more dynamic and begin frequent one off dividends to shareholders each time a monetisation acheived. Rockrose successfully did this a few times (each time they acquired an asset pretty much) and it means we aren't as stressed about the share price.
It should of course also help ensure the share price increases, and attract investors who are happy to hang onto their shares awaiting a juicy special dividend, rather than punters and day traders who are looking for 10 or 20% and then gone again.
Even a small pay out, of say 5.6million after an asset sale, would represent 10p per share special dividend (and make a bigger mockery of the current share price).
Come on Longboat, let's think creatively about returning value to shareholders more frequently and in a shorter time frame, and don't just assume that the share price will 'take care of itself' when people understand the 'true value'.

ASH - I aware I must be sounding like the lonely company cheerleader here, but its worth remembering what happened after the company launched in late 2019 and that infamous video appeared a few weeks later where helge mentioned they would 'probably go for production as a first deal' (which has been used as a stick to beat him with ever since).

Remember they had a couple of deals lined up and then Covid out the mockers on it all. The seller backed out and no deals were to be done as the oil price first went through the floor, and then not long afterwards shot through the roof. There were very few deals being done anywhere during this time, too much volatility and too much uncertainty.
Then not long after came the war in Ukraine, bringing further volatility that's not good for deal making, and that was after it was becoming more and more clear that private equity were prepared to pay sky high prices for Norwegian assets. Should they have gone down that route and paid sky high prices to get some production?
You can argue that one, but this change in the market post-covid must be the main reason why they now have a presence in Malaysia (perhaps as well as the UK becoming a basket case), a cheaper place to secure some producing assets.
So its fair to say that things have been far harder than they could have anticipated. I don't actually think they have done much wrong really though, even if the share price looks like the company must be a complete basket case.
The share price has been rubbish since the first week (did you hear the story about that?) and has gone from bad to worse, to incredibly depressing for longer term holders. But also a chance to average down, if, like me, you don't buy into the argument that the share price is a reflection of '**** poor management' or that there is no value or nothing to look forward to here.

We wait to see whether the first deal they did see value in and were able to land (an exploration package funded largely by the Norwegian Govt.) indeed met their test of only going for 'value accretive' deals. We should soon have a very good idea of that.

Egyptian Vulture not great but remember Oswig was successfully drilled after Longboat took a stake following a relinquished licence were OMVs then partners could not agree. I'm also not sure when the Egyptian Vulture discovery has ever been reflected in the actual share price. Oswig and Kveikje are the key discoveries and been obvious for a while now that EV is not a priority.

I am as unhappy about the share price as everyone else who has been around here for a while, however I still think this will come good in terms of sp (not sure when though) and I don't blame the company for the share price performance and am happy with the decisions they have taken, given the globally turbulent circumstances they've found themselves in. Of course I wish I'd have put a larger part of my Rockrose 'winnings' in Kistos rather than Longboat though!

Adon30 - There was a sell yesterday of over 4m shares at 8.125p, which has been taken to be Blackrock's final death throe. I'm still wondering whether they became a 'forced seller' after Longboat's market cap went through a pre-defined floor.

Have you seen the volumes they have found? And the values for proved resources being gotten in Norway recently? I think the existing discoveries should be worth substantially more than they raised, but let's see, we should have less than four weeks to find out. As for Blackrock selling at a massive loss, it doesn't make sense to me if they are selling because they somehow believe the drilling campaign has been a massive failure and the discoveries are actually worthless (or less than worthless, when selling at below cash).

You should give them a chance to actually monetise their discoveries before. They can't control the share price, but if their monetisations yield more than the money they raised to finance them then isn't this the sign of a well run company?

I hope the company might consider a strategy of returning some value to shareholders via special dividend each time they monetise a discovery. For the soon to be monetised Kveikje 10p a share would cost them 5.6 million. What are they going to get for the asset? 25 million? 35million? If they can start returning money via that route I am sure the narrative would change here and people might see a bit more merit in exploration. It seems like the (private) Wellesley Petroleum have turned that strategy into a pretty successful business, with 1.5 billion returned to their owners over the last few years, through monetising discoveries.

Blackrock have also sold LBE shares in the past, reported via RNS, albeit not on the scale of their recent selling. Their sales have always negatively affected the share price though, as this share can become illiquid very quickly on upward or downward pressure. We've seen that a lot over the last three years, those of us who are long in the tooth here!

If this is just Blackrock portfolio rebalancing, rather than 'forced' selling, then they may well be done, or close to done.
AXA sold a good chunk of their holding last year remember, that was the initial driver of taking the share price under 50p for the first time, however, they still hold 4% (from a previous 8% I think it was).

Reminds me a bit of Taylor Wimpey about 12 years ago. AXA became a forced seller and drove the share price down to something like 5p before they were done. I picked up 20ks worth at 8p and sold a couple of weeks later for 25p. It remains one of my best ever trades - although I wished I'd have held on for another few months, when the shares went back up to over a quid!!

My point is - I believe there could be life changing amounts of money to be made here for the brave, in these circumstances where IIs selling creates these sorts of disconnects between sp and actual asset value. I guess timing your entry is the trick though. Will Blackrock sell the lot, or not? We will find out soon enough!

Makes you wonder whether Blackrock became 'forced' sellers after Richard Sneller's selling saw the market cap dip below 10million. And now their selling is feeding itself - keeping the mcap under 10 million meaning they need to keep selling. Just a theory, probably wrong.
Guess it could also be portfolio balancing after recently taking bigger stakes in e.g. Serica ?

But hard for me to believe they are selling because they don't see "any short term impetus" or have "lost patience", given the recent activity, and what the company have told us to expect before the end of March.
We are finally about to see some significant income after over three years of waiting. Would be very strange timing to say the least, especially considering Blackrocks being the biggest backers of the original fundraise to pay for the Norwegian exploration, so it's not like they were against that strategy.

Yup - fill yer boots whilst the great giveaway continues. Cheers Blackrock!

Not the immediate Malaysian production deal we might have hoped for but a v positive update I think.
Glad to put the dumb idea of a fundraise to bed.
Very positive that we are to expect news on Kveikje monetisation within the next six weeks. This should demonstrate that their current strategy in Norway can be profitable. Longboat's share of the Kveikje must be worth multiples of current market cap and it will be interesting to see how they monetise. I swap into production would be great, although perhaps they intend to buy production in Malaysia with the proceeds from a straight sale. Or something else.
Blackrock may well be holding the price down with their selling, however let's see what happens when Kveikje deal is announced.

Ash - my view (my hope!) is that they will be sensible and secure some production from their existing 9million.
Remember - Jadestone Resources bought 6000bopd in Malaysia from OMV not that long ago. Price paid: 7.5 million.
If they can secure 2000bopd or more from existing cash that would make business sense I reckon, and fit in with their financially conservative strategy. Throwing all that financial discipline out the window now, after three years, and raising large sums at these share prices would go against everything they've been saying from the start about financial prudence. Therefore I can't see it happening. Even the latest presentation said they would be using their existing cash plus the newly enlarged EFF to move forward.
If I am wrong then I'm an even bigger fool than I give myself credit for for ever taking an interest here!

If the company can secure some income via producing assets, then the tide may turn here.

Until that time there is so much scepticism here - the company provide news of a discovery at Oswig that should be worth between 10 and 40 million USD to Longboat - and the share price went from a depressing 45p to a barely believable 15p.

Hints of a deal for producing assets outside Norway (which some on here including myself have been suggesting the company turn to when it became clear that private equity are hoovering up all production in Norway at sky high prices) has now been met with further selling, and claims of 'massive dilution', which is surely completely nuts and makes no sense.
The company needs to start generating some income and returning some cash to shareholders, and the tide may turn.

Just also to note that the negative posters on here rarely provide any useful insight - no research to share, no considered comments, just moaning and carping , which they have the right to of course, but it adds nothing of value to the discussion, and just adds to the toxic atmosphere.

Blackrock continuing their genius trading strategy with Longboat Energy. Buy for millions at high prices (100p and 75p) and sell for thousands at all time lows which continues to spiral downwards with each of their trades.

Anyway - the Major Shareholder list has been updated over the weekend. The update shows Progressive Capital Partners holdings increased by exactly 1.3million shares since the last update (13.3% to 15.6%, not reported by RNS) and a reduction of Canaccord's holdings from 4.1% to 3.9% (also not reported by RNS).
So all in all the latest update records the % of substantial shareholders increased from 56.2% to 57.6%.

Not that any of this changes the fact that Longboat continues to plumb the depths of a barely believable share price.

Something like the deal Jadestone made with SapuraOMV in 2021 would be ideal, and could be financed from existing cash.
https://www.jadestone-energy.com/acquisition-sapuraomv-peninsular-malaysia-assets/

https://www.sapuraenergy.com/press_release/sapura-omv-energy-enter-strategic-partnership/

Could Longboat be swapping some or all of their 20% of Oswig with Oswig operator OMV for some of OMVs production in Malaysia?