Member Info for WhirlawStones

https://presentations.investormeetcompany.com/investor-meet-company/LONGBOAT-ENERGY-PLC-Investor-Presentation-297e58aa481f03bf4faba76c?bmid=bc90f7cf1730

A big equity raise at these levels to fund M&A would not seem to make any sense. Rather not bother, than dilute us and themselves to oblivion.

The management said in a live presentation a few months ago that they "hated" the idea of raising funds at 'current levels' (and I believe the sp was above 50p at that point?). They also said they had invested combined around 3 million, which would be mostly at 75p, and some at 100p.

So - if they would have to do a big equity raise to get some production, then they may as well not bother, and just keep going along the exploration and development / eventual monetisation of discoveries route they have so far. And buy some production when they have sold some discoveries.

However they would have to fix up some new debt instrument - I can't see the current debt facility being allowed to be used, as this is an exploration finance facility for Norway.

So more questions than answers, but "big equity raise coming" just seems bonkers.

Exciting times - especially for those of us who have been waiting patiently here for two years plus to add production into the mix.
Surely production must be what this is about, to augment the Norwegian exploration and development strategy

There must be almost a done deal, and the new website to be launched following the announcement. Surprised more didn't take advantage of the clue provided yesterday.
I wonder if Longboat will be suspended when deal announced.
Will be interesting to see how they propose to fund this. They won't want to raise new equity at these prices, so assume they can borrow.

Has anyone else noticed that Longboat appear to be working on releasing a new website, which is currently in demo phase? https://longboatenergy-demo.com/

Interestingly, the "Operations" tab lists Malaysia underneath Norway, although provides no further details.

Someone fooling around, or a clue as to where we may be heading as we enter this "major growth phase" as claimed in the recent presentation?

This development seems like excellent news for Longboat's interest in the area.
Oswig and the greater licence area(s) may be of much greater value than Sneller the seller gave credit for.
Onwards and upwards from these dismal lows.

Haha that was why then - thanks SuperRoty!

Most odd - I went for a small top-up this afternoon and after hitting 'buy' to accept the live quoted price, I later noticed that the trade hadn't been fulfilled and was 'pending'. Ended up not getting fulfilled. That was a new one for me. Frustrating, but suggesting our seller may be finally done. Let's hope so.

Mozzabezza, I appreciate you are a disgruntled long term share holder, as I am. However I don't appreciate you labelling people are "pumpers" or "band wagon jumpers" who are getting in at these all time low share prices. How else do you expect the share price to move than for some attention to be drummed up around the fact this is way oversold and at a silly price, even if the company hasn't exactly covered itself in glory recently?
Are you actually hoping to see insider trading/knowledge as a precursor to good news instrad? If so you are deluded, imo. If not, then what on earth are you grumbling about it for?

You seem to have an 'us' (long termers) and 'them' (newcomers) attitude - a stale outlook, cynical.

Do you not remember all the excitement around buying in at 60p and 70p in 2020, eagerly anticipating a good deal around the corner that would transform the share price, and make us clever investors at that seemingly low price?
Well perhaps some of these people you are calling pumpers are doing the same thing now. And just maybe (we can hope) their timing will be better than ours, and we can all end up happy with positive outcomes and share price movements in 2023. Because there will be some good news at some point, the law of averages states so! And the fact that the current share price is so low, the news doesn't even have to be that great does it.

Happy New Year when we get there everyone. Let's hope 2023 is finally the year when Longboat gets some wind in its sails!

Because the company has a lot to prove, and people after three years don't believe in their words anymore.

depressing share price for sure, but dilution not on the cards. Plan as explained several time recently is to monetise discoveries and use this to fund future activities

I did get some more, under 18p this time. Crazy prices

Share price performance has been abysmal but I am sure you are wrong about Kveikje. It has considerable value, imo.
See e.g. today's news about the reason for the upcoming nearby exploration well - being undertaken due to the Kveikje discovery.
The company now needs to demonstrate it can do a transaction of its discoveries, starting with the easiest one - Kveikje.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

https://www.upstreamonline.com/exploration/equinor-and-dno-limber-up-for-big-wildcat-well-near-recent-kveikje-discovery/2-1-1373243

Equinor and DNO limber up for big wildcat well near recent Kveikje discovery

Norwegian energy giant Equinor has received approval to drill a wildcat offshore exploration well in a new play that was opened up by the recent Kveikje discovery near the Troll field in the North Sea.

The Norwegian Petroleum Directorate said it had granted Equinor a permit to drill well 35/10-9 in Block PL 827S using the drilling rig Deepsea Stavanger from January 2023.

The permit is owned by Equinor with a 51% interest and fellow Norwegian DNO with 49%.

In its latest quarterly report, DNO highlighted that one of its six planned near-term exploration wells is called Heisenberg in Block PL 827S.

The well has a 60% chance of success, and has pre-drill resource potential of between 40 million and 100 million barrels of oil equivalent, said DNO.

The well on Heisenberg injectites is scheduled for the first half of 2023 and is a follow-up prospect after the success of this year's Kveikje discovery, added DNO.

The Equinor-operated Kveikje had been a "play-opener unlocking further exploration drilling". Kveikje proved oil and gas in new play models - the Paleocene channel reservoir and the Eocene injectite reservoir.

It is coming up to Longboat's 3rd birthday next week.
Anyone planning to send a card to Helge and the team?
The report card after 3 years has to read "significant shareholder value destruction".
Surely this has to be the lowest ebb though? How low can we sink?
Remember, in the AIM admisson document a Mr H. Hammer, CEO, stated:
“Longboat Energy is targeting high quality acquisition opportunities in Norway and the UK with the aim of fast-tracking the development of a new, full-cycle, mid cap E&P. "
Would be good to get a third anniversary update from the BoD, as someone noted recently on here, the silence from them is deafening.

Fair enough Mozza. And indeed, Longboat is paddling slowly towards its third birthday next week.
The Bod are yet to cover themselves in glory, quite the opposite in fact, covered themselves in something much more rank smelling from where most of us sity, downwind.
However, I do believe current mcap of £13m is just silly and completely mispriced, despite the frustrations of not much happening and well program yet to hit the jackpot.
So decided to average down whilst still awaiting those long promised 'value catalysts!' and 'significant shareholder value' pledges.
BoD need to pull their fingers out if they are going to get their share options for increasing sp to £2!

Anybody else taking this opportunity?

Hi Paul,
I know you've done a fair few calculations on here over the last months. But have you worked out at all, the theoretical £ (not share price) value of the finds compared to the money spent by Longboat to make the finds.

We know they raised £35m at 75p for the 6 (became 8 well) program, which they said was a cost of a little over £8m net to Longboat when tax rebates are factored in.

So are we right in thinking that any value over about £10million realised for the finds could actually ultimately be argued to have been good business, even if it didn't immediately result in the craved for producing assets?

Looks like Sneller must be out after today's trades. He would have had max. around 1.6m shares following last holding RNS, and seems like well over a million went today, so must be about done. Thankfully looks like there are buyer(s) for them now though.
One thing we can hang onto here: what goes down quickly can go back up quickly!

Helge mentioned months ago that they'd had multiple enquiries about Kveikje, so hopefully we will get some positive news about that soon.

When there is an II who wants out here it just decimates the sp, we have see it before. Company too small for many IIs to look at.
We know they don't need to raise money. But the company needs to start paying some money back to shareholders one way or another, pronto. There is more than one way to skin a cat and if they can make these smaller discoveries, sell them and return some of the money to shareholders each time, then it won't matter what the share price is so much (and it will take care of itself).

Considering what Longboat have just found though, it feels like a knee jerk/market panic/**** i need to sell everything trade. He has got (or had) a much larger holding in Deltic, wonder whether he's been offloading that as well..

Excellent post Paul.
Norway is under pressure to ramp up production now, so as you mention, perhaps they are looking at getting this area brought to production much sooner than would have been the case pre-invasion.