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1 May 2024 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
1 May 2024
Longboat Energy plc
(the "Company", "Longboat Energy" or "Longboat")
Directorate Change
Longboat Energy, established in 2019 to fast track the creation of a new mid cap independent oil and gas company and currently active in Norway and Malaysia, announces the following change to the board of directors.
In May 2023, Longboat announced that it had reached agreement with Japan Petroleum Exploration Co., Ltd ("JAPEX") to make a significant investment into its Norwegian subsidiary to form a joint venture, Longboat JAPEX Norge AS ("Longboat JAPEX"). In order to maximise the value of Longboat Japex and pursue its growth strategy, Helge Hammer has elected to focus his time exclusively on his role as Chairman of Longboat JAPEX. Accordingly, Mr Hammer will step down from his role as Chief Executive Officer of Longboat Energy and from the board of the Company, with immediate effect.
In recognition of the growing importance of Southeast Asia in the Company's portfolio and opportunities to capitalise on the advantages Longboat has created in the region, Nick Ingrassia, currently the Corporate Development Director, will assume the role of Chief Executive Officer.
Graham Stewart, Chairman of Longboat commented:
"On behalf of the Board of Longboat, I would like to thank Helge for his years of dedication and service as Chief Executive Officer. Delivering on Longboat JAPEX's acquisition pipeline is critical for the Company and this step will allow Helge to focus on delivering shareholder value from Longboat's Norwegian joint venture.
The Board sees considerable opportunity in Southeast Asia and Nick's appointment as CEO will allow Longboat to focus on taking full advantage of the exciting opportunity set in front of us."
Helge Hammer, outgoing CEO of Longboat commented:
"Following the successful sale of Faroe Petroleum in 2019, we established Longboat Energy with focus on Norway, where we have built a full cycle portfolio and have a fantastic team of E&P professionals. I'm confident that Nick Ingrassia, a highly respected leader at Longboat Energy, with a deep understanding of our business and a proven track record of success, will lead the company forward seamlessly. I would like to thank my colleagues in Longboat Energy plc for the many years of hard work and I look forward to continuing to work and grow a material production portfolio in Norway together with Longboat JAPEX team."
Ends
Company Background
Longboat Energy was established at the end of 2019 to create a full-cycle E&P company through value accretive M&A and near-field exploration. Longboat's initial focus has been in Norway where the Company has drilled nine exploration wells resulting in six hydrocarbon discoveries, representing a 66% technical success rate.
In July 2023, Longboat completed a transaction with Japan Petroleum Exploration Co., Ltd ("JAPEX") to form a new joint venture company in Norway named Longboat JAPEX Norge AS in return for a cash investment of US$20 million and a US$100 million Acquisition Financing Facility. Longboat retains 50.1% ownership in Longboat JAPEX Norge AS.
Longboat JAPEX Norge AS holds interests in six discoveries on the Norwegian Continental Shelf and has a 4.80% interest in Statfjord Øst and 4.32% unitised interest in Sygna producing fields.
Longboat entered Malaysia in February 2023 through the award of a Production Sharing Contract for Block 2A, offshore Sarawak where it holds a 52.5% operated interest. Block 2A covers approx. 12,000km2 and is located in water depths of between 100-1,400 metres and contains the giant 'Kertang' prospect which has volume potential of multiple trillions of cubic feet of gas.
Longboat's activities remain focused on creating a portfolio with a clear low-cost route to monetisation and low-carbon drilling and development opportunities, well aligned to Longboat's ESG targets which includes a corporate 'Net Zero' on a Scope 1 and 2 basis by 2050. |
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