Last checked at 26 Sep 2023 08:00
26 September 2023
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Investor Presentation
Longboat Energy, the emerging full-cycle E&P company, is pleased to announce that it will be presenting an updated corporate presentation to shareholders via the Investor Meet Company platform.
The online presentation will be made at 10:00 BST Wednesday 27 September 2023 and is open to all existing and potential shareholders. If you wish to attend the online presentation you should register for the event in advance via this link:
https://www.investormeetcompany.com/longboat-energy-plc/register-investor
Shareholders registered to attend are invited to pre-submit questions online via the Investor Meet Company dashboard up until 9.00am BST on Wednesday 27 September 2023 or at any time during the live presentation. A recording will be made available on the Investor Meet Company platform after the presentation.
The information contained within this announcement is not considered to be inside information prior to its release.
ENDS
Enquiries: | |
Longboat Energy | |
Helge Hammer, Chief Executive Officer Jon Cooper, Chief Financial Officer Nick Ingrassia, Corporate Development Director | via FTI |
FTI Consulting (PR adviser) | |
Ben Brewerton Rosie Corbett Catrin Trudgill | Tel: +44 20 3727 1000 longboatenergy@fticonsulting.com
|
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 technical 67% 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. Under these arrangements, JAPEX will make an initial investment of up to US$20 million, of which US$16 million was paid on completion, for a 49.9% shareholding in of Longboat JAPEX Norge AS and provide the Joint Venture with a US$100 million Acquisition Financing Facility to finance acquisitions and associated development costs. Longboat retains 50.1% ownership in Longboat JAPEX Norge AS.
Also in July 2023, Longboat JAPEX Norge AS announced its first production acquisition in Norway of interests in the Statfjord satellite fields, Statfjord Øst and Sygna.
Longboat entered Malaysia in February 2023 through the award of a Production Sharing Contract for Block 2A, offshore Sarawak. Block 2A covers approx. 12,000km2 and is located in water depths of between 100-1,400 metres where a number of large prospects across multiple plays have been identified, with significant volume potential representing 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.