For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231123:nRSW3946Ua&default-theme=true
RNS Number : 3946U Longboat Energy PLC 23 November 2023
23 November 2023
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Operational Update
Longboat Energy, an emerging full-cycle E&P company active in Norway and
Malaysia, is pleased to provide the following operational update.
Statfjord satellites acquisition
Highlights:
· The fourth of five new infill wells in Statfjord Øst has now been
successfully drilled.
· Overall, project execution is on track with the Statfjord Øst and
Sygna fields expected to be fully on stream from all wells early in the new
year.
· The transaction is progressing towards completion, which is expected
in in January.
On 3 July 2023, Longboat announced that it had signed a sale and purchase
agreement with INPEX Idemitsu to acquire a 9.60% interest in PL 089, equating
to a 4.80% unitised interest in the Statfjord Øst Unit and a 4.32% unitised
interest in the Sygna Unit, for cash consideration of US$12.75 million.
Statfjord Øst is located seven kilometres to the northeast of the Statfjord
field in a maximum water depth of 190 metres and produces oil and gas from two
subsea production templates and one water injection template tied-back to the
Statfjord C platform. The Norwegian Ministry of Petroleum and Energy approved
a redevelopment plan in 2021 to drill five new production wells into
potentially undrained areas of the field while also adding gas-lift to
increase production levels.
Initial production for 2023 is estimated to be around 250 boepd net to
Longboat JAPEX, which is slightly lower than anticipated mainly due to a delay
in bringing the new wells on stream. Production is expected to increase
significantly early in 2024 when all wells will be brought on stream. Gas-lift
installation is completed.
The Statfjord Øst Unit partners are Equinor Energy AS (43.25%, op), Petoro
AS (30.00%), Vår Energi ASA (20.55%), INPEX Idemitsu Norge AS (4.80%) and
Wintershall Dea Norge AS (1.40%). The Sygna Unit partners are Equinor Energy
AS (43.425%, op), Petoro AS (30.00%), Vår Energi ASA (20.995%), INPEX
Idemitsu Norge AS (4.32%) and Wintershall Dea Norge AS (1.26%).
Business Development Update
Longboat remains strategically focused on delivering value-accretive M&A
opportunities across both of its key regions of Norway and South East Asia.
It is actively pursuing numerous growth opportunities, which span from
near-term, short-cycle developments through to current production - many with
a gas-weighting.
Following the acquisition of privately held Topaz Number One Limited and the
addition of James Menzies and Pierre Eliet to the Longboat organisation, as
announced 13 September, the Company now has a Business Development Team for SE
Asia with a proven track record, depth of knowledge and excellent
relationships across the region.
Longboat also remains focused on delivering acquisitions using innovative
financing structures, such as it did in the Longboat JAPEX joint venture,
which seek to minimize shareholder dilution.
Corporate Presentation
A new corporate presentation can be found on the Company's website
(www.longboatenergy.com (http://www.longboatenergy.com) ) setting out the
strategic vision for the business as it enters a major growth phase.
Longboat will also be hosting an Investor Meet Company presentation at 10:00
GMT Tuesday 28 November 2023. 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
(https://www.investormeetcompany.com/longboat-energy-plc/register-investor)
Attendees registered to attend are invited to pre-submit questions online via
the Investor Meet Company dashboard up until 9.00am BST on Tuesday 28
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.
Helge Hammer, Chief Executive of Longboat, commented:
"We completed an outstanding milestone transaction with JAPEX to form our new
JV in Norway. The JV in Stavanger is now fully up and running and in prime
position to pursue and deliver on our plans to grow production and reserves in
high quality assets in Norway.
"The timing of our entry into the SE Asia region has been excellent given the
exceptionally active M&A market. We are excited about the many and varied
opportunities available to us and with our highly experienced team and
excellent relationships. We are confident that we will deliver considerable
growth and create substantial shareholder value in the period ahead."
The information contained within this announcement is considered to be inside
information prior to its release.
Ends
Enquiries:
Longboat Energy via FTI
Helge Hammer, Chief Executive Officer
Jon Cooper, Chief Financial Officer
Nick Ingrassia, Corporate Development Director
Stifel (Nomad and Joint Broker) Tel: +44 20 7710 7600
Callum Stewart
Jason Grossman
Ashton Clanfield
Cavendish Capital Markets Limited (Joint Broker)
Tel: +44 20 7397 8900
Neil McDonald
Pete Lynch
Leif Powis
FTI Consulting (PR adviser) Tel: +44 20 3727 1000
Ben Brewerton longboatenergy@fticonsulting.com (mailto:longboatenergy@fticonsulting.com)
Rosie Corbett
Catrin Trudgill
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
eight exploration wells resulting in five hydrocarbon discoveries,
representing a technical 63% 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 a
cash investment of up to US$50 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.
12,000km(2) 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.
Cavendish Capital Markets Limited (Joint Broker)
Tel: +44 20 7397 8900
Neil McDonald
Pete Lynch
Leif Powis
FTI Consulting (PR adviser) Tel: +44 20 3727 1000
Ben Brewerton longboatenergy@fticonsulting.com (mailto:longboatenergy@fticonsulting.com)
Rosie Corbett
Catrin Trudgill
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
eight exploration wells resulting in five hydrocarbon discoveries,
representing a technical 63% 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 a
cash investment of up to US$50 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.
12,000km(2) 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDKZMZMZZKGFZZ