Extract from EAGE Presentation

Longboat Energy PLC

31 January 2024

 

31 January 2024 

Longboat Energy plc

("Longboat Energy", "Longboat" or the "Company")

Extract from EAGE presentation

Longboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, is pleased to announce that it is making a presentation on the SK2A PSC offshore Sarawak (Company 52.5%) at the EAGE conference in Kuala Lumpur on 30-31 January. An extract of the presentation has been posted on the Company's website. 

Ends

The information contained within this announcement is not considered to be inside information prior to its release.

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: [phone] Callum Stewart Jason Grossman Ashton Clanfield Cavendish Capital Markets Limited (Joint Broker)                          Tel: [phone] Neil McDonald                               Pete Lynch          Leif Powis           FTI Consulting (PR adviser) Tel: [phone] Ben Brewerton Rosie Corbett Catrin Trudgill [e-mail] 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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