Longboat Energy PLC Joint Venture with JAPEX -- completion update (5734D)
22 June 2023 - 4:00PM
UK Regulatory
TIDMLBE
RNS Number : 5734D
Longboat Energy PLC
22 June 2023
Longboat Energy plc
("Longboat Energy", "the Company" or "Longboat")
Norwegian Joint Venture with JAPEX - completion update
London, 22 June 2023 - Longboat Energy, the emerging full-cycle
E&P company, is pleased to provide an update on the completion
process for the creation of Longboat JAPEX Norge AS ("Longboat
JAPEX" or the "Joint Venture").
The Norwegian Ministry of Petroleum and Energy has given its
approval to the formation of the Joint Venture, which was the key
regulatory approval sought, and completion of the transaction is
now expected to occur in the first half of July 2023.
The information contained within this announcement is not
considered to be inside information prior to its release.
Longboat Energy via FTI
Helge Hammer, Chief Executive Officer
Jon Cooper, Chief Financial Officer
Stifel (Nomad) Tel: +44 20 7710 7600
Callum Stewart
Jason Grossman
Ashton Clanfield
Cenkos Securities plc (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
Rosie Corbett
Catrin Trudgill
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. Since June 2021, Longboat has entered a
series of four transactions to acquire interests in a portfolio of
nine, gas-weighted exploration wells drilling on the Norwegian
Continental Shelf close to existing infrastructure. To date, eight
of these wells have been drilled resulting in five hydrocarbon
discoveries, representing a technical 63% success rate.
In February 2023, Longboat entered Malaysia 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.
In May 2023, the Company announced that agreement had been
reached with Japan Petroleum Exploration Co., Ltd ("JAPEX") to make
a significant investment into its Norwegian subsidiary, Longboat
Energy Norge AS ("Longboat Norge"), to form a joint venture. Under
this agreement, JAPEX will make a cash investment of up to US$50
million for 49.9% of Longboat Norge and provide the Joint Venture
with a US$100 million Acquisition Financing Facility to finance
acquisitions and associated development costs.
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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END
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