TIDMLBE
RNS Number : 8974A
Longboat Energy PLC
30 May 2023
30 May 2023
Longboat Energy plc ("Longboat Energy", "Longboat" or the
"Company")
Lotus ( Kjøttkake) Rig Assignment
Longboat Energy, the emerging full-cycle E&P company, is
pleased to announce that a rig has been assigned for the drilling
of the Lotus (Kjøttkake) exploration well (Company 30%) in
Norway.
The Lotus prospect will be drilled using the semi-submersible
Deepsea Yantai and is expected to be drilled during Q3 2024. The
license partnership includes DNO Norge AS (40%, op) and Aker BP ASA
(30%).
Licence PL1182S lies in the prolific Northern North Sea, 4kms
southeast of the Company's recent significant Kveikje discovery
where Longboat is a 10% equity partner.
Longboat's Lotus prospect has been named Kjøttkake by the
license operator. It comprises Paleocene injectite sandstones, c
haracterised by excellent reservoir properties, and is supported by
seismic amplitudes. Longboat exploited its significant knowledge of
injectite reservoirs, which are also the main reservoir in the
Kveikje discovery, to secure the Lotus prospect through a firm well
commitment in last year's APA 2022 licencing round.
Based on the Company's estimates, Lotus contains gross mean
prospective resources of 27 mmboe* with further potential upside
estimated at 44 mmboe*. The chance of success is 56%* with the key
risk being hydrocarbon retention.
If successful, Lotus is likely to form part of an area cluster
development together with Kveikje and several other recent
discoveries in the area, through infrastructure associated with the
nearby giant Troll field.
Helge Hammer, Chief Executive of Longboat Energy, commented:
"I am pleased that we have secured a rig for drilling Lotus,
which could add substantial reserves to our Kveikje development if
successful.
The next well on the programme will be Velocette, which is
expected to spud late this summer, and which will be followed by
Lotus next year."
Notes :
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 via FTI
---------------------------------
Jon Cooper, Chief Financial Officer
---------------------------------
Nick Ingrassia, Corporate Development Officer
---------------------------------
Stifel Nicolaus Europe Limited (Nominated
Adviser and Joint Broker)
---------------------------------
Callum Stewart Tel: +44 20 7710 7600
---------------------------------
Jason Grossman
---------------------------------
Simon Mensley
---------------------------------
Ashton Clanfield
---------------------------------
Cenkos Securities plc (Joint Broker)
---------------------------------
Neil McDonald Tel: +44 20 7397 8900
---------------------------------
Pete Lynch
---------------------------------
Leif Powis
---------------------------------
FTI Consulting (PR adviser)
---------------------------------
Ben Brewerton Tel: +44 20 3727 1000
---------------------------------
Rosie Corbett 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. 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.
Standard
Estimates of reserves and resources have been prepared in
accordance with the June 2018 Petroleum Resources Management System
("PRMS") as the standard for classification and reporting with an
effective date of 31 December 2020.
Review by Qualified Person
The technical information in this release has been reviewed by
Hilde Salthe, Managing Director Norge, who is a qualified person
for the purposes of the AIM Guidance Note for Mining, Oil and Gas
Companies. Ms Salthe is a petroleum geologist with more than 20
years' experience in the oil and gas industry. Ms Salthe has a
master's degree from Faculty of Applied Earth Sciences at the
Norwegian University of Science and Technology in Trondheim.
Glossary
"2P Reserves" The sum of proved and probable reserves. Denotes the
best estimate scenario of reserves
"boe" Barrels of oil equivalent
-----------------------------------------------------
"boepd" Barrels of oil equivalent per day
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"mmboe" Million barrels of oil equivalent
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END
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