SEASCAPE ENERGY ASIA PLC

Regulatory Filings • Jan 31, 2024

National Storage Mechanism | Additional information

RNS Number : 4352B

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: +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 Rosie Corbett Catrin Trudgill	longboatenergy@fticonsulting.com

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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