Longboat Energy PLC AGM Update (5732D)
22 Juin 2023 - 8:00AM
UK Regulatory
TIDMLBE
RNS Number : 5732D
Longboat Energy PLC
22 June 2023
Longboat Energy plc
("Longboat Energy", "the Company" or "Longboat")
Investor Presentation
London, 22 June 2023 - Longboat Energy, the emerging full-cycle
E&P company, reconfirms that f ollowing the Annual General
Meeting the Company will present its corporate presentation via the
Investor Meet Company platform. The online presentation will take
place today at 11.30am and is open to all existing and potential
shareholders. 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
Shareholders registered to attend are invited to pre-submit
questions online via the Investor Meet Company dashboard up until
9.00am today or at any time during the live presentation. A
recording will be made available on the Investor Meet Company
platform after the presentation.
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
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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