Longboat Energy PLC Updated Presentation (0050U)
November 30 2021 - 2:00AM
UK Regulatory
TIDMLBE
RNS Number : 0050U
Longboat Energy PLC
30 November 2021
30 November 2021
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Updated Presentation
Longboat Energy, the emerging full-cycle North Sea E&P
company with a portfolio of significant, near-term, low-risk
exploration assets, is pleased to announce the posting of a new
presentation on its website.
Highlights
-- Egyptian Vulture evaluation underway to quantify upside resource potential
-- Drilling at Ginny/Hermine expected to commence in December
-- 2022 programme expected to commence in Q1 with the Kveikje
well followed back-to-back by Cambozola
-- High impact drilling programme continues with four wells targeting a further 75mmboe (net)
-- Cash at 31 October 2021 of GBP34.9m (unaudited) and further
tax rebates for 2021 of GBP16m (unaudited)
Investor Engagement
The Company remains committed to best-in-class communication
with its shareholder base and is pleased to have recently engaged
with specialist firm Auctus Advisors LLP to provide in-depth
research on the company which can be accessed here (
https://www.auctusadvisors.co.uk/ ) along with the launch of its
Twitter feed (@LongboatEnergy).
The Company also intends to present the updated corporate
presentation via the Investor Meet Company platform at 11.00 on
Thursday 2 December 2021 which will allow shareholders to
participate in a Q&A session following the presentation. The
Company will also provide an online recording, available on the
Investor Meet Company platform after the meeting.
The presentation 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
9.00 am GMT on Thursday 2 December 2021 or at any time during the
live presentation.
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
Director
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)
Callum Stewart Tel: +44 20 7710 7600
Jason Grossman
Simon Mensley
Ashton Clanfield
FTI Consulting (PR adviser)
Ben Brewerton Tel: +44 20 3727 1000
Ntobeko Chidavaenzi longboatenergy@fticonsulting.com
Notes:
Background
Longboat Energy was established by the ex-Faroe Petroleum plc
("Faroe") management team at the end of 2019 to create a full-cycle
North Sea E&P company through value accretive M&A and
low-risk, near-field exploration. In June 2021 the Company entered
into three bi-lateral transactions to acquire interest in a
portfolio of seven exploration wells over an 18 month period with
further appraisal drilling likely on success. The portfolio has an
attractive risk and reward balance, with the chance of success for
each well in the 22-55% range for all-but-one high-impact prospect.
The prospects are gas weighted and are all located in close
proximity to existing infrastructure, with an overlap between
exploration partners and infrastructure owners, providing 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. To finance the drilling programme, the
Company raised gross proceeds of GBP35 million by means of a share
placing and a NOK 600 million (GBP52 million) Exploration Finance
Facility (EFF) with SpareBank 1 SR-Bank ASA and ING Bank N.V. The
Company has to date drilled three of the seven committed wells in
the programme (Rodhette, Egyptian Vulture and Mugnetind)
discovering hydrocarbons in each well. The Egyptian Vulture
discovery has a very large area extent and the oil-in-place volume
range offers very significant upside potential which the Company is
seeking to unlock.
The Company has created a hand-picked portfolio and material
drilling programme, including four more attractive exploration
wells expected to be drilled over the next 6-8 months and further
appraisal drilling likely on success.
The list of the four licences, working interests and resource
estimates are detailed below:
Licence Prospect Longboat Gross Attributable Geological Expected
Working Prospective Chance Pre-tax Drilling
Interest Resources of Success(2) Well Cost Date(3)
(MMboe)(1) Gross/Net
($million)(3)
------------ --------- ------------------- -------------- ---------------
PL1060 Ginny 9 % 41 27% $25/2 Q4-21
---------- ------------ --------- ------------------- -------------- --------------- ----------
PL1060 Hermine 9% 27 22% incl above Q4-21
---------- ------------ --------- ------------------- -------------- --------------- ----------
PL293B Kveikje 10% 36 55% $31/3 Q1-22
---------- ------------ --------- ------------------- -------------- --------------- ----------
PL1049(4) Cambozola 25 % 159 15% $64/16 Q2-22
---------- ------------ --------- ------------------- -------------- --------------- ----------
PL1017 Copernicus 10% 254 26% $38/4 Q2/3-22
---------- ------------ --------- ------------------- -------------- --------------- ----------
Source: ERC Equipoise Competent Persons Report. The geological
chance of success (GCOS) is an estimate of the probability that
drilling the prospect would result in a discovery as defined
under SPE PRMS. In the case of Prospective Resources, there is
no certainty that hydrocarbons will be discovered, nor if discovered
will it be commercially viable to produce any portion of the
resources.
Notes :
1 ERC Equipoise estimates, using a conversion factor of 5,600
scf/stb
2 ERC Equipoise estimates
3 Longboat management/operator estimates
4 Also includes the extension licence PL1049B
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
"mmboe" Million barrels of oil equivalent
"NCS" Norwegian Continental Shelf
"Prospective Resources" those quantities of petroleum which are
estimated, on a given date, to be potentially
recoverable from undiscovered accumulations
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END
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