Longboat Energy PLC APA Licence Award (9315Y)
January 19 2022 - 2:01AM
UK Regulatory
TIDMLBE
RNS Number : 9315Y
Longboat Energy PLC
19 January 2022
19 January 2022
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
APA Licence Award
Longboat Energy, the emerging full-cycle North Sea E&P
company with a portfolio of significant, near-term, low-risk
exploration assets, including three discoveries to date, is pleased
to announce the award of a licence under the Norwegian APA
licensing round.
The Ministry of Petroleum and Energy has offered Longboat Energy
Norway AS a 25% interest in Production Licence, PL 1049C, covering
a possible extension of the Cambozola prospect towards the
north.
Cambozola will be drilled back-to-back following the PL 293B
Kveikje well (Company 10%) which in turn is expected to spud at the
end of Q1 22.
Equinor Energy AS is the Cambozola operator with a 35% working
interest; the other licensees are Spirit (20%) and Petoro AS
(20%).
Helge Hammer, Chief Executive of Longboat Energy, commented:
"I am pleased that we have been awarded an extension to the
Cambozola licence which is one of the most exciting prospects in
our portfolio.
"We are in an active period of drilling with the Ginny Hermine
well currently underway and with each well in our 2022 programme
having the potential to create very significant shareholder
value."
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
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
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
completed the drilling of 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.
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
"APA" Awards in predefined areas
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END
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