Longboat Energy PLC Spud of Cambozola Exploration Well (9284H)
April 11 2022 - 2:01AM
UK Regulatory
TIDMLBE
RNS Number : 9284H
Longboat Energy PLC
11 April 2022
11 April 2022
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Spud of Cambozola Exploration Well
Longboat Energy, the emerging full-cycle North Sea E&P
company, is pleased to announce the commencement of drilling
operations on the Cambozola exploration well (Company 25%) in
Norway.
Cambozola is the primary prospect located in the
PL1049/PL1049B/PL1049C licences in the Northern North Sea, in an
area with significant existing infrastructure and just c. 30 km
northwest of Longboat's Kveikje discovery, announced on 5 April
2022.
Cambozola is a play opener and one of the largest gas prospects
to be drilled in Norway in 2022. In particular, the turbidite sand
lobes of Lower Cretaceous age stand out as amplitude anomalies on
seismic data. G ross unrisked mean prospective resources for the
entire Cambozola prospect have been estimated at 159 mmboe(1) . In
the event of a successful discovery on Cambozola, there will be
follow-up prospectivity on the licences.
The drilling of the Cambozola well 34/9-1S , operated by
Equinor, is being undertaken by the Deepsea Stavanger
semi-submersible drilling rig and is expected to take up to 14
weeks to drill.
Helge Hammer, Chief Executive of Longboat, commented:
"Following on from our success on Kveikje announced last week, I
am pleased that we have now commenced drilling operations on the
sixth exploration well in our drilling programme.
"Longboat Energy's remaining 2022 exploration programme offers
shareholders a unique opportunity to gain gas weighted drilling
exposure targeting net mean prospective resource potential of
66mmboe (1) with an additional 246 mmboe of upside."
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
Ntobeko Chidavaenzi Tel: +44 20 3727 1000
Rosie Cobbett longboatenergy@fticonsulting.com
1 source ERC Equipoise Competent Person Report and using a
gas-to-barrel of oil equivalent conversion factor of 5,600
scf/stb
Background
Longboat Energy was established 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
interests in a portfolio of seven exploration wells which have
resulted in three discoveries (Egyptian Vulture, Rødhette and
Kveikje) out of five wells drilled to date.
Longboat's remaining exploration wells, excluding appraisal
drilling on the existing discoveries, are both high-impact,
gas-weighted prospects drilling during 2022. Longboat has targeted
exploration prospects 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 in 2021 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.
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
Masters 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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