Longboat Energy PLC Spud of Copernicus Exploration Well (5565X)
August 30 2022 - 2:04AM
UK Regulatory
TIDMLBE
RNS Number : 5565X
Longboat Energy PLC
30 August 2022
30 August 2022
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Spud of Copernicus Exploration Well
Longboat Energy, the emerging full-cycle North Sea E&P
company, is pleased to announce the commencement of drilling
operations on the Copernicus exploration well (Company 10%) in
Norway.
Copernicus is the primary prospect located in license PL1017,
which lies on the Utgard High in the Vøring Basin region of the
Norwegian Sea.
The drilling of the Copernicus well 6608/1-1S , operated by
PGNiG Upstream Norway AS, is being undertaken by the Deepsea Yantai
drilling rig and is expected to take up to eight weeks to
drill.
A further announcement will be made when drilling operations
have been completed.
Helge Hammer, Chief Executive of Longboat Energy, commented:
" We are pleased to commence the drilling of the second of three
fully-funded, gas-focused exploration wells, with the drilling of
the Oswig well, the first well in the series, also currently
underway.
"Longboat Energy's exploration programme offers shareholders a
unique opportunity to gain gas weighted drilling exposure targeting
net mean prospective resource potential of 70 mmboe (1) with an
upside case of 142 mmboe."
Notes :
The information contained within this announcement is not
considered to be inside information prior to its release.
(1) source: Combination of Operator estimates and ERC Equipoise
Competent Person Report using, where appropriate a gas-to-barrel of
oil equivalent conversion factor of 5,600 scf/stb
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 at the end of 2019 to create a
full-cycle North Sea 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, six of these wells have been drilled resulting in three
discoveries (Egyptian Vulture, Rødhette and Kveikje), representing
a 50% success rate.
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.
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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