Longboat Energy PLC Copernicus Well Result (5181Z)
September 15 2022 - 2:00AM
UK Regulatory
TIDMLBE
RNS Number : 5181Z
Longboat Energy PLC
15 September 2022
15 September 2022
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Copernicus well result
Longboat Energy, the emerging full-cycle North Sea E&P
company, announces that the Copernicus exploration well in licence
PL1017 offshore Norway (Company 10%) was dry and will now be
plugged and abandoned.
Exploration well 6608/1-1S operated by PGNiG Upstream Norway AS,
was targeting Plio-Pleistocene formations in the Vøring Basin
region of the Norwegian Sea. The well was drilled to a total
vertical depth of 2,400 metres below sea level. Background gas
readings were recorded, but the well failed to encounter any
effective reservoir. Analysis of the data collected remains ongoing
to understand the observed bright seismic amplitude anomaly and any
remaining prospectivity in the area.
The drilling operations were carried out well within the time
schedule and below budget.
Helge Hammer, Chief Executive of Longboat, commented:
" Naturally, we are disappointed that the Copernicus well was
not a success but we look forward to continuing our fully-funded,
gas-focused exploration programme with the results of the Oswig
well expected shortly."
The information contained within this announcement is considered
to be inside information prior to its release.
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
Rosie Corbett 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 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 six wells drilled to date.
Longboat's future exploration wells, after having farmed in to
two additional gas wells, are high-impact, gas-weighted prospects
drilling during 2022 and 2023. 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.
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.
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.
Glossary
"mmboe" Million barrels of oil equivalent
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