Longboat Energy PLC Velocette Rig Contract (2300A)
September 22 2022 - 2:01AM
UK Regulatory
TIDMLBE
RNS Number : 2300A
Longboat Energy PLC
22 September 2022
22 September 2022
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Velocette Rig Contract
Longboat Energy, the emerging full-cycle North Sea E&P
company, is pleased to announce that a rig contract has been signed
for the drilling of the Velocette exploration well (Company
20%).
Velocette (PL 1016) will be drilled using the semi-submersible
Transocean Norge and is expected to be drilled in Q3 2023.
Velocette is a gas-condensate prospect targeting Cretaceous Nise
turbidite sands on the eastern flank of the Utgard High in the
Norwegian Sea which have been identified following recent seismic
reprocessing. Velocette benefits from seismic amplitude anomalies
indicative of gas-filled sands located within tieback distance from
the Equinor operated producing Aasta Hansteen field (45 km).
Helge Hammer, Chief Executive of Longboat Energy, commented:
"I am pleased that we have now secured a rig for the Velocette
prospect which will be the ninth well
in our programme. We are currently drilling the Oswig well and
both the Velocette and Oswig prospects have significant follow-on
potential that will be derisked by the exploration wells in a
success case."
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
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 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.
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.
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END
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