Longboat Energy PLC Response to Market Speculation (0898P)
February 07 2023 - 2:00AM
UK Regulatory
TIDMLBE
RNS Number : 0898P
Longboat Energy PLC
07 February 2023
7 February 2023
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Response to Market Speculation
Longboat Energy, the emerging full-cycle E&P company, has
noted recent market speculation and confirms that it is exploring
opportunities to broaden its strategic remit.
The Company is in advanced discussions with a number of parties
regarding several opportunities across all phases of the E&P
cycle in the South-east Asia region.
The Company will make further announcements in due course, as
appropriate.
The information contained within this announcement is 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
Rosie Cobbett Tel: +44 20 3727 1000
Catrin Trudgill longboatenergy@fticonsulting.com
Background
Longboat Energy was established at the end of 2019 to create a
full-cycle 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, eight
of these wells have been drilled resulting in five hydrocarbon
discoveries (Egyptian Vulture, Mugnetind, Rødhette, Kveikje and
Oswig), representing a 63% 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.
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END
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