Last checked at 27 Jun 2024 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
27 June 2024
Longboat Energy plc
(the "Company", "Longboat Energy" or "Longboat")
AGM Update
Longboat Energy, an emerging E&P company focused on Southeast Asia provides the following corporate update in advance of the Company's 2024 Annual General Meeting, which is being held today at 11.00 a.m. at the offices of FTI Consulting LLP, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.
Norway Exit
Longboat is pleased to announce it has now received consent from the Norwegian Ministry of Energy agreement to sell its 50.1% holding in Longboat Japex Norge AS to its joint venture partner Japan Petroleum Exploration Co. Ltd (the "Transaction") along with approval by the lenders under the Exploration Finance Facility. With only the transfer of third-party contracts remaining, these key approvals pave the way for Transaction completion in early Q3-24.
Block 2A Competent Persons Report
As announced separately today, Longboat has published a Competent Persons Report ("CPR") undertaken by ERC Equipoise Ltd ("ERCE") on the giant Kertang prospect located in Block 2A (52.5%, op), offshore Sarawak in eastern Malaysia.
The CPR confirms the giant scale of the Kertang prospect assigning gross, unrisked mean prospective resources of 9.1 TCF plus 146 mmbbls of NGLs across four main horizons.
Following recent increased interest levels in exploration for world-class scale fields, multiple large companies have approached Longboat regarding Block 2A. Having consulted with PETRONAS, the Company now intends to run a farm-out process during H2-24 to identify a suitable partner.
Investor Meet Company
Immediately following its AGM, Nick Ingrassia (CEO) and James Menzies (Executive Chairman) will host a live presentation for investors via Investor Meet Company on 27 June 2024, 11:30 BST.
Investors can sign up to the presentation via: https://www.investormeetcompany.com/longboat-energy-plc/register-investor.
Investors who follow Longboat on the Investor Meet Company platform will automatically be invited.
Ends
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Standard
Estimates of reserves and resources have been carried out in accordance with the June 2018 SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System ("PRMS") as the standard for classification and reporting. A summary of the PRMS can be downloaded from:- https://www.spe.org/en/industry/petroleum-resources-management-system-2018/.
Review by Qualified Person
The technical information in this release has been reviewed by Dr Pierre Eliet, EVP Corporate & Business Development, Country Chair Malaysia, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Dr Eliet is a geologist with more than 25 years' experience in the oil and gas industry. Dr Eliet has a BA Degree in Earth Sciences from Trinity College, Dublin and PhD in Geology from Manchester University, UK.
Glossary
"mmbbl" means Million barrels
"NGL" means natural gas liquids
"Prospective Resources" means those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations
"TCF" means trillion cubic feet