TIDMLBE
RNS Number : 8305E
Longboat Energy PLC
04 July 2023
4 July 2023
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
PL1049S Jasmine and Sjøkreps
Longboat Energy, an emerging full-cycle E&P company with
activities in Norway and Malaysia, is pleased to announce that a
new licence group has been formed and an extended work period has
been granted in Norwegian licence PL1049, which has been
stratigraphically split and renamed PL1049S.
Longboat Energy Norge AS holds 40% in PL1049S where the main
objective is to pursue the Tertiary play, which has been proven to
be successful in the area including in Longboat's Kveikje discovery
in PL293B, only 12 km to the East.
Two prospects, Jasmine and Sjøkreps, have been mapped in
PL1049S. Longboat previously held 25% in PL1049 where it drilled
the deep Cambozola prospect in 2022.
Transaction highlights:
-- Longboat Energy Norge AS increases its prospective resources
by forming a new joint venture and retaining a 40% interest in
PL1049S
-- PL1049S contains two prospects in the Tertiary play: Jasmine and Sjøkreps
-- The prospects will be de-risked by wells committed to be
drilled in the vicinity and processing of the existing high quality
seismic data before drilling decisions are taken
The Company holds 40% in PL1049S where a new joint venture has
been formed with DNO Norge AS as operator holding 40% and with
Petoro holding 20%.
Longboat initially held 25% in PL1049 where the deep Cambozola
prospects was drilled in in 2022. The target for further
exploration in the licence is the shallower levels and the licence
has been stratigraphically split. The new licence group is
retaining PL1049S where two prospects have been mapped, Sjøkreps
and Jasmine, both targeting Tertiary plays. The area is covered
with new modern high quality seismic data and combined with new
processing techniques, there is significant potential to de-risk
the exploration prospects.
Sjøkreps is a fault-bounded three-way dip closure at Palaeocene
level and has preliminary estimated recoverable volumes ranging
between 20 to 300 mmboe(1) (P90-P10) with the main risk being
quality of reservoir.
The Jasmine prospect is an injectite target at Eocene level,
which is analogous to the Kveikje discovery, and has recoverable
volume range preliminarily estimated between 10 to 30 mmboe(2)
(P90-P10) with the main risk being reservoir quality.
The work programme consists of seismic studies, potential
seismic reprocessing and integration of results from ongoing and
near-term wells targeting the same interval in the area, which
combined have the potential to significantly improve the Chances of
Success ahead of making a drill decision. The drilling decision has
to be made by February 2025.
Longboat Norge AS will shortly become a joint venture between
Longboat Energy and Japan Petroleum Exploration Co., Ltd ("JAPEX")
on completion of the investment into Longboat Norge by JAPEX
announced on 2 May 2023.
Helge Hammer, Chief Executive of Longboat Energy, commented:
"We are pleased to be able to retain PL1049S in an area which
has seen considerable exploration success in recent years including
our own Kveikje discovery in April last year. It is exciting that
with new high quality seismic data together with our substantial
in-house expertise, we have a unique opportunity to de-risk
exploration opportunities and add new resources in this very
prolific part of the Norwegian North Sea.
"We look forward to working with DNO and Petoro to mature the
Jasmine and Sjøkreps prospects and build our position in this key
area where we already have the Kveikje discovery and will be
drilling the Kjøttkake (formerly Lotus) prospect next year."
References:
Company numbers (1)
Operator numbers (2)
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 Officer
---------------------------------
Stifel Nicolaus Europe Limited (Nominated
Adviser and Joint Broker)
---------------------------------
Callum Stewart Tel: +44 20 7710 7600
---------------------------------
Jason Grossman
---------------------------------
Simon Mensley
---------------------------------
Ashton Clanfield
---------------------------------
Cenkos Securities plc (Joint Broker)
---------------------------------
Neil McDonald Tel: +44 20 7397 8900
---------------------------------
Pete Lynch
---------------------------------
Leif Powis
---------------------------------
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 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, representing a technical 63% success rate.
In February 2023, Longboat entered Malaysia through the award of
a Production Sharing Contract for Block 2A, offshore Sarawak. Block
2A covers approx. 12,000km(2) and is located in water depths of
between 100-1,400 metres where a number of large prospects across
multiple plays have been identified, with significant volume
potential representing multiple trillions of cubic feet of gas.
In May 2023, the Company announced that agreement had been
reached with Japan Petroleum Exploration Co., Ltd ("JAPEX") to make
a significant investment into its Norwegian subsidiary, Longboat
Energy Norge AS ("Longboat Norge"), to form a joint venture. Under
this agreement, JAPEX will make a cash investment of up to US$50
million for 49.9% of Longboat Norge and provide the Joint Venture
with a US$100 million Acquisition Financing Facility to finance
acquisitions and associated development costs.
Longboat's activities remain focused on creating 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
master's degree from Faculty of Applied Earth Sciences at the
Norwegian University of Science and Technology in Trondheim.
Glossary
"2P Reserves" The sum of proved and probable reserves. Denotes the
best estimate scenario of reserves
"boe" Barrels of oil equivalent
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"boepd" Barrels of oil equivalent per day
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"mmboe" Million barrels of oil equivalent
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"P10" The quantity for which there is a 10% probability that
the quantities actually recovered will equal or exceed
the estimate.
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"P90" The quantity for which there is a 90% probability that
the quantities actually recovered will equal or exceed
the estimate
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END
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