AGM Update
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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.
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Review by Qualified Person
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
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