Longboat Energy PLC Velocette Well Spud (5719I)
08 8월 2023 - 3:00PM
UK Regulatory
TIDMLBE
RNS Number : 5719I
Longboat Energy PLC
08 August 2023
8 August 2023
Longboat Energy plc
("Longboat Energy", "Longboat" or the "Company")
Velocette Well Spud
Longboat Energy, an emerging full-cycle E&P company active
in Norway and Malaysia, is pleased to announce the commencement of
drilling operations on the Velocette (PL1016) exploration well in
Norway (Company 20%).
Velocette is a gas-condensate prospect targeting Cretaceous Nise
turbidite sands on the eastern flank of the Utgard High in the
Norwegian Sea. The prospect benefits from seismic amplitude
anomalies indicative of gas-filled sands and is located within
tieback distance from the Equinor operated, producing Aasta
Hansteen field (45 km).
Velocette is estimated to contain gross unrisked mean resources
of 177(*) mmboe (35(*) mmboe net to Longboat JAPEX Norge AS) with a
geological chance of success of 30%(*) . A number of follow on
opportunities exist within license PL1016 with aggregate gross
unrisked mean resources of 200(*) mmboe, which would be
significantly de-risked by success in the Velocette well. The key
risks associated with this prospect are reservoir presence and
quality.
The license partnership consists of Longboat JAPEX Norge AS
(20%), OMV Norge AS (40% operator) and INPEX Idemitsu Norge AS
(40%).
Helge Hammer, Chief Executive of Longboat Energy, commented:
"We are excited to have commenced drilling the Velocette
prospect which will be our ninth exploration well. Velocette is a
gas weighted opportunity targeting very significant prospective
resources. The exploration well also has significant follow-on
potential that will be derisked in the case of success."
Notes :
(*) Source: ERCE CPR September 2022, a gas-to-barrel of oil
equivalent conversion factor of 5,600 scf/stb
The information contained within this announcement is not
considered to be inside information prior to its release.
Ends
Enquiries:
Longboat Energy via FTI
Helge Hammer, Chief Executive Officer
Jon Cooper, Chief Financial Officer
Nick Ingrassia, Corporate Development
Director
Stifel (Nomad) Tel: +44 20 7710 7600
Callum Stewart
Jason Grossman
Ashton Clanfield
Cenkos Securities plc (Joint Broker)
Tel: +44 20 7397 8900
Neil McDonald
Pete Lynch
Leif Powis
FTI Consulting (PR adviser) Tel: +44 20 3727 1000
Ben Brewerton
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. To
date, Longboat's main focus has been
in Norway where si nce June 2021,
the Company has entered into a series
of transactions to acquire interests
in a portfolio of exploration assets
close to existing infrastructure.
So far, eight of these wells have
been drilled resulting in five hydrocarbon
discoveries, representing a technical
63% success rate.
In July 2023, Longboat completed the
transaction with Japan Petroleum Exploration
Co., Ltd ("JAPEX") to form a new joint
venture company in Norway named Longboat
JAPEX Norge AS. Under these arrangements,
JAPEX will make a cash investment
of up to US$50 million, of which US$16
million was paid on completion, for
a 49.9% shareholding in of Longboat
JAPEX Norge AS and provide the Joint
Venture with a US$100 million Acquisition
Financing Facility to finance acquisitions
and associated development costs.
Longboat retains 50.1% ownership in
Longboat JAPEX Norge AS.
Also in July 2023, Longboat JAPEX
Norge AS announced its first production
acquisition in Norway of interests
in the Statfjord satellite fields,
Statfjord Øst and Sygna .
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.
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.
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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