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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Enquiries:
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Longboat Energy
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via
FTI
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Nick Ingrassia (Chief
Executive)
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Stifel (Nomad and Joint Broker)
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Tel: +44 20 7710 7600
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Callum Stewart
Jason Grossman
Ashton Clanfield
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SNELLongboatEnergy@Stifel.com
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Cavendish Capital Markets Limited (Joint
Broker)
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Tel: +44 20 7397 8900
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Neil McDonald
Pete Lynch
Leif Powis
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FTI
Consulting (PR adviser)
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Tel: +44 20 3727 1000
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Ben Brewerton
Rosie Corbett
Catrin Trudgill
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longboatenergy@fticonsulting.com
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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