Longboat Energy Announces Southeast Asia Acquisition and Expansion

longboat poweran emerging full-cycle exploration and production company active in Norway and Malaysia, has announced the Expanding your business in Southeast Asia through the acquisition of private companies Topaz Number One Limited (‘Topaz’), increase its labor share in the Production Sharing Contract on Block 2A offshore Sarawak, Malaysia to 52.5%.

Reflexes

• Topaz’s only asset is a 15.75% stake in Block 2A, offshore Sarawak Malaysia, which contains the gigantic ‘Kertang’ prospect.
• Upon completion of the transaction, Longboat will have a 52.5% operating interest in Block 2A, streamlining the process toward a positive well decision and the potential introduction of an additional financial partner prior to drilling.
• The Topaz team, comprised of James Menzies and Pierre Eliet, will join Longboat Energy, bringing extensive regional experience and an established network, accelerating Longboat’s ambitions to build a full-cycle exploration and production business in Southeast Asia.
• Consideration of the transaction closely aligns the Topaz team with the value delivery of Block 2A.

Helge Hammer, CEO of Longboat Energy, commented:

‘We are pleased to have increased our interest in the extensive and prospective Block 2A in deepwater Sarawak, which contains the gigantic Kertang prospect. Sarawak has experienced significant exploration success in recent years and we are excited to play a role in the search for additional gas resources in the area.

‘We welcome James and Pierre to Longboat. Their extensive Southeast Asian experience and network, combined with our in-house technical expertise, put us in a strong position to achieve accelerated growth in the region. In parallel with the maturation of Block 2A towards the drilling decision, we are focused on adding production and development assets to our portfolio in Southeast Asia..’

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Source: Longboat Energy