Longboat Power supplies operational replace

Longboat Power, an rising full-cycle E&P firm energetic in Norway and Malaysia, has supplied an operational replace.

Statfjord satellites acquisition

Highlights:  

• The fourth of 5 new infill wells in Statfjord Øst has now been efficiently drilled.
• General, mission execution is on observe with the Statfjord Øst and Sygna fields anticipated to be absolutely on stream from all wells early within the new yr.
• The transaction is progressing in the direction of completion, which is predicted in in January.

On 3 July 2023, Longboat introduced that it had signed a sale and buy settlement with INPEX Idemitsu to accumulate a 9.60% curiosity in PL 089, equating to a 4.80% unitised curiosity within the Statfjord Øst Unit and a 4.32% unitised curiosity within the Sygna Unit, for money consideration of US$12.75 million.

Statfjord Øst is positioned seven kilometres to the northeast of the Statfjord discipline in a most water depth of 190 metres and produces oil and gasoline from two subsea manufacturing templates and one water injection template tied-back to the Statfjord C platform. The Norwegian Ministry of Petroleum and Power accepted a redevelopment plan in 2021 to drill 5 new manufacturing wells into probably undrained areas of the sphere whereas additionally including gas-lift to extend manufacturing ranges.

Preliminary manufacturing for 2023 is estimated to be round 250 boepd web to Longboat JAPEX, which is barely decrease than anticipated primarily as a result of a delay in bringing the brand new wells on stream. Manufacturing is predicted to extend considerably early in 2024 when all wells shall be introduced on stream. Fuel-lift set up is accomplished.

The Statfjord Øst Unit companions are Equinor Power AS (43.25%, op), Petoro AS (30.00%), Vår Energi ASA (20.55%), INPEX Idemitsu Norge AS (4.80%) and Wintershall Dea Norge AS (1.40%). The Sygna Unit companions are Equinor Power AS (43.425%, op), Petoro AS (30.00%), Vår Energi ASA (20.995%), INPEX Idemitsu Norge AS (4.32%) and Wintershall Dea Norge AS (1.26%).

Enterprise Improvement Replace

Longboat stays strategically targeted on delivering value-accretive M&A alternatives throughout each of its key areas of Norway and South East Asia. It  is actively pursuing quite a few development alternatives, which span from near-term, short-cycle developments by way of to present manufacturing – many with a gas-weighting.

Following the acquisition of privately held Topaz Quantity One Restricted and the addition of James Menzies and Pierre Eliet to the Longboat organisation, as introduced 13 September, the Firm now has a Enterprise Improvement Group for SE Asia with a confirmed observe file, depth of data and wonderful relationships throughout the area.  

Longboat additionally stays targeted on delivering acquisitions utilizing progressive financing constructions, such because it did within the Longboat JAPEX three way partnership, which search to reduce shareholder dilution.

Company Presentation

A brand new company presentation could be discovered on the Firm’s web site (www.longboatenergy.com) setting out the strategic imaginative and prescient for the enterprise because it enters a serious development part.

Longboat may even be internet hosting an Investor Meet Firm presentation at 10:00 GMT Tuesday 28 November 2023. If you happen to want to attend the web presentation you must register for the occasion upfront through this hyperlink: https://www.investormeetcompany.com/longboat-energy-plc/register-investor

Attendees registered to attend are invited to pre-submit questions on-line through the Investor Meet Firm dashboard up till 9.00am BST on Tuesday 28 September 2023 or at any time throughout the dwell presentation. A recording shall be made accessible on the Investor Meet Firm platform after the presentation.

Helge Hammer, Chief Government of Longboat, commented:

‘We accomplished an excellent milestone transaction with JAPEX to kind our new JV in Norway. The JV in Stavanger is now absolutely up and operating and in prime place to pursue and ship on our plans to develop manufacturing and reserves in top quality property in Norway.

‘The timing of our entry into the SE Asia area has been wonderful given the exceptionally energetic M&A market. We’re excited in regards to the many and diversified alternatives accessible to us and with our extremely skilled workforce and wonderful relationships. We’re assured that we are going to ship appreciable development and create substantial shareholder worth within the interval forward.’

Authentic announcement hyperlink

Supply: Longboat Power