Business
Audited Full Year Results to 31 December 2022
Audited Full Year Results to 31 December 2022.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n \n \n \n Longboat Energy PLC\n \n \n \n (\"Longboat Energy\", the \"Company\" or \"Longboat\")\n \n \n \n \n \n \n \n \n Audited Full Year Results to 31 December 2022\n \n \n \n \n \n \n \n \n \n London, 21 March 2023\n \n -\n Longboat Energy, the full cycle emerging E&P business,\n announces its full-year results for the period ended 31 December 2022.\n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n \n Operations Summary\n \n \n \n ·\n Five wells drilled over the period with two significant discoveries: Kveikje and Oswig\n \n \n ·\n Kveikje (Longboat 10%):\n \n \n §\n Encountered hydrocarbons at all four targets levels.\n \n \n §\n Discovered light oil in excellent quality injectitie reservoir in the main target reservoir.\n \n \n §\n Estimate of recoverable resources between 35 and 60 mmboe gross 1).\n \n \n §\n Operated by Equinor in prolific area to the north of the giant Troll field with significant infrastructure.\n \n \n §\n Likely to form part of the Ringvei Vest multi-hundred million barrel cluster development.\n \n \n ·\n Oswig (Longboat 20%):\n \n \n §\n Gas-condensate discovery in large fault block with Jurassic Tarbert formation reservoir.\n \n \n §\n Preliminary estimate of recoverable resources between 10 and 42 mmboe gross 2) based on in-place volumes of 100 to 215 mmboe and condensate/gas ratio of 110-130 bbl/mmscf.\n \n \n §\n High pressure, high temperature find next to Equinor operated producing Tune and giant Oseberg fields with oil and gas export facilities.\n \n \n §\n Drill stem test in sidetrack well flowed approximately 2.1 mmscfd of gas and 280 bpd of condensate (approximately 650 boepd in aggregate) through a 10/64-inch choke.\n \n \n §\n Focus on identifying optimal well design for delivering economic flow rates, most likely by fracturing the well, to unlock the discovery. \n \n \n ·\n Awarded three new licences in the 2022 Norwegian Award in Predefined Areas ('APA') Licensing Round:\n \n \n §\n Lotus (Longboat 30%) is located next to Kveikje and contains an analogous injectite low risk prospect, which has the potential to add significant value. The firm well is planned for 2024.\n \n \n §\n The Kveikje extension license (Longboat 10%) covers possible extensions of the Kveikje discovery to the west and east. \n \n \n §\n Oswig South licenc...