Business
Audited Full Year Results to 31 December 2023
Audited Full Year Results to 31 December 2023.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n\nLongboat Energy PLC\n(\"Longboat Energy\", the \"Company\" or \"Longboat\")\n \nAudited Full Year Results to 31 December 2023 and Proposed Board Changes\n \nLondon, 11 April 2024 - Longboat Energy, the full cycle emerging E&P business, announces its results for the 12 months ended 31 December 2023.\n \nHighlights\n \nCorporate Activity\n \n· Transformational transaction in Norway to form joint venture with JAPEX (July 2023):\no Japan Petroleum Exploration Co., Ltd (JAPEX) acquired a 49.9% interest in the Company's Norwegian subsidiary to create a new joint venture company Longboat JAPEX Norge AS (\"Longboat JAPEX\")\no JAPEX made a total equity investment of US$20 million in two tranches, US$16 million in 2023 and US$ 4million post the period end\no In addition, JAPEX has provided a five-year, US$100 million Acquisition Finance Facility to finance acquisitions and associated development costs\n \n· Acquired SE Asian management team and assets (September 2023):\no Longboat acquired Topaz Number One Limited, increasing its working interest in the Production Sharing Contract over Block 2A offshore Sarawak, Malaysia to 52.5% and simplifying the process to farm-down the high impact exploration block ahead of a drilling commitment \no Topaz team of James Menzies and Pierre Eliet joined the Company bringing extensive expertise and an established network in SE Asia\n \nOperations Summary (including post-period events)\n \n· First production acquisition of the Statfjord satellites, by Longboat JAPEX, was completed (in January 2024):\no Demonstrates the ability of the Longboat JAPEX joint venture to access and transact opportunities\no By end-March 2024, initial production of c. 300 boepd net to Longboat JAPEX had doubled to c. 600, following the completion of drilling and gas-lift installation on three of the five new Statfjord Øst wells brought on stream since the acquisition\no The remaining two new wells require some minor work which is expected to be completed in the coming months\no While the Statfjord satellites infill drilling project was successfully executed technically, there have been delays, in both the development programme and prod...