Business
Completion of SE Asia Acquisition
Completion of SE Asia Acquisition.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n\n21 December 2023\n Longboat Energy plc \n(\"Longboat Energy\", \"Longboat\" or the \"Company\")\n \nCompletion of SE Asia Acquisition\n \nLongboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, is pleased to announce the completion of the acquisition of privately held Topaz Number One Limited (\"Topaz\"), thereby increasing its working interest in the Production Sharing Contract over Block 2A offshore Sarawak, Malaysia (\"Block 2A\") to 52.5%.\n \nLongboat now holds an operated 52.5% interest in Block 2A, offshore Sarawak Malaysia, containing the giant 'Kertang' prospect, simplifying the process towards a positive well decision and the potential introduction of an additional funding partner prior to drilling.\n \nHaving worked closely with Topaz and its owners over the past twelve months on Block 2A and other acquisition opportunities, Longboat made the decision to accelerate the building of a full-cycle E&P business in SE Asia through the acquisition of Topaz and the addition of James Menzies and Pierre Eliet to the Company's management team as Executive Chairman SE Asia and Director SE Asia respectively.\nHelge Hammer, Chief Executive of Longboat Energy, commented:\n\"We are pleased to have completed the corporate acquisition of Topaz, which increases our interest in a large exploration block in a region that has seen considerable exploration success recently. Petronas announced that they have recorded 19 exploration discoveries, 13 of which were made offshore Sarawak, and two exploration-appraisal successes, contrib...