Business
Final Results for the Year ended 31 December 2019
Final Results for the Year ended 31 December 2019.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n \nRNS Number : 1285C Longboat Energy PLC 06 February 2020 \n\n \n \n \n6 February 2020\n Longboat Energy plc \n(\"Longboat Energy\", \"the Company\" or \"Longboat\")\n \nFinal Results for the Year ended 31 December 2019\nLongboat Energy, established by the former management team of Faroe Petroleum plc to build a significant North Sea-focused E&P business, announces its preliminary results for the period from incorporation on 28 May 2019 to 31 December 2019.\n \nOperational and strategy update\n \nSince Longboat was admitted to AIM on 28 November 2019, the Directors' time and resources have been fully deployed in meeting the Company's investment objective to create a full-cycle North Sea E&P company in order to deliver value to shareholders. \n \nThe Company's Board of Directors has excellent relationships across the North Sea oil and gas industry, which the Company intends to use in order to access attractive bi-lateral deal opportunities. \n \nThe Company is targeting an initial acquisition that will deliver near term cashflow as well as provide an appropriate platform upon which to achieve the Company's investment objectives. Initial acquisition targets are expected to be:\n· located offshore Norway and the UK or the wider EEA region;\n· producing and/or near producing assets, providing cash flows to fund organic growth with robust economics, sustainable in a low oil price environment;\n· assets with identifiable upsides via organic growth through further field investment (infill drilling etc.), potential near-field exploration and with follow on opportunities to deliver a hub strategy; \n· assets with aligned partnerships where the Company can influence and optimise operations; and\n· assets where the management team's experience is va...