Business
Interim Results to 30 June 2023
Interim Results to 30 June 2023.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n\nLongboat Energy plc\n (\"Longboat Energy\", the \"Company\" or \"Longboat\")\n \nInterim Results to 30 June 2023\n \nLondon, 27 September 2023 - Longboat Energy, the emerging full-cycle E&P company, is pleased to announce its unaudited interim results for the period to 30 June 2023.\n \nHelge Hammer, Chief Executive Officer of Longboat Energy, commented:\n \n\"Earlier this year, Longboat announced a transaction with Japan Petroleum Exploration Co, Ltd (\"JAPEX\") to form a joint venture company in Norway which involved JAPEX making a substantial investment in our Norwegian subsidiary and providing a financing facility, thereby significantly strengthening the Company's financial position. The transaction completed in mid-July and the now jointly controlled company was renamed Longboat JAPEX Norge AS (\"Longboat JAPEX\").\n \nLongboat JAPEX will pursue a growth-led strategy on the Norwegian Continental Shelf to create value predominantly through the acquisition of production and development projects and growing 2P reserves to reach a significant production level within three to five years. Furthermore, the joint venture will continue to pursue exploration and appraisal opportunities with the target of drilling one to three wells per year.\n \nIn early August the drilling of the OMV operated Velocette well commenced targeting a large gas-condensate prospect on the eastern flank of the Utgard High in the Norwegian Sea. In mid-September we announced a minor gas discovery where the well encountered hydrocarbons in the primary target in Cretaceous turbidite sands in the Nise formation. While the discovery is not considered to be a commercial prospect, the licence contains numerous other prospects which have been de-risked by the presence of gas in good quality reservoir in the Velocette well.\n \nEarlier this month we announced an expansion of our operations in SE Asia through the acquisition of privately held Topaz Number One Limited, thereby increasing our interest in Malaysian 2A PSC to 52.5% which includes the giant Kertang target, with James Menzies and Pierre Eliet also joining the Company to lead our growth in the region.\"\n \nOperational Highlights\n \n \n\n\n\n\n●\n\n\nFormed a joint venture company in Norway with Japan Petroleum Exploration Co, Ltd (\"...