Business
Norwegian Portfolio Update and New Country Entry
Norwegian Portfolio Update and New Country Entry.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n \n \n \n \n \n 15 February 2023\n \n \n \n \n \n \n \n \n Longboat Energy plc \n \n \n \n (\"Longboat Energy\", \"Longboat\" or the \"Company\")\n \n \n \n \n \n \n \n \n Norwegian Portfolio Update and New Country Entry\n \n \n \n \n \n \n \n \n Longboat Energy, the emerging full-cycle E&P company, is pleased to provide an operational update and to announce its entry into Malaysia.\n \n \n \n \n \n \n Norwegian Portfolio\n \n \n \n \n \n \n Norway remains Longboat's key focus area. Having made four potentially commercial discoveries in less than 18 months, the Company is now focussed on maturing these assets towards development and realising the value that has been created.\n \n \n \n \n \n On 11 January 2023, the Company announced that it had been awarded the Lotus prospect (Longboat, 30%) in the Norwegian 2022 APA Licensing Round. Lotus is located immediately adjacent to Longboat's Kveikje discovery (Longboat, 10%) and adds significantly to the materiality of Longboat's acreage position in this area.\n \n \n \n \n \n Kveikje and Lotus, on success, are likely to form part of the new Equinor operated Ring Vei Vest (\"RVV\") cluster development project. The RVV project will develop multiple oil discoveries made west of the Troll field in recent years. This includes the Rover Sør oil discovery announced last week by Equinor, which further increases the size of the multi-hundred-million-barrel RVV development project.\n \n \n \n \n \n Following a short hiatus in anticipation of the APA award, Longboat is actively pursuing monetisation options for its position in the area. This process has attracted significant interest and Longboat anticipates being able to provide the market with a further update during the first quarter of 2023.\n \n \n \n \n \n The Transocean Norge rig is booked for the high-impact Velocette exploration well (Longboat, 20%), which is expected to spud in Q3 2022 and is targeting a large gas prospect with gross mean volumes of 177 mmboe. The well has attracted considerable attention and was recently featured on Westwood Global Energy Group's list of \"Key wells to watch in 2023\". The chance of success associated with the Velocette prospect is 30%.\n \n \n \n \n \n The Company is working to confirm up to two additional wells for its 2024...