Business
Operational Update
Operational Update.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n\n23 November 2023\n \nLongboat Energy plc\n(\"Longboat Energy\", \"Longboat\" or the \"Company\")\n \nOperational Update\n \nLongboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, is pleased to provide the following operational update.\n \nStatfjord satellites acquisition\n \nHighlights: \n \n· The fourth of five new infill wells in Statfjord Øst has now been successfully drilled.\n· Overall, project execution is on track with the Statfjord Øst and Sygna fields expected to be fully on stream from all wells early in the new year.\n· The transaction is progressing towards completion, which is expected in in January.\nOn 3 July 2023, Longboat announced that it had signed a sale and purchase agreement with INPEX Idemitsu to acquire a 9.60% interest in PL 089, equating to a 4.80% unitised interest in the Statfjord Øst Unit and a 4.32% unitised interest in the Sygna Unit, for cash consideration of US$12.75 million.\nStatfjord Øst is located seven kilometres to the northeast of the Statfjord field in a maximum water depth of 190 metres and produces oil and gas from two subsea production templates and one water injection template tied-back to the Statfjord C platform. The Norwegian Ministry of Petroleum and Energy approved a redevelopment plan in 2021 to drill five new production wells into potentially undrained areas of the field while also adding gas-lift to increase production levels.\nInitial production for 2023 is estimated to be around 250 boepd net to Longboat JAPEX, which is slightly lower than anticipated mainly due to a delay in bringing the new wells on stream. Production is expected to increase significantly early in 2024 when all wells will be brought on stream. Gas-lift installation is completed.\nThe Statfjord Øst Unit partners are Equinor Energy AS (43.25%, op), Petoro AS (30.00%), Vår Energi ASA (20.55%), INPEX Idemitsu Norge AS (4.80%) and Wintershall Dea Norge AS (1.40%). The Sygna Unit partners are Equinor Energy AS (43.425%, op), Petoro AS (30.00%), Vår Energi ASA (20.995%), INPEX Idemitsu Norge AS (4.32%) and Wintershall Dea Norge AS (1.26%).\n \nBusiness Development Update\n \nLongboat remains strategically focused on delivering value-accretive M&A opportunities ...