Business
Year-end Update
Year-end Update.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n \n \n \n \n \n 13 December 2022\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 Year-end Update\n \n \n \n \n \n \n \n \n Following completion of its 2022 drilling operations, Longboat Energy, the emerging full-cycle E&P company, is pleased to provide the following update.\n \n \n \n \n \n During 2022, Longboat delivered a five well Norwegian exploration programme in-line with forecast expenditure and estimates its unaudited, year-end 2022 cash position will be approximately £9 million. Current drawings under the Company's Exploration Finance Facility (\"EFF\") are NOK 536 million (~£44million) and will be repaid fully from its Norwegian tax rebate due in November 2023. \n \n \n \n \n \n Longboat is also pleased to announce it has agreed terms with its lending banks to increase its EFF to NOK 800 million (~£65 million) from NOK 600 million and extend the availability period to the end of 2024 to finance the Company's drilling programme in 2023 and beyond.\n \n \n \n \n \n Longboat's next exploration well is currently the high-impact, OMV-operated Velocette prospect (Longboat 20%) due to spud in Q3 2023. Velocette is estimated\n to contain gross, unrisked mean resources of 177 mmboe (35 mmboe net) with a geological chance of success of 30%*.\n \n \n \n \n \n The Company is focussed on demonstrating and delivering value from its three key Norwegian discoveries to date (Egyptian Vulture, Kveikje and Oswig) and expects this will be achieved through a combination of appraisal and monetisation projects and intends to provide a further update on its forward activity programme in the new year.\n \n \n \n \n \n Longboat is also actively pursuing a range of growth opportunities both inside Norway and internationally, seeking to leverage the Company's high-quality organisation into value-accretive opportunities with the continued goal of creating a full-cycle E&P company with a balanced portfolio of production and multiple exploration & appraisal wells per year.\n \n \n \n \n \n \n Helge Hammer, Chief Executive of Longboat, commented: \n \n \n \n \n \n \n \n \n \"Longboat is pleased to have completed its 2022 well programme on schedule and on budget having...