Seascape Energy Asia Plc · LSE:SEA
Seascape Energy Asia — Longboat Energy — H1 2023 Earnings Presentation
15 slides from Seascape Energy Asia's earnings presentation, Sep 27, 2023
Slide 1: Longboat Interim Results to 30 June 2023
Longboat Interim Results to 30 June 2023 27 September 2023
Slide 2: Disclaimer
Disclaimer The information contained herein has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Longboat Energy plc (the “Company”). This presentation and the information contained in
Slide 3: Creating a growth platform
Creating a growth platform Three transactions executed YTD in 2023 to transform Longboat a May 2023 and create a platform for growth • JAPEX 49.9% shareholder in Longboat’s Norwegian subsidiary • Initial production acquisition in Norway of Statfjord Satellites $150 million Norwegian JV with JAPEX •
Slide 4: Refocusing the business
Refocusing the business Growing SE Asian presence • Malaysian licence award 2023 and Topaz purchase • Opportunities comparable to North Sea ~15 years ago • Limited competition and supportive regulators Reshaped Norwegian business with JAPEX JV Strategy to build a full-cycle business • JAPEX now a 49
Slide 5: Expanded executive team
Expanded executive team • Ex-COO of Faroe Petroleum • Ex-Group BD Head Faroe Petroleum • +30 years’ international • BD roles at Salamander and Valiant experience (Shell, Paladin) • Previous banking experience with • Petroleum Engineer Morgan Stanley and RBS Helge Hammer Nick Ingrassia Chief Executiv
Slide 6: JAPEX transaction rebuilds balance sheet strength
JAPEX transaction rebuilds balance sheet strength Longboat interim results to 30 Jun 2023 Norway JV Post-Completion1 ‘Group’ Cash Post-Completion1 All figures £ millions 2 3.5 3 3 4.6 3.5 12.0 5.3 2 12.1 Longboat 4.5 10.9 4.3 5.3 1 1.4 2.1 PLC 5.3 1 2.2 2.2 JAPEX 2.1 Norge Cash at Expl Pre-Tax Loan
Slide 7: Production acquisition 'first step' for Norwegian JV
Production acquisition ‘first step’ for Norwegian JV Agreed to purchase two producing assets from INPEX Idemitsu Equinor (43.425%, op) Petoro (30.00%) Vår Energi (20.995%) • Consideration of US$12.75 million Longboat JAPEX (4.32%) • Net production of ~300 boepd (to 30/4 2023), anticipated to approx.
Slide 8: Norway focus: Greater Kveikje Area
Norway focus: Greater Kveikje Area Grosbeak Kveikje one of largest NCS discoveries Equinor (59%) in 2022 Petoro (25%) INPEX Idemitsu (7%) Kveikje • Injectite reservoir with excellent quality Equinor (51%, op) Neptune (5%) Sjøkreps & Jasmine Wellesley (5%) DNO (29%) • Gross volume range: 35 – 60 mmbo
Slide 9: Malaysia Block SK2A
Malaysia Block SK2A Kertang: one of SE Asia’s undrilled gas giants Large exploration block offshore Sarawak xx Discovery • Prolific Central Luconia province, outboard of recent gas discoveries Producing field Pipeline • Total block area 12,000km2, water depth 100-1,400m • One of largest LNG terminal
Slide 10: Summary
Summary Executed three transactions during 2023 create a transformational growth platform • Introduction of JAPEX as 49.9% shareholder in Norwegian subsidiary • Signed first production/development deal in Norway giving long-term revenue visibility • Entered Malaysia and purchased Topaz to increase s
Slide 11: Appendix
Longboat Energy
Slide 12: Interim result highlights to 30 June 2023
Interim result highlights to 30 June 2023 £ million £ million Notes Continuing ops Held for resale Norwegian subsidiary shown as ‘held for resale’ pre-completion of JAPEX’s Cash 2.1 2.2 subscription for a 49.9% interest in Longboat Norge (completed Jul-23) Debt - 33.2 Net of £0.5m of prepaid loan fe
Slide 13: Norwegian JV with JAPEX
Norwegian JV with JAPEX Transaction completed in July to create a new Norwegian JV x • JAPEX 49.9% shareholder in Longboat’s Norwegian subsidiary Initial investment of US$201 million plus a US$100 million financing facility provided by JAPEX • 5-year facility available to finance acquisitions and de
Slide 14: SE Asia strategy
SE Asia strategy ‘Unique prospecting style’: Petronas makes six new oil and gas Why SE Asia? discoveries x Petronas’ upstream company Petronas Carigali has revealed six oil and gas discoveries in • Opportunity set comparable to the North Sea 15-20 years ago five blocks offshore Sarawak, East Malaysi
Slide 15: www.longboatenergy.com
www.longboatenergy.com Longboat Energy @LongboatEnergy