Seascape Energy Asia PLC · LSE:SEA
Seascape Energy Asia — Longboat Energy — Merger or Acquisition (May 2023)
15 slides from Seascape Energy Asia's merger presentation, May 2023
Slide 1: Transformational Investment and Joint Venture with JAPEX
Transformational Investment and Joint Venture with JAPEX May 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: A transformational deal for Longboat
A transformational deal for Longboat Transformational transaction to create a new Norwegian JV a • JAPEX to become 49.9% shareholder in Longboat’s Norwegian subsidiary • Transaction subject only to regulatory approvals Initial investment of up to US$50 million • Initial cash consideration of US$16 m
Slide 4: Key benefits for Longboat
Key benefits for Longboat Significant upfront capital injection with no dilution for Longboat shareholders • Transaction structured as an investment directly into Norwegian subsidiary • Two additional contingent payments linked to near-term events Transaction enables Longboat to retain exposure to a
Slide 5: JAPEX at a glance
JAPEX at a glance Japan Petroleum Exploration Co., Ltd (JAPEX) founded in 1955 by Japanese government – reorganised as a private entity in 1970 • Listed on the Tokyo Stock Exchange (m/cap ~US$1.8 billion1) Business Foundation • Major shareholder: Minister of Economy, Trade and Industry of Japan (35%
Slide 6: Transaction detail
Transaction detail JAPEX will invest up to US$50 million into Longboat Energy Norge AS in return for a 49.9% interest (JV to be renamed Longboat JAPEX Norge AS) Initial JAPEX investment divided into three elements: • Initial cash investment of US$16 million payable in full on transaction completion
Slide 7: Norwegian JV strategy
Norwegian JV strategy Predominately development-led strategy to grow 2P reserves and reach significant production levels within 3-5 years PDO Submissions 2022 x • Strategy to be delivered through one-or-more acquisitions • Preference for 10-30%, non-operated interests • Target straightforward projec
Slide 8: Malaysia strategy
Malaysia strategy Why Malaysia? Discovery x Producing field Pipeline • Opportunity set comparable to the North Sea 15-20 years ago • High barriers for entry, significant prospectivity, fallow discovery backlog • Strong, supportive regulator looking to establish new players Longboat entered Malaysia
Slide 9: Longboat's vision unchanged
Longboat’s vision unchanged Corporate vision remains unchanged Norwegian x Portfolio • Build a significant, cashflow generating, full-cycle E&P company • Grow production and reserves through exploration and M&A • Execute innovative deals to deliver the strategy • Deliver shareholder value Longboat e
Slide 10: Appendix
Longboat Energy
Slide 11: Longboat Energy PLC Executive Management
Longboat Energy PLC Executive Management • Ex-COO of Faroe Petroleum • Ex-Group BD Head Faroe Petroleum • +30 years’ international experience • Prior BD roles at Salamander Energy, (Shell, Paladin) Valiant Petroleum and banking roles with • Degrees in Petroleum Engineering (NTH Morgan Stanley and RB
Slide 12: Near Term Activity Overview
Near Term Activity Overview Gross 2023 2024 LJN Prospect Resources Risk WI% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (mmboe) Norway Transocean Velocette 20% 177 30% Norge Lotus 30% 27 56% Oswig S 20% - - Malaysia Kertang 36.75% - - (SK2A) Firm well Potential well 12
Slide 13: Norway Asset Focus: Velocette
Norway Asset Focus: Velocette Setting • Cretaceous turbidite sands • Large fault blocks Velocette • Amplitude supported gas prospect Aasta Hansteen Volumes & Risk • Gross mean 177 mmboe1) • Chance of Success: 30%1) • Key risk(s): reservoir presence and quality OMV 40% (op) Update INPEX 40% Longboat
Slide 14: Norway Asset Focus: Greater Kveikje Area
Norway Asset Focus: Greater Kveikje Area Kveikje one of largest Norwegian discoveries in 2022 Grosbeak Equinor Kveikje Vega Wellesley Nova • Injectite reservoir with excellent quality Equinor (51%, op) Neptune INPEX Idemitsu DNO (29%) • Gross volume range: 35 – 60 mmboe1) INPEX Idemitsu (10%) • Join
Slide 15: Norway Asset Focus: Oswig Area
Norway Asset Focus: Oswig Area Oswig, HPHT discovery adjacent to giant Oseberg field • Successful side-track and production test (DST) in late 2022 OMV (40%) • Very large Gas In Place Volumes (GIIP): 100-215 mmboe1) Source (20%) Wintershall (20%) • Focus on technologies to maximise recovery factor L