Seascape Energy Asia Plc · LSE:SEA
Seascape Energy Asia — Longboat Energy — FY2023 Earnings Presentation
14 slides from Seascape Energy Asia's earnings presentation, Apr 11, 2024
Slide 1: Year End 2023 Results Presentation
Company Presentation Year End 2023 Results Presentation 11 April 2024
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: Full Year Results to 31 December 2023
Full Year Results to 31 December 2023 Corporate Activity • Transformational transaction in Norway to form JV with JAPEX (LBE 50.1%) • JAPEX invested US$20 million and provides 5-year US$100 million Acquisition Finance Facility • Acquisition of Topaz consolidates 52.5% operated interest in Block 2A o
Slide 4: Expertise in North Sea & SE Asia regions
Expertise in North Sea & SE Asia regions • Ex-COO of Faroe Petroleum • Founder/CEO of SE Asian-focused • +30 years’ international experience Salamander from inception to sale (Shell, Paladin) • CEO of Coro Energy and Exec • Petroleum Engineer Chairman at TAP Oil Helge Hammer James Menzies Chief Exec
Slide 5: Final Results to 31 December 2023
Final Results to 31 December 2023 2023 2022 £ million £ million Continuing Group (with 100% of Notes Operations LBE Norge) Longboat JAPEX no longer consolidated from 14 Jul-23 post establishment of Longboat Cash 3.7 12.1 JAPEX (LJN). LJN cash of £8.1 million not shown on Company balance sheet at 31
Slide 6: Unique transaction to secure finance
Unique transaction to secure finance JV transaction complete with JAPEX a 49.9% shareholder in x Group Structure Chart Longboat’s Norwegian subsidiary • Cash investment $20 million1 and $100 million, 5-yr financing facility JAPEX provides validation, expertise and financial strength • JV has an acqu
Slide 7: Statfjord Øst and Sygna
Statfjord Øst and Sygna Acquisition completed 31 January 2024 Sygna Unit Statfjord East Petoro 30% Equinor 28.025% Vår Energi 20.995% Demonstrates the ability of the JV to OKEA 15.4% LongboatJapex 4.32% access and transact opportunities WintershallDEA 1.26% Good quality Jurassic reservoirs Subsea fi
Slide 8: Net Longboat JAPEX Production
Net Longboat JAPEX Production Net Longboat Japex Daily Production (boe/day) Statfjord East Production 1000 Last infill well expected 1000 • Ramping up on production • Currently producing from existing platform well and 3 new subsea infill 800 1 more infill well 800 expected on production wells • New
Slide 9: Kveikje Discovery Area
Kveikje Discovery Area Kveikje Discovery Magnolia Grosbeak Equinor (59%) Equinor (40%, op) Petoro (25%) DNO (40%) • Injectite reservoir with excellent quality Longboat JAPEX (20%) INPEX Idemitsu (7%) Neptune (5%) • 3.5-6.0 million boe1) net to Longboat JAPEX (10%) Wellesley (5%) • Maturing plans for
Slide 10: Key position in Malaysian hotspot
Key position in Malaysian hotspot PETRONAS LNG (Bintulu) is one of the largest LNG production facilities globally • Nine production trains • ~30 MTPA of LNG (1.5 TCF) production capacity Kertang • Majority purchased by Japan Majors re-entering the region for big gas-to-LNG opportunities • Recent FID
Slide 11: Kertang – an undrilled Malaysian giant
Kertang – an undrilled Malaysian giant Block 2A PSC awarded Feb-23 (MBR 2022) • 12,000 km2, water depth 100-1,400m • Initial three-year term, minimal work commitment North Luconia, prolific Sarawak gas heartland • Acreage previously held by several Majors which exited regional positions for strategi
Slide 12: SE Asia M&A outlook
SE Asia M&A outlook Primary energy consumption growth (2012-2022) Gas long term investable 3.0% • Major potential in gas replacing coal 2.0% Majors continuing to rationalize portfolios 1.0% • Comparable to North Sea ~15 years ago Limited buyer universe leaves gap in the market -1.0% • Private equity
Slide 13: Targeting full cycle growth
Targeting full cycle growth Longboat is growing a full-cycle E&P company • First production acquisition in Norway (Statfjord Satellites) • Kveikje maturing towards concept selection • Block 2A in Malaysia maturing towards farm-out and drill decision on giant Kertang gas prospect Longboat’s strategy
Slide 14: www.longboatenergy.com
www.longboatenergy.com Longboat Energy @LongboatEnergy