Seascape Energy Asia PLC · LSE:SEA
Seascape Energy Asia — Longboat Energy — FY2022 Earnings Presentation
15 slides from Seascape Energy Asia's earnings presentation, Mar 21, 2023
Slide 1: Year end 2022 Results Presentation
Company Presentation Year end 2022 Results Presentation 21 March 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: Overview
Overview Strategy • Build a significant cashflow generating full-cycle E&P company and deliver value to shareholders • Grow production and reserves through exploration and value accretive M&A Longboat entering major growth phase • Large Norwegian gas prospect, Velocette, drilling H2-23 • Awards in c
Slide 4: Executive Management
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 RBS University of Tron
Slide 5: Full year results for 12 months to December 2022
Full year results for 12 months to December 2022 In-line with budget £ million Notes Cash 12.1 Ahead of expectations primarily due to timing of cash calls EFF debt 36.8 Drawings on Exploration Finance Facility (EFF), repaid from tax rebate Net debt 24.7 Current tax receivable 40.8 Cash receivable fr
Slide 6: Norwegian Portfolio
Norwegian Portfolio PL901 Rødhette 20% (Vår op) PL1016 Velocette 20% (OMV op) PL293B Kveikje 10% (Equinor op) Norwegian Discoveries 2022 PL1182S Lotus 30% (DNO op) PL1100 Oswig 20% (OMV op) PL1100C Oswig S 20% (OMV op) Discovery Firm well Recent award Source: NPD 6
Slide 7: Malaysian Portfolio
Malaysian Portfolio Key SK2A Statistics • Central Luconia • Area:12,000km2 • Water depth:100-1,400m • Multi-TCF potential SK2A Kertang 36.75% (Longboat op) Discovery Firm well Recent award 7
Slide 8: Norway Asset Focus: Greater Kveikje Area
Norway Asset Focus: Greater Kveikje Area Grosbeak Kveikje one of largest Norwegian discoveries in 2022 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 9: Norway Asset Focus: Oswig Area
Norway Asset Focus: Oswig Area Oswig, HPHT discovery adjacent to giant Oseberg field • Successful sidetrack 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 Lo
Slide 10: 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 11: Why Malaysia
Why Malaysia Opportunity set comparable to the North Sea 15-20 years ago • High barriers for entry resulting in limited competition st • Backlog of undeveloped discoveries, significant remaining prospectivity 1 • Strong, supportive regulator looking to establish new players • Majors rationalizing po
Slide 12: Malaysia Asset Focus: SK2A
Malaysia Asset Focus: SK2A Large exploration block offshore Sarawak • Prolific Central Luconia province, outboard of recent gas discoveries • Total block area 12,000km2, water depth 100-1,400m • One of largest LNG terminals in the world located onshore (Bintulu) Longboat operator in strong partnersh
Slide 13: Near Term Activity Overview
Near Term Activity Overview Gross 2023 2024 LBE 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 13
Slide 14: Summary
Summary Longboat entering major growth phase KEY WELLS TO WATCH IN 2023 • Large Norwegian gas prospect, Velocette, drilling H2-23 • Awards in Norwegian APA 2022 licensing round • Low-cost, high-impact entry into Malaysia via MBR 2022 Actively pursuing M&A opportunities • Actively monetising existing
Slide 15: www.longboatenergy.com
www.longboatenergy.com Longboat Energy @LongboatEnergy