Seascape Energy Asia Plc · LSE:SEA

Seascape Energy Asia — Longboat Energy — Corporate Update (November 2021)

20 slides from Seascape Energy Asia's corporate update, November 2021

  1. Slide 1: Longboat Energy plc Exploration Update

    Longboat Energy plc Exploration Update November 2021

  2. 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

  3. Slide 3: Exploration update

    Exploration update Significant exploration portfolio at unique point in time Norwegian Production Forecast 1 Three wells drilled, three discoveries  Egyptian Vulture: material discovery, significant upside potential Further development & exploration necessary to arrest forecast decline  Rødhette:

  4. Slide 4: Key Well Results

    Energy Key Well Results

  5. Slide 5: Egyptian Vulture result summary

    Egyptian Vulture result summary Material discovery with substantial upside Licence PL939 Longboat (15%) Lower Cretaceous Intra-Lange Formation Partners Equinor (Op. 55%) PGNiG (30%)  13m net sand in a 36m hydrocarbon filled gross interval  High net-to-gross in upper reservoir section with porositi

  6. Slide 6: Egyptian Vulture: in the right postcode

    Egyptian Vulture: in the right postcode Significant hub area actively focused on incremental tiebacks Heidrun Egyptian Vulture resources Fogelberg  In-place volumes: 220-440 mmboe Iris/Hades  Fluid type uncertainty – PVT analysis to Morvin determine fluid properties  Significant upside to current

  7. Slide 7: Rødhette discovery

    Rødhette discovery Top Reservoir Depth Map Minor oil & gas discovery near to infrastructure Tornerose Well results  29m hydrocarbon column in Stø Formation (11m oil)  High net-to-gross, moderate-to-good quality reservoir  Preliminary resource estimate at 9-12 mmboe (gross) Rødhette Activities & o

  8. Slide 8: Upcoming Wells

    Longboat Upcoming Wells

  9. Slide 9: Longboat discoveries & near-term exploration wells

    Longboat discoveries & near-term exploration wells Ginny/Hermine Egyptian Vulture Copernicus Rødhette Longboat (9%) Longboat (20%) Well Longboat (15%) Longboat (10%) Equinor Concedo Equinor Equinor Chrysaor Equinor PGNiG PGNiG OKEA Vår Mean mmboe 3U Upside STOIIP Mean mmboe 3U Upside Recoverable 68

  10. Slide 10: Ginny – Expected spud in December

    Ginny – Expected spud in December Key Discoveries (PDO in course) Multiple export routes to nearby infrastructure Discoveries Developments/sanctioned Producing fields Licence PL1060 Partners Longboat (9%), Equinor (Op. 31%), OKEA (40%), Chrysaor (20%) Galtvort Linnorm Hasselmus Prospects  Stacked n

  11. Slide 11: Cambozola

    Cambozola Play opener close to infrastructure Licence PL1049, PL1049B Partners Longboat (25%), Equinor (Op. 35%), Petoro (20%),  Lower Cretaceous submarine fan in Magne Sub- Spirit (20%) basin sourced from Gullfaks High  Stratigraphic trap with potential structural element  Clear amplitude anomal

  12. Slide 12: Kveikje & Cambozola – Expected in Q1

    Kveikje & Cambozola – Expected in Q1 “Hub” area with high activity, close to Equinor operated infrastructure Garantiana PL1049 & PL1049B Kveikje Cambozola  Paleocene injectite play Snorre  Upside in underlying Late Cretaceous Duva  Gross resources mean-high Hywind Skol Gjøa appraisal  36 – 79 mm

  13. Slide 13: Significant gas potential: Copernicus

    Significant gas potential: Copernicus Medium risk – high reward opportunity Licence PL1017 Significant potential with follow up Partners Longboat (10%), PGNiG (50%), Equinor (40%)  Miocene – Pliocene lowstand wedge with amplitude anomaly Hvitveis  Play-opener with large potential and follow-up opp

  14. Slide 14: Outlook & Summary

    Longboat Outlook & Summary 14

  15. Slide 15: Longboat M&A strategy

    Longboat M&A strategy Increased M&A opportunities driven by market and Longboat positioning Signs of increased Norwegian M&A activity into H1 2022, UK investment climate uncertain  Smaller deals ($100-200 million) could see less competition  Several PE-backed companies coming to maturity  Norwegi

  16. Slide 16: Financial update

    Financial update Expected new tax system lowers the hurdles for full-cycle investments Cash and receivables  Cash at 31 October 2021 £34.9 million (unaudited)  Further expected Norwegian tax rebates for 2021 of £16 million (unaudited) under the temporary tax regime Proposed change to Norwegian pet

  17. Slide 17: Delivering the potential

    Delivering the potential Seven prospects – three wells drilled - one significant discovery – four wells to come Three wells drilled, three discoveries  Material discovery at Egyptian Vulture with significant upside potential  Wells all delivered safely and on time/budget Exploration activity level

  18. Slide 18: Appendix

    Appendix 18

  19. Slide 19: Delivering energy responsibly

    Delivering energy responsibly Longboat is committed to supporting the energy transition Longboat is committed to delivering energy responsibly Global CO2/boe Ranking​ Corporate ‘Net Zero’ target (Scope 1 & 2) by 2050  Exploration success crucial to reducing CO2/boe through Global average (18 kg/boe

  20. Slide 20: Longboat team

    Longboat team Ex-Faroe team has a proven track record of resource growth on the NCS Management Non-Executives Helge Hammer - Chief Executive Officer  COO of Faroe Petroleum since entry into Norway in 2006 until 2019 sale  Over 30 years’ technical & business experience, incl. Shell (Norway, Oman, A

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