Seascape Energy Asia Plc · LSE:SEA
Seascape Energy Asia — Longboat Energy — H1 2021 Earnings Presentation
22 slides from Seascape Energy Asia's earnings presentation, Sep 22, 2021
Slide 1: Longboat Energy plc Interim Results Presentation
Longboat Energy plc Interim Results Presentation September 2021
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: Interim highlights 2021
Interim highlights 2021 Company now operational having completed its first transaction Successfully launched business through three bilateral transactions to acquire a significant, near-term, low- risk exploration drilling programme on the Norwegian Continental Shelf (NCS) Seven (7) firm wells dri
Slide 4: Results H1 2021
Results H1 2021 Strong balance sheet following successful fundraise £ million Notes Includes fundraise (£32.5 million net) and pre-deal completion payments, Cash £38.7 excludes first £5.8 million1 “negative tax instalment” received in August Debt £0.0 No drawings on Exploration Finance Facility requ
Slide 5: Proposed Norwegian tax change summary
Proposed Norwegian tax change summary Move to a ‘cash based’ system seems to have broad political support Proposal recently announced to change Norwegian petroleum tax system from 2022 onwards Move to a ‘cash based’ system (i.e. immediate expensing of investments) Improved alignment between gove
Slide 6: Proposed Norwegian tax change impact
Proposed Norwegian tax change impact Small increase in near-term cash costs offset by improved development economics Cash impact of Proposed Fiscal Regime Fiscal Regime Comparison: Subsea tie-back2 $/boe IRR % Exploration rebate = 70 Current (NPV 7.5%) 7 0.5 Corporate rebate = ~51 regime = 75 44% $6
Slide 7: Operations
Longboat Operations
Slide 8: Seven high quality, near-term exploration wells
Seven high quality, near-term exploration wells Ginny/Hermine Egyptian Vulture Copernicus Rødhette Longboat (9%) Longboat (20%) Equinor Longboat (15%) Longboat (10%) Equinor Concedo Harbour Equinor PGNiG Equinor OKEA PGNiG Vår Mean mmboe 3U Upside Mean mmboe 3U Upside Mean mmboe 3U Upside Mean mmboe
Slide 9: Confirming high activity levels
Confirming high activity levels Updated drilling schedule with up to four wells drilling H2-21, Copernicus now firm LBE Gross/Net Gross/Net 2021 2022 Prospect Operator CoS% WI% Well Cost1 Resources Q3 Q4 Q1 Q2 Q3 Q4 Egyptian Vulture Equinor 15% $31/$5 103/15 25% West Hercules Currently drilling Firm
Slide 10: Prolific Barents play: Rødhette
Prolific Barents play: Rødhette Goliat tie-back potential with high chance of success Licence PL901 Rødhette 3D Seismic Depth Map Prospect(s) Rødhette Partners Longboat (20%), Vår (50%), Concedo (20%), Equinor (10%) Proven Jurassic Play in Hammerfest Basin Structural trap – rotated fault block
Slide 11: Following a successful play: Egyptian Vulture
Following a successful play: Egyptian Vulture Medium risk, high reward in prior Faroe play Licence PL939 Egyptian Vulture AVO Anomaly Prospect(s) Egyptian Vulture Partners Longboat (15%), Equinor (55%), PGNiG (30%) Upper Cretaceous turbidite play bounded within a regional graben Located in the p
Slide 12: Leveraging experience: Mugnetind
Leveraging experience: Mugnetind Low risk amplitude support in salt cored interpod setting Licence PL906 Interpod structure with upside potential Prospect(s) Mugnetind Partners Longboat (20%), AkerBP (60%), DNO (20%) Upper Jurassic Ula reservoir in interpod basin 4-way structural trap with fault
Slide 13: Outlook & Summary
Longboat Outlook & Summary 13
Slide 14: Market outlook
Market outlook Increased M&A opportunities driven by market and Longboat positioning North Sea M&A market for production dominated in H1-21 by private buyers Dutch company ONE-Dyas seeks to sell all assets as part of strategic review Private companies accounted for ~2/3 of announced transactions P
Slide 15: Delivering the potential
Delivering the potential Seven prospects with more follow-on potential Exploration Technical Success Rates 1 High activity levels targeting significant upside Seven wells drilling between prior to year end 2022 73 mmboe follow-on prospectivity derisked by success1 Additional net incremental up
Slide 16: Appendix
Appendix 16
Slide 17: 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
Slide 18: Longboat team
Longboat team Ex-Faroe team has a proven track record of resource growth on the NCS Executives 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
Slide 19: Infrastructure Led Exploration: Ginny/Hermine
Infrastructure Led Exploration: Ginny/Hermine Fenja analogue on the migration route to Draugen Licence PL1060 Ginny Geoseismic Cross Section Prospect(s) Ginny, Hermine Partners Longboat (9%), OKEA (40%), Equinor (31%), Harbour (20%) A A’ Upper Jurassic Ginny prospect on trend and analogue to Fenja
Slide 20: Emerging play: Kveikje
Emerging play: Kveikje Low risk, medium reward in emerging injectite play Licence PL293B Kveikje Geoseismic Cross Section Prospect(s) Kveikje Partners Longboat (10%), Equinor (51%), DNO (29%), Idemitsu (10%) Paleocene injectite play with multiple targets Located near recent Røver North discovery
Slide 21: Play opener: Cambozola
Play opener: Cambozola Higher risk, higher reward in newly-identified play Licence PL1049, PL1049B Cambozola Seismic Cross Section Prospect(s) Cambozola, Fontina-Burrata Partners Longboat (25%), Equinor (35%), Petoro (20%), Spirit (20%) Cretaceous fan system fed from nearby structural highs (Gullf
Slide 22: Significant gas potential: Copernicus
Significant gas potential: Copernicus Medium risk – high reward opportunity Licence PL1017 Significant potential with follow up Prospect(s) Copernicus Partners Longboat (10%), PGNiG (50%), Equinor (40%) Miocene – Pliocene lowstand wedge with amplitude anomaly Play-opener with large potential and