Longboat Energy Announces Interim Results to 30 June 2022

Source: www.gulfoilandgas.com 9/26/2022, Location: Europe

Longboat Energy, the emerging full-cycle E&P company, is pleased to announce its unaudited interim results for the period to 30 June 2022.

Helge Hammer, Chief Executive Officer of Longboat Energy, commented:
"Last week we announced our fourth discovery from eight wells drilled over the past 15 months. This drill programme has not only made us one of the most active companies in the Norwegian North Sea but also one of the most successful in that period with discovery rates well-ahead of the industry average.

"Of those eight wells, five have been drilled this year delivering two of our most exciting discoveries to date in Oswig and Kveikje. Kveikje has excellent quality reservoir in an attractive location near infrastructure. The initial indications from Oswig are very encouraging and we should have the results of further testing in the next 6-8 weeks. Our discoveries to date, as well as next year's Velocette exploration well, all have the potential to create substantial value to shareholders."

Operational Highlights
? Encouraging results from Longboat's initial eight wells exploration drilling programme with success rates and finding costs better than industry average
? Two discoveries so far this year: Kveikje and Oswig

? Kveikje discovery (Longboat 10%):
? Excellent reservoir qualities and attractive location near infrastructure.
? Preliminary estimates of recoverable resources in the excellent quality injectite reservoir were 28 to 48 mmboe gross1
? Focus on near-term monetization opportunities following multiple enquiries

? Oswig discovery (Longboat 20%).
? Preliminary analysis of extensive wireline logs and core data indicates strong correlation to nearby Tune field and presence of gas-condensate
? Preliminary in-place volumes (GIIP) estimated above pre-drill expectations
? Key uncertainty over recoverable resource range due to challenges collecting downhole data from existing wellbore
? Joint venture decision to sidetrack well and conduct drill-stem test (DST) to establish reservoir productivity, detailed fluid properties and recoverable resource range

? Continued to pursue gas opportunities given its role in energy security and contribution to the energy transition
? Secured further bilateral transaction to acquire interests in two further significant, near-term, low-risk gas exploration wells on the NCS, Oswig and Velocette
? Near-term focus on appraising and monetising existing key discoveries and on building an attractive 3-5 well programme for 2023.
? Continued main focus on North Sea opportunities, but also assessing wider opportunity set to leverage Longboat's high-quality network, organisation and prior experience set

Financial Summary
? Cash reserves of £22.5 million (30 June 2021 £38.7 million)
? Debt of £15.7 million to be repaid from the Norwegian Government's tax rebate in November 2023
? Loss for the period £1.7 million

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