THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO
UK LAW IN ACCORDANCE WITH THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK MAR").
1 May 2024
Longboat Energy
plc
(the "Company", "Longboat
Energy" or "Longboat")
Directorate
Change
Longboat Energy, established in 2019 to fast track the
creation of a new mid cap independent oil and gas company and
currently active in Norway and Malaysia,
announces the following change to the board of
directors.
In May 2023, Longboat announced that
it had reached agreement with Japan Petroleum Exploration Co., Ltd
("JAPEX") to make a
significant investment into its Norwegian subsidiary to form a
joint venture, Longboat JAPEX Norge AS ("Longboat JAPEX"). In order to maximise
the value of Longboat Japex and pursue its growth strategy, Helge
Hammer has elected to focus his time exclusively on his role as
Chairman of Longboat JAPEX. Accordingly, Mr Hammer will step down
from his role as Chief Executive Officer of Longboat Energy and
from the board of the Company, with immediate effect.
In recognition of the growing
importance of Southeast Asia in the Company's portfolio and
opportunities to capitalise on the advantages Longboat has created
in the region, Nick Ingrassia, currently the Corporate Development
Director, will assume the role of Chief Executive
Officer.
Graham Stewart, Chairman of Longboat
commented:
"On behalf of the Board of Longboat,
I would like to thank Helge for his years of dedication and service
as Chief Executive Officer. Delivering on Longboat JAPEX's
acquisition pipeline is critical for the Company and this step will
allow Helge to focus on delivering shareholder value from
Longboat's Norwegian joint venture.
The Board sees considerable
opportunity in Southeast Asia and Nick's appointment as CEO will
allow Longboat to focus on taking full advantage of the exciting
opportunity set in front of us."
Helge Hammer, outgoing CEO of Longboat
commented:
"Following the successful sale of
Faroe Petroleum in 2019, we established Longboat Energy with focus
on Norway, where we have built a full cycle portfolio and have a
fantastic team of E&P professionals. I'm confident that
Nick Ingrassia, a highly respected leader at Longboat Energy, with
a deep understanding of our business and a proven track record of
success, will lead the company forward seamlessly. I would like to
thank my colleagues in Longboat Energy plc for the many years of
hard work and I look forward to continuing to work and grow a
material production portfolio in Norway together with Longboat
JAPEX team."
Ends
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Enquiries:
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Longboat Energy
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via
FTI
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Nick Ingrassia Chief Executive
Officer
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Stifel (Nomad and Joint Broker)
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Tel: +44 20 7710 7600
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Callum Stewart
Jason Grossman
Ashton Clanfield
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SNELLongboatEnergy@Stifel.com
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Cavendish Capital Markets Limited (Joint
Broker)
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Tel: +44 20 7397 8900
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Neil McDonald
Pete Lynch
Leif Powis
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FTI
Consulting (PR adviser)
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Tel: +44 20 3727 1000
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Ben Brewerton
Rosie Corbett
Catrin Trudgill
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longboatenergy@fticonsulting.com
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Company Background
Longboat Energy was established at
the end of 2019 to create a full-cycle E&P company through
value accretive M&A and near-field exploration. Longboat's
initial focus has been in Norway where the Company has drilled nine
exploration wells resulting in six hydrocarbon discoveries,
representing a 66% technical success rate.
In July 2023, Longboat
completed a transaction with Japan Petroleum Exploration Co., Ltd
("JAPEX") to form a new joint venture company in Norway named
Longboat JAPEX Norge AS in return for a cash investment of US$20
million and a US$100 million Acquisition Financing Facility.
Longboat retains 50.1% ownership in Longboat JAPEX Norge
AS.
Longboat JAPEX Norge AS holds
interests in six discoveries on the Norwegian Continental Shelf and
has a 4.80% interest in Statfjord Øst and 4.32% unitised interest
in Sygna producing fields.
Longboat entered Malaysia in
February 2023 through the award of a Production Sharing Contract
for Block 2A, offshore Sarawak where it holds a 52.5% operated
interest. Block 2A covers approx. 12,000km2 and is located in water
depths of between 100-1,400 metres and contains the giant 'Kertang'
prospect which has volume potential of multiple trillions of cubic
feet of gas.
Longboat's activities remain focused
on creating a portfolio with a clear low-cost route to monetisation
and low-carbon drilling and development opportunities, well aligned
to Longboat's ESG targets which includes a corporate 'Net Zero' on
a Scope 1 and 2 basis by 2050.
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