16th Jun 2022 13:53
Longboat Energy PLC - exploration and production company focused on the North Sea - Expects to commence drilling at 20%-owned Oswig site in July and drilling at 10%-owned Copernicus site by the end of September. Company remains fully funded for its drilling programme. Adds it is reviewing monetization and commercialization options at three existing discoveries, Egyptian Vulture, Rodhette, and Kveikje.
Oswig is estimated to contain combined gross unrisked mean resources of 93 million barrels of oil equivalent, 19 million barrels of oil equivalent net to Longboat. Copernicus is estimated to contain gross mean prospective resources of 254 million barrels of oil equivalent, with 25 million barrels of oil equivalent net to Longboat.
Chief Executive Helge Hammer says: "Longboat has a sequence of significant value catalysts between now and the middle of next year with two material gas-weighted exploration wells in the coming months following our recent success at Kveikje and our earlier discoveries at Egyptian Vulture and Rodhette. The well programme continues into 2023 with Velocette and with further potential licences to be added in the APA round."
Current stock price: 40.98 pence, up 2.5% in London on Thursday
12-month change: down 47%
By Heather Rydings; [email protected]
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