21st Dec 2023 12:36
Longboat Energy PLC - exploration and production company, active in Norway and Malaysia - Completes acquisition of privately held Topaz Number One Ltd, thereby increasing its working interest in the production sharing contract over Block 2A offshore Sarawak, Malaysia to 52.5%. Longboat now holds an operated 52.5% interest in Block 2A, offshore Sarawak Malaysia, containing the "giant" Kertang prospect. The transaction was announced in September.
Chief Executive Helge Hammer says: "We are pleased to have completed the corporate acquisition of Topaz, which increases our interest in a large exploration block in a region that has seen considerable exploration success recently. Petronas announced that they have recorded 19 exploration discoveries, 13 of which were made offshore Sarawak, and two exploration-appraisal successes, contributing over 1 billion barrels of oil equivalent to new resources for Malaysia in 2023. Clearly, we are in the right address."
Current stock price: 17.38 pence
12-month change: down 2.1%
By Sophie Rose, Alliance News senior reporter
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