Longboat Energy 是一家新兴的全周期勘探与生产公司，目前活跃于挪威和马来西亚，宣布以下公司和运营更新。

挪威

尽管有充分理由相信 Equinor 运营的 Statfjord 卫星（包括 Statfjord 脴st 单元 4.80% 的单位权益和 Sygna 单元 4.32% 的单位权益）将实现产量提升，但实际表现尽管自 2023 年起产量有所增加，但迄今为止的产量仍令人失望。

过去 4 周的平均产量约为 544 桶石油当量（“boepd”），今年 1 月至 4 月期间的平均产量为 401 boepd，远低于两者Longboat 的内部和运营商预测。

表现不佳与 Statfjord 脴st 完井相关的运营问题有关，导致 2023 年钻探的五口再开发井中的两口仍处于离线状态。运营商 Equinor 正在努力在 2024 年第二季度和第三季度利用一艘近海船舶纠正这些多重问题。Sygna

资产的表现继续符合预期，尽管水平相对较低。

由于 Statfjord 脴st 最后两口井的调试存在这些延误和不确定性，Longboat 目前预计 2024 年全年净产量将在 Longboat Japex Norge AS（“LJN”）合资企业的平均产量为 575-625 boepd 之间。其中 Longboat 拥有 50.1% 的股权）。

除了产量低于预期之外，由于这些持续的运营问题，运营商 LJN 现已获悉，Statfjord 2024 年总资本支出预算几乎翻了一番，达到 6.85 亿挪威克朗（约合 6,400 万美元）。到 2023 年，资本支出预算总额将增长 25%，达到 5.86 亿挪威克朗（约合 5500 万美元）。

由于更广泛领域的合作伙伴对 Kveikje 发现（LJN，10%）的开发进程存在分歧，进展缓慢得令人沮丧。最佳承购解决方案。正如媒体报道的那样，挪威监管机构 SoDir（以前的 NPD）现已介入此事，试图解锁 Kveikje 及周边油田已发现的重要资源（约 350 mmboe）的开发计划。

根据过去几年该地区易手的发现价值，Longboat 认为 Kveikje 继续为股东带来巨大价值，但也承认实现这一目标可能需要比之前预期更长的时间。

在勘探方面，Kjasettkake（又名 Lotus）勘探井（LJN，15%）预计将于 2024 年第四季度开钻。根据最初申请许可证时的内部估计，该勘探区包含总平均预期资源量27 mmboe，成功机会为 54%，主要风险是碳氢化合物滞留。

继 2023 年底宣布外包后，LJN 完全承担 Kjasettkake 井成本，上限高于当前预测的干井预算。 Kjasettkake 直接位于 Kveikje 以南，一旦区域范围内的问题得到解决，就有可能成为综合开发的一部分。

马来西亚

公司位于马来西亚东部砂拉越近海的 2A 区块（52.5%，op）继续取得进展。

大型 Kertang 勘探区的详细测绘已接近完成，可支持确定最佳井位，以安全测试具有碳氢化合物潜力的多个层位。预计最终油井决定将于 2024 年底或 2025 年初做出。

由于其对 Longboat 的重要性，该公司最近委托 ERCE 进行一份合格人员报告，以确认与巨型 Kertang 矿区相关的潜在规模和风险，该矿区被认为是马来西亚最大的未钻探结构之一。 Longboat 打算在未来几个月内公布 CPR 的结果。

除了 Kertang 之外，Longboat 最近还与 PETRONAS 完成了一项重要的勘探审查，并确定了 2A 区块的额外重大前景。已经划定了两个感兴趣的区域：首先是 Kertang 结构周围，其中绘制了几个类似于 Kertang 的大型结构闭合区域；其次是在该区块西南部的浅水中，最近发生了一些著名的地质活动。在 2A 南部较年轻、较浅的地平层中发现了天然气。

随着最近对世界级油田勘探兴趣的增加，多家大公司已就 2A 区块与 Longboat 接洽，该公司目前计划在 2024 年晚些时候运行外包流程，以确定该区块的潜在合作伙伴。

除了在马来西亚的勘探工作外，今年早些时候，Longboat 还与另一家活跃在马来西亚的勘探与生产公司签署了共同利益领域协议，以寻求 PETRONAS 提供的已发现资源机会（“DRO”）。两家公司随后申请了砂拉越近海浅水区的面积，如果合作成功，预计 DRO 将为 Longboat 不断增长的亚洲投资组合增加大量能够进行短期开发的碳氢化合物资源。

财务

正如公司截至 2023 年 12 月 31 日的全年账目所述，Statfjord 卫星的生产绩效问题和相关成本超支对 LJN 的营运资金状况产生了重大负面影响。迄今为止，这一缺口已通过日本石油勘探有限公司（“JAPEX”）向合资企业提供的 1 亿美元收购融资贷款（“收购贷款”）中提取总计 1700 万美元来弥补。

正如 2023 年 5 月最初的 LJN 合资企业公告中所详述的，LJN 可以使用收购贷款的唯一目的是为收购和相关开发成本融资，而 Longboat 的合作伙伴重申，收购贷款不可用于为收购后的营运资金短缺提供资金。收购完成。

如果 Longboat 无法及时满足其在 LJN 的额外营运资金缺口份额，股东协议和收购融资的条款可能会导致 Longboat 丧失其在 LJN 的部分或全部股份。

尽管面临这些财务挑战，但由于其在挪威的现有资产基础和 LJN 强大的市场定位，Longboat 坚信该合资企业具有巨大的剩余价值，目前正在探索所有可用的选择，以充分实现股东的价值。

为了保持流动性，Longboat 已开始对其成本基础进行详细审查，并已采取措施确保其管理费用符合当前的业务规模和规模，并确保其资本被引导到具有成本效益的领域。最大的价值创造潜力。

预计Longboat将在6月底召开的年度股东大会前后向市场提供进一步的最新消息。

关联方交易

根据其在挪威的合资企业安排，JAPEX 向 LJN 提供收购贷款，其中 1,000 万美元可用于收购 Statfjord 卫星。

由于从签署交易到完成交易期间的营运资金变动不利，公司需要提取 1700 万美元来为收购提供资金。因此，LJN 要求对 2024 年 1 月 19 日签订的收购安排进行修订（“修订后的收购安排”）。

修订后的收购贷款取代了收购贷款，在以下方面实质上相似：

· 贷款总规模：1 亿美元；

· 期限：五年；

· 目的：为 LJN 收购和相关开发成本提供资金。

· 利息：全部- 期限内的成本<10%

修订后的采购机制有几个附加功能，包括：

· 可用性增加总计 1700 万美元（保留最高 1 亿美元）；

提取金额超过 1000 万美元的统一利率为 10%

最终还款日：2024 年 12 月 31 日

在加入修订后的收购机制时，JAPEX 是公司的关联方，因此加入修订后的收购机制根据 AIM 规则第 13 条，融资被视为关联方交易。经咨询公司指定顾问 Stifel 后，公司董事认为，修订后的收购融资条款对于股东而言是公平合理的。

Longboat 首席执行官 Nick Ingrassia 评论道：

“虽然 Longboat 面临一系列近期财务挑战，但我相信，我们目前采取的措施将使精简后的业务能够通过我们在挪威的高质量定位和我们在马来西亚的新兴投资组合创造显着的股东价值。”

Longboat Energy, an emerging full-cycle E&P company currently active in Norway and Malaysia, announces the following corporate and operational update.

Norway

Although there were good grounds to believe that the production ramp up from the Equinor operated Statfjord Satellites (comprised of a 4.80% unitised interest in the Statfjord Øst Unit and a 4.32% unitised interest in the Sygna Unit) would be delivered, actual performance has been disappointing to date despite an increase in production from 2023.

Production has averaged approximately 544 barrels of oil equivalent per day ("boepd") during the prior four weeks and 401 boepd for the period from January to April this year, significantly below both Longboat's internal and operator forecasts.

The underperformance relates to operational issues associated with well completions on Statfjord Øst, leaving two out of the five redevelopment wells drilled in 2023 still off-line. The operator, Equinor, is working to rectify these multiple issues utilising an offshore vessel during Q2 and Q3 2024.

The Sygna asset continues to perform in-line with expectations, albeit at relatively low levels.

Owing to these delays and uncertainty regarding the commissioning of the final two wells on Statfjord Øst, Longboat now anticipates average production of between 575- 625 boepd for the full year 2024 net to the Longboat Japex Norge AS ("LJN") joint venture (in which Longboat is a 50.1% owner).

In addition to lower-than-forecast production, as a result of these ongoing operational issues LJN has now been informed by the operator that the Statfjord Øst 2024 gross capex budget has almost doubled to 685 million Norwegian Kroner (~$64 million) having already suffered a 25% gross capex budget increase of 586 million Norwegian Kroner (~$55 million) in 2023.

Progress has been frustratingly slow on moving the Kveikje discovery (LJN, 10%) towards development due to diverging views from partners in the wider area on the best offtake solution. As has been reported in the press, the Norwegian regulator SoDir (previously NPD) has now become involved in the situation in an attempt to unlock the development plans for the significant resources (~350 mmboe) already identified in Kveikje and the surrounding fields.

Based on the value of discoveries which have traded hands in the area over the past few years, Longboat believes that Kveikje continues to hold significant value for shareholders but recognises that this is likely to take longer to realise than previously anticipated.

On the exploration front, the Kjøttkake (aka Lotus) exploration well (LJN, 15%) is anticipated to spud in Q4 2024. Based on the internal estimates at the time of the original licence application, the prospect contains gross mean prospective resources of 27 mmboe with a chance of success of 54% with the key risk being hydrocarbon retention.

Following a farm-out announced in late 2023, LJN is fully carried on the Kjøttkake well costs up to cap greater than the currently forecast dry hole budget. Kjøttkake is located directly to the south of Kveikje and could potentially form part of an integrated development once the area-wide issues are resolved.

Malaysia

Progress continues to be made on the Company's Block 2A (52.5%, op) located offshore Sarawak in eastern Malaysia.

Detailed mapping of the giant Kertang prospect is nearly complete to support the of identification of an optimal well location to safely test the multiple horizons with hydrocarbon potential. It is anticipated that a final well decision will be made in late 2024 or early 2025.

Due to its importance to Longboat, the Company has recently commissioned ERCE to undertake a competent persons report to confirm the potential size and risk associated with the giant Kertang prospect, which is believed to be one of the largest undrilled structures in Malaysia. Longboat intends to publish the results of the CPR when available in the next few months.

In addition to Kertang, Longboat has recently completed a key exploration review gate with PETRONAS where additional, significant prospectivity on Block 2A has been identified. Two areas of interest have been delineated: firstly surrounding the Kertang structure, where several large structural closures analogous to Kertang have been mapped and secondly in shallow water, in the southwest of the block, where the continuation of a play that has seen several notable recent gas discoveries made in younger, shallower horizons to the south of 2A.

Following recent increased interest levels in exploration for world-scale fields, multiple large companies have approached Longboat regarding Block 2A and the Company is currently planning on running a farm-out process later in 2024 to identify potential partners for the block.

In addition to its exploration efforts in Malaysia, earlier this year, Longboat executed an Area of Mutual Interest agreement with another E&P company active in Malaysia to pursue discovered resource opportunities ("DROs") being offered by PETRONAS. The companies subsequently made an application for acreage in shallow water offshore Sarawak and should the partnership be successful, the DROs are anticipated to add significant hydrocarbon resources capable of near-term development to Longboat's growing Asian portfolio.

Finance

As reported in the Company's full year accounts for the period to 31 December 2023, production performance issues and the related cost overruns at the Statfjord Satellites have had a significant negative impact on LJN's working capital position. To date, this shortfall has been funded through a total of $17 million drawdown on the $100 million Acquisition Finance Facility ("Acquisition Facility") provided to the joint venture by Japan Petroleum Exploration Co. Ltd ("JAPEX").

As detailed in the original LJN joint venture announcement in May 2023, the Acquisition Facility is available to LJN for the sole purpose of financing acquisitions and associated development costs and Longboat's partner has reiterated that the Acquisition Facility is not available to finance working capital shortfalls post-acquisition completion.

In the event Longboat cannot meet its share of additional working capital shortfalls at LJN in a timely fashion, the terms of the Shareholder Agreement and Acquisition Facility could result in Longboat forfeiting some-or-all of its shares in LJN.

Despite these financial challenges, due to its existing asset base in Norway and strong market positioning of LJN, Longboat strongly believes that the joint venture has significant remaining value and is currently exploring all options available to fully realise that value for shareholders.

In order to preserve liquidity, Longboat has begun a detailed review of its cost base and is already taking measures to ensure its overheads are in-line with the current size and scale of the business and ensure its capital is being directed towards the areas with the greatest value-creation potential.

It is anticipated that Longboat will give a further update to the market around the time of its AGM at the end of June.

Related Party Transaction

Pursuant to its joint venture arrangements in Norway, JAPEX provides LJN with the Acquisition Facility out of which an amount of $10 million was made available for the Statfjord Satellites acquisition.

Due to adverse working capital movements in the period between signing and completion of the transaction, the Company required drawing $17 million to fund the acquisition. As a result, LJN required an amendment to the Acquisition Facility which was entered into on 19 January 2024 (the "Amended Acquisition Facility").

The Amended Acquisition Facility, which replaced the Acquisition Facility, was on materially similar terms as regards to:

· Total facility size: $100 million;

· Term: five-years;

· Purpose: finance LJN acquisitions and associated development costs.

· Interest: all-in cost over the term of <10%

The Amended Acquisition Facility had several additional features including:

· Increase in availability totalling $17 million (retaining a $100 million maximum); and

· A flat interest rate of 10% for the drawn amounts over $10 million

· Final repayment: 31 December 2024

At the time of the entry into the Amended Acquisition Facility, JAPEX was a Related Party of the Company and therefore the entry into the amended facility is deemed a Related Party Transaction under Rule 13 of the AIM Rules. The Company's directors consider, having consulted with Stifel, the Company's Nominated Adviser, that the terms of Amended Acquisition Facility are fair and reasonable insofar as shareholders are concerned.

Nick Ingrassia, CEO of Longboat commented:

"While Longboat faces a series of near-term financial challenges, I am confident that the steps we are currently taking will allow the slimmed down business to create significant shareholder value from our high-quality positioning in Norway and our emerging portfolio in Malaysia."