Longboat Energy gets drilling underway at Velocette

–News Direct–

Longboat Energy PLC (AIM:LBE, FRA:8YG) CEO Helge Hammer visits the Proactive London studio to speak with Thomas Warner after announcing that the emerging full-cycle E&P company has just spudded the 20%-owned Velocette (PL1016) exploration well in Norway.

Hammer gives a quick overview of the business and its strategic direction, highlighting a recent deal with Japan Petroleum Exploration Co., Ltd ("JAPEX") to establish a joint venture in Norway that injects fresh capital into Longboat as well as a useful new debt facility. He says the deal leaves Longboat in a "much stronger position" with reference to future drilling and any potential future M&A activity.

Turning to the Velocette well, which is Longboat's ninth, Hammer is optimistic that the well may make it into production during the next three-to-five years. Asked what type of investor is likely to find Longboat Energy attractive, Hammer says the company "should be interesting for investors who believe in oil and gas still playing a role…we are very focused on having a strong ESG profile so we would also look to be a good player in countries like Norway and Malaysia… we have an ambition to have a significant position in the North Sea and in southeast Asia in three-to-five years."

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Proactive UK Ltd

Proactive UK Ltd

+44 20 7989 0813


View source version on newsdirect.com: https://newsdirect.com/news/longboat-energy-gets-drilling-underway-at-velocette-716106853

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