Longboat Energy Share Discussion Threads

[jungmana] 31/5/2024 10:43

AGM in 3 weeks time and should hear more by then;"It is anticipated that Longboat will give a further update to the market around the time of its Annual General Meeting at the end of June."

[nigelpm] 31/5/2024 10:28

It's a complete punt here not surprised here are lots of sellers.

[katsy] 31/5/2024 10:27

Still no shortage of sellers down here. I hope they're not insiders forward selling a placing at dare I say it 5p? Gulp!!!

[jungmana] 31/5/2024 08:38

Is looking like all buys this morning. GBP 4.5 million market cap for LBE is absurdly cheap despite the issues with Norway jv

[katsy] 30/5/2024 12:18

I can only assume somebody is still offloading given that the ask price is reducing. I really hope this doesn't end up like everything else on AIM, billions of shares penny (or sub penny) stock. It's unfortunate they've had production problems outside of their control. This is probably costing the other syndicate partners to lose more money than LBE, given their much higher holding in those fields.

[jungmana] 29/5/2024 18:12

Hopedully we receive good news on this soon:"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." 

[hamid1970] 29/5/2024 17:49

Reckon that was a sell at that price

[katsy] 29/5/2024 17:27

1.5m@7.99p late reported from 9:11 this morning. Reckon that was the trade that was being filled all day.

[cashandcard] 29/5/2024 14:20

Just a matter of financing that could be very dilutive. So not putting anymore money in until they have sorted this. I hope they can get on top of it quicker than DELT who also have a financing issue, albeit for different reasons.Cash

[chutes01] 29/5/2024 13:25

Prod delays fairly common, they will eventually ramp up volumes
Just a matter of financing at the moment, friendly partner will see its ok, focus on upcoming drills and farm outs
Over cooked a tad today.

[someuwin] 29/5/2024 12:53

SP Angel.

"...The shares are down over 50% in early trading on the back of a disappointing operational update, which exacerbates the need to access additional funds during 2024 in order to fund on-going operations and pursue growth opportunities. Longboat has two experienced M&A teams in place and anticipates funding will be sourced through asset disposals, farm downs, the issue of new equity, dilution in the Company’s joint venture or a combination of all these actions. However, Longboat’s dual-jurisdiction strategy currently remains unchanged and we look forward to a further update from management to the market around the time of its AGM at the end of June. Investors will be hoping for positive catalysts from the ongoing drilling programme (Kjøttkake spuds slips into 4Q24) and the potential monetisation of the Kveikje and Oswig discoveries in Norway."

[jungmana] 29/5/2024 12:53

oiltdr on lse;I registered today as often read the boards and wanted to give my take. Some of the update is not much of a surprise but I've not seen much comment on what the update means so I'm providing some clarity:1) of the 4-5 pc they own of the producing asset they are on the hook for their share of the capex. At 51.1m gbp this is around 2.5m. This in itself it's my much of a problem and can be covered by cash flows from sales. This is a short term issue which I am relatively relaxed about in isolation.2) the real clanger is the amendment to the original acquisition agreement as based on the updated terms which allowed them to fund the 5musd of working capital via the facility, this 17m needs to be repaid by 31 December 2024 and not the 5 year backstop date. This is the real issue LBE have.There are a number of options here:1) do another acquisition but realistically won't fix in time;2) if relations good with japex then renegotiate the 31 dec repayment date - this may be the most likely scenario. LBE have the contacts in Norway and suspect japex wont want to frazzle relations in the area.3) look for external refinancing of the 17musd.4) agree a farm out in Malaysia that offers cash as part of deal - funds that can be used to refinance the debt to japex.Realistically equity dilution at current levels isn't an option.Realistically a deal will be done with japex as to my knowledge it's a good working partnership - the terms are there to cover them when things go sour but it's in neither companies interests to walk away.I've taken further equity today but it's not without increased risk as there is a doomsday scenario - I just consider it commercially to be the least likely outcome.

[jailbird] 29/5/2024 12:46

That's the thing the farm out will be late 2024 or early 2025. So what about cash required before that comes in Dilution around these levels is inevitable This will create a nice return and sell into when the farm out news comes

[jungmana] 29/5/2024 12:43

Looks like it cash, that's the reason am not buying more for now.

[cashandcard] 29/5/2024 12:19

It's being priced as if some kind of dilutive event is inevitable.Cash

[jungmana] 29/5/2024 12:01

Farm out and retain 15 to 20%. Lots of interest from majors in that region;"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." 

[cashandcard] 29/5/2024 11:22

Norway/NS is just not the place to be anymore for a smallcap. The NS generally limited in terms of growth potential and the opportunity to make serious returns has long gone given the current investment environment for Oil in Europe.They need to move those Norway assets on, kitchen-sink the majority of folk linked to the Norway side of the business, including certain directors.Then, name change and entire focus becomes Malay assets, with an eye to growing the portfolio there in what would become a high impact growth vehicle. Sounds risky, but dollars are flowing back into upstream side in several key global hotspots. SE Asia is benefitting from this right now.Cash

[danmart2] 29/5/2024 10:31

The board of directors are clowns

When you have clowns running the show, you either buy a ticket to the circus or you take your money elsewhere

Madness to invest here, the track record is appalling

[zengas] 29/5/2024 09:56

Took an hour to buy 300k shares ranging in size from an initial 100k at 9.4p (8:08) to my last two 2.5k buys at 7.75p (9:14 & 9:15).

Current 8p = a m/cap of £4.56m.

They either downsize on the Norwegian JV. Or a complete sale of the JV or raise additional funds.

Upcoming well fully carried.

When they bought the producing assets for $12.75m their expectation was do double this from the 300 boepd then to the initial 600 (see original RNS) by Q4 2023/early 2024. This went on for the expectation to be circa 1,000 boepd end Q2 but the last 2 wells drilled are still not connected. The cost has risen from the $12.75m to $17m owed to Japex due to the delays/cost overrun by the operator Equinor. We bought our stake of a different partner but Okea bought theirs direct from Equinor and sought recompense for the o/runs/delays threy've also encountered. Doubtful if we are covered in any way and our Kevikje discovery is included in their development plan to Troll while Vaar want a different anchor hub used.


Personally i think LBE are laying down their options on possible asset direction but will they wait or not until the outcome of the upcoming Norwegian well re the Norwegian jv.

I'd like to know if Helga has any direct input with LBE now re Japex rather than just at the JV.

[jungmana] 29/5/2024 09:47

Am in, have purchased 140k shares in total to start with.Now time for the day job.GLA

[greedfear] 29/5/2024 09:16

What’s in a name?

[lookinggood] 29/5/2024 09:13

2/3p buy area

[jungmana] 29/5/2024 09:01

Not in yet but will be buying some soon.
Been watching here closely over the last few weeks and nearly bought in last week.
At this level is a superb bet. way too cheap imo.

[greedfear] 29/5/2024 08:59

I believe selling is way overdone too. But, it can get worse. Any disappointment and shares can get punished to absurd price levels. This one too. I’ve learned not to buy when I think the drop is overdone as it mostly drops further. Anyway, BOL holders.