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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Longboat Energy Plc | LBE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 1.25 | 5.95% | 22.25 | 16:22:56 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 21.00 | 21.00 | 22.50 | 22.25 | 21.00 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 18/6/2024 11:09 by someuwin Cavendish note from yesterday for those who haven't seen it...LONGBOAT ENERGY JV Holding Sale and Norway Exit In light of the near-term working capital challenges and the continued absence of value-accretive acquisition opportunities, LBE has announced the divestment of its 50.1% shareholding in the Longboat Japex Norge JV to its JV partner JAPEX and its exit from Norway. In consideration, JAPEX will pay LBE US$2.5m in cash and will assume LBE’s share of the drawn debt under the JAPEX acquisition facility (US$8.5m net), for an aggregate consideration of US$11m. The proceeds will be directed to fund LBE’s working capital and operations in Malaysia, where LBE has greater value-creation potential. Key to this value proposition is the Kertang prospect – one of the largest undrilled structures offshore Malaysia. - An Undrilled Giant: LBE has a 52.5% operated interest in Block 2A, offshore Sarawak. Block 2A contains the Kertang prospect, one of the largest undrilled structures in Malaysia at >200sqkm and estimated to contain 8-10Tcf of gas. Given the potential scale of Kertang, and the existing industry interest, LBE intends to run a farm-out process during H2/24 to identify a partner. LBE is expected to release an updated competent persons report (CPR) on the prospect at the end of June. - Follow on Opportunities: LBE has provisionally been awarded acreage in shallow water offshore Sarawak containing several gas discoveries capable of near-term development. While details are limited at this stage, we expect to see this type of low-cost resource capture going forward giving the business significant optionality to grow its portfolio through its strategic positioning. - A Proven SE Asian Track Record: Through CEO Nick Ingrassia, Executive Chairman James Menzies and EVP Corporate & Business Development Dr. Pierre Eliet, LBE has extensive experience and network in the SE Asia region. Nick and James were previously at Salamander Energy, a >14,000boepd, London-listed SE Asia focussed E&P company which was acquired by Ophir Energy for £314m in 2015. - Right Sizing the Business: The strategic pivot away from Norway allows LBE to streamline and reset its cost base, including a reduced board and management team. These measures are anticipated to result in annual savings in excess of US$$1.25m from the start of 2025. These savings, combined with the consideration from the sale of LBE’s interest in Longboat Japex, are forecast to provide sufficient capital through to the end of Q1/25 and we expect LBE will seek to further reduce its cost base. - A Strong Macro Story: Between 2012-22, primary energy consumption growth in SE Asia has increased by c2.6% pa; this is the highest of any region globally. Equally, there is a huge carbon emissions reduction opportunity in SE Asia by using natural gas as a replacement for coal, which currently makes up 47% of SE Asia’s primary energy consumption. Further, SE Asia has been a hotspot for M&A activity in recent years, as the independents look to secure assets from the supermajors (e.g. Hibiscus’s acquisition of TotalEnergies’ interest in Block B, offshore Brunei). - Valuation Under Review: We place our valuation under review pending the release of the announced CPR at Kertang – expected at the end of June around the time of the AGM. |
Posted at 18/6/2024 09:55 by zengas JungmanaBoth Cos offer good upside if successful but i have my cash steered to where it might offer the best returns on a success case plus something to underpin the investment which i've always seen as a must. UPL 1.33 b shares in issue (with outstanding warrants circa 1.5 billion f/diluted) + $4.6m cash. M/Cap @ 3p = £40m. LBE 57.11m shares + $2.5m cash. M/Cap @ 16p = £9m. There's a glaring differential in upside potential for every $100m/£78m (£1/$1:28) of value created. UPL = 5.87 p per share (5.2p f/diluted). LBE = 136.5p (will stick my neck out and project us at future 100m shares = 78p). Both chasing $500m+ worth of future value creation potential on a success case. LBE have now been awarded a cluster of near term development discoveries (subject to final terms) which will underpin a valuation/fall back option at this £9m m/cap level. |
Posted at 17/6/2024 10:20 by someuwin Cavendish...LONGBOAT ENERGY JV Holding Sale and Norway Exit In light of the near-term working capital challenges and the continued absence of value-accretive acquisition opportunities, LBE has announced the divestment of its 50.1% shareholding in the Longboat Japex Norge JV to its JV partner JAPEX and its exit from Norway. In consideration, JAPEX will pay LBE US$2.5m in cash and will assume LBE’s share of the drawn debt under the JAPEX acquisition facility (US$8.5m net), for an aggregate consideration of US$11m. The proceeds will be directed to fund LBE’s working capital and operations in Malaysia, where LBE has greater value-creation potential. Key to this value proposition is the Kertang prospect – one of the largest undrilled structures offshore Malaysia. - An Undrilled Giant: LBE has a 52.5% operated interest in Block 2A, offshore Sarawak. Block 2A contains the Kertang prospect, one of the largest undrilled structures in Malaysia at >200sqkm and estimated to contain 8-10Tcf of gas. Given the potential scale of Kertang, and the existing industry interest, LBE intends to run a farm-out process during H2/24 to identify a partner. LBE is expected to release an updated competent persons report (CPR) on the prospect at the end of June. - Follow on Opportunities: LBE has provisionally been awarded acreage in shallow water offshore Sarawak containing several gas discoveries capable of near-term development. While details are limited at this stage, we expect to see this type of low-cost resource capture going forward giving the business significant optionality to grow its portfolio through its strategic positioning. - A Proven SE Asian Track Record: Through CEO Nick Ingrassia, Executive Chairman James Menzies and EVP Corporate & Business Development Dr. Pierre Eliet, LBE has extensive experience and network in the SE Asia region. Nick and James were previously at Salamander Energy, a >14,000boepd, London-listed SE Asia focussed E&P company which was acquired by Ophir Energy for £314m in 2015. - Right Sizing the Business: The strategic pivot away from Norway allows LBE to streamline and reset its cost base, including a reduced board and management team. These measures are anticipated to result in annual savings in excess of US$$1.25m from the start of 2025. These savings, combined with the consideration from the sale of LBE’s interest in Longboat Japex, are forecast to provide sufficient capital through to the end of Q1/25 and we expect LBE will seek to further reduce its cost base. - A Strong Macro Story: Between 2012-22, primary energy consumption growth in SE Asia has increased by c2.6% pa; this is the highest of any region globally. Equally, there is a huge carbon emissions reduction opportunity in SE Asia by using natural gas as a replacement for coal, which currently makes up 47% of SE Asia’s primary energy consumption. Further, SE Asia has been a hotspot for M&A activity in recent years, as the independents look to secure assets from the supermajors (e.g. Hibiscus’s acquisition of TotalEnergies’ interest in Block B, offshore Brunei). - Valuation Under Review: We place our valuation under review pending the release of the announced CPR at Kertang – expected at the end of June around the time of the AGM. |
Posted at 06/6/2024 09:16 by jnbrw True, Norway has not been a ringing success for shareholders but should Lbe give it up just as the oil/ income is finally starting to flow? After this last work over on the remaining wells the cash revenue to lbe would be substantial ( ballpark anywhere between £7.5 to £12m/ 15m ?? or more pa - dependant upon if they exceed 1000bopd eventually)Ironic if just as the Norway venture starts to produce serious ongoing revenue Lbe give it away because of a short term working cashflow situation because of the work over. Why not renegotiate payback. Some of the cash is coming back in November through the millions refunded every year through the EFF. |
Posted at 05/6/2024 16:51 by zengas Yes vey much underwater Chutes, but have been here quite a few times in some over the years that have still given spectacular returns. Happy with my under 2% holding after the last buys but fully aware this is likely to be diluted.Further cost cutting now made on those salaries etc My post 1/5/24 2 directors are standing down and won't be replaced in the immediate future.Brent Cheshire £70k. Jorunn Saetre £50k. Nick Ingrassia was on 230k and moves up to CEO replacing Helge Hammer who was on £300k. The current Chairman of LBE is on 95k. Helge leaves to become chairman of LBE/Japex - will there be a pay cut to a more modest Chairman salary or still remain on £300k ? Either way, Helges salary would now be 49% met by the Japex ownership portion of the JV so if he remains on £300k this would be a net saving to us of £147k. Cost cutting of around £200k at least to perhaps £300k depending on what Helges salary at LBE/Japex is. -------------------- Latest RNS Katherine Roe is now going = minus £60k J Cooper CFO also going = minus £250k. Graham Stewart standing down as N.Ex Chairman (taken up by James Menzies) but staying as a n.ex director. £75k down to £50k ? Geraldine Murphy appointed/coming in as non exec likely £50k. I make that about £500k - £600k net savings (haven't included pensions etc) at board level. |
Posted at 04/6/2024 22:58 by pol123 LBE is currently priced as a company that had one turn of the drill bit and hit a duster. There have been some posters who clearly dont understand LBEs position their assets, value of the JV etc. IMO if LBEs mcap was £10m it would still be cheap. On top of that we have had a distressed seller. Im sure when we get a clear statement/AGM output we should see some normalisation of the share price I would have thought any raise may be further downstream ie Asia JV / farm down or post CPR. But lets see |
Posted at 01/5/2024 11:01 by zengas One way of looking at this is we expanded the operations to S.E Asia and a larger team to manage that and take on acquistions as seen in the recent annual report.They talked of cost cutting. 2 directors are standing down and won't be replaced in the immediate future. Brent Cheshire £70k. Jorunn Saetre £50k. Nick Ingrassia was on 230k and moves up to CEO replacing Helge Hammer who was on £300k. The current Chairman of LBE is on 95k. Helge leaves to become chairman of LBE/Japex - will there be a pay cut to a more modest Chairman salary or still remain on £300k ? Either way, Helges salary would be 49% met by the Japex ownership portion of the JV so if he remains on £300k this would be a net cost to us of £153k saving LBE £147k. Cost cutting of around £200k at least to perhaps £300k depending on what Helges salary at LBE/Japex is. Also if Nicks salary is not as large in taking over as the previous CEO it might increase the savings. |
Posted at 11/4/2024 10:09 by darcon LBE announced the Statfjord Satellites acquisition on 3 July 2023. LBE said then that with the planned in-fill drilling production was anticipated to double in 2024 to ~600 boepd net to LBE Norge.LBE said the anticipated payback on the transaction was under two years. The transaction also brought tax benefits to LBE and an additional $4m payment. Subsequently some doubts about the likely success of the in-fill drilling were raised when OKEA postponed the close of its earlier announced Statfjord acquisition from Equinor. However, OKEA ultimately chose to proceed with its acquisition and it subsequently completed at the end of 2023 and it now holds 14%. As at 1 Feb 2024 LBE/Japex's net production at the Statfjord Satellites was ~370boepd and we were still waiting to see the results of the production ramp-up. Uncertainty remained as to whether the operator would be successful in doubling production as predicted and LBE had walked down the production expectation from doubling to a significant increase. So I think today's announcement confirming that production has indeed been successfully doubled is fantastic news. I'm very pleased with that. However, the news about cost inflation and cost overruns also shows the risk of being a small non-operator in such assets. Not much LBE/Japex can do post-acquisition if the project cost overruns or difficulties arise because of conditions deep underground that require more money to be spent. |
Posted at 05/4/2024 12:01 by darcon There was an interesting webcast from ENQ. They're looking at expanding their Malaysian and SE Asian international operations, which they view positively. Their CFO is ex-Salamander. So are several of LBE's team and LBE also have a similar view on the growth potential in that geography...UPL still talking about getting a PSC and their MCAP is valued at [more than] twice LBE's - go figure? LBE already hold a majority stake in a large multi-TCF prospective one and the news on its farm-out when it happens will be material (hopefully in a good way). We're waiting on news about the increased production from the in-fill drilling on the recently acquired production acreage in Norway. We're waiting on news on an accretive M&A deal...what deal(s) are they working on and with whom? |
Posted at 17/1/2024 14:09 by darcon someuwin - yes. It's the nature of exploration. LBE's discovery hit rate has actually been better than 1/3 to date. They've been unlucky in terms of the sizes of what they've discovered (Velocette being the most recent example), but the Japex deal and LBE's recent farm-down to Concedo show that other industry parties value LBE's O&G expertise.One could ask why did Equinor and DNO partner up with LBE on this acreage and not go it alone without LBE? I think the answer is that LBE are adding value to the exploration effort as a result of their experience of injective reservoirs gained through the Kveikje discovery. The initial work programme on Magnolia is low-cost. It consists of the acquisition and/or reprocessing of modern 3D seismic and G&G studies. They'll have a drill or drop decision in one year's time. On deciding to enter the next phase they'll have two years to drill an exploration well. LBE may yet be able to farm-down part of their interest in Magnolia in order to be free carried on their effort. Magnolia, if successful, could be part of a wider cluster development. Lots of little pools can make a lot of economic sense if tied together and jointly developed as an area cluster development together with Kveikje and other nearby discoveries in the area. In my view it makes perfect sense for LBE to take steps to enhance the value of their Kveikje position by taking positions in neighbouring acreage. In Kveikje LBE holds a 10% interest and in Kjottkake/Lotus LBE have farmed-down from 30% to 15%. So a 20% initial stake does give room for LBE to subsequently farm-down a portion. |
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