Longboat Energy Share Discussion Threads

[anley] 21/4/2023 17:17

Those guys just ran out of luck but have nowhere to go. If that is the case have another broker who you have to pay fees when all the time you are running out of money!!!!!!!

[ripvanwinkle3] 20/4/2023 09:55

Kistos now picking up assets in Norway ahead of Norway focussed Longboat Energy. So either Longboat thought it was a bad deal, or are poor at making deals. Which of those two is it please?

[ohisay] 23/3/2023 15:07

Auctus Broker comment .
.Longboat has reported its preliminary FY22 results. There were no surprises. The YE22 cash position was ~£12 mm, £3 mm above previous indications. The difference is associated with working capital movement with a payment on the Velocette well due in 1Q23. •
Longboat now expects the monetization of the Kveikje discovery by the end of 2Q23. We value this asset at £0.17 per share (US$13 mm), which would boost the company’s balance sheet and address funding concerns.

[bbm_144] 22/3/2023 08:17

Another institution unloading?

[ashkv] 21/3/2023 07:52

Ouch :(

Statement of going concern

The Directors have completed the going concern assessment, including considering cash flow forecasts up to the end of 2024, sensitivities, and stress tests to assess whether the Group is a going concern. Having undertaken careful enquiry, the Directors are of the view the Group will need to access additional funds during 2023 in order to fund on-going operations and pursue growth opportunities. It is anticipated these funds will be sourced through asset disposals, farm downs, issuing new equity or combination of these actions. If this is not the case then the Group is forecast to have limited or no liquidity at the end of 2023, given continued drawing under the EFF during 2023. The financial statements for the year to 31 December 2022 have been prepared assuming the Group will continue as a going concern. In support of this, the directors believe the liquid nature of the Norwegian asset market combined with historical shareholder support, adequate funds can be accessed if and when required. However, the ability to access funds is not guaranteed at the date of signing these financial statements. As a consequence, this funding requirement represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

[sludgesurfer] 20/3/2023 09:42

Ahh....now I understand the bank analogy.

[terminator101] 17/3/2023 10:45

Jock holiday has been ramping the pants off of this one. Massive avoid, along with all the other lifestyle pish he is paid to ramp.

[bbm_144] 15/3/2023 11:17

One step forward..... two steps back

[avenue_of_revenue] 14/3/2023 16:05

Great find guys. Monetisation of assets update due before month end. BlackRock should be all out soon by then if not already. Interesting few days and weeks ahead. Market cap 6million, cash at hand 9million.

[hoppy13] 14/3/2023 12:10

Big development that. This new Heisenberg discovery is just 3km away from Longboats Kveikje discovery. Won't be long until the market catches on here.

[ohisay] 14/3/2023 10:07

Equinor has again struck oil and gas near the Troll field in the North Sea. This is Equinor's eighth discovery in the area since 2019.

The volumes are estimated at between 24 and 84 million barrels of oil equivalent, with slightly more oil than gas. Named Heisenberg, the discovery well was drilled by the Deepsea Stavanger drilling rig. Equinor is the operator, and DNO is a partner.

Our Troll exploration play keeps delivering. With discoveries in eight out of nine exploration wells, we are approaching a success rate of 90%. We plan to further explore the area, while looking at possible development solutions for the discoveries that have been made. We have a good infrastructure in the area and can quickly bring competitive barrels from here to the market at low cost and with low CO2 emissions,' says Geir Sørtveit, Equinor’s senior vice president for exploration and production west.

Five of the eight discoveries have been made in licences awarded through APA rounds.

It is just over a month since Equinor together with partners made the Røver South discovery in the same area. Through acquisitions two weeks ago, Equinor increased its ownership interests in four of the discoveries made in the area.

The seven previous discoveries are: Echino South, Swisher, Røver North, Blasto, Toppand, Kveikje and Røver South.

[gardenboy] 10/3/2023 15:00

Except this will pay better interest

[sludgesurfer] 10/3/2023 10:25

Yes. Actually, deadly seriously it's exactly identical.

[ohisay] 09/3/2023 15:44

Actually in all seriousness buying here is like putting money in the bank.

[sludgesurfer] 09/3/2023 10:18

There's not many folks have ever made a profit to take on this one. I'm not sure what the bull case here is anymore. Management will pull some sort of rabbit out the hat? They'll get some money for Kveikje, something they've been trying to do since discovery despite the market very clearly stating the value is zero.They'll pull off some deal in SE Asia?Beyond the forlorn hope that they'll throw in the towel and return cash to shareholders, I really don't see what's on offer here.

[bbm_144] 09/3/2023 09:31

Some understandable profit taking on back of recent lows & rise..... fingers crossed for some good updates soon. GLA

[tomboyb] 08/3/2023 11:11

Taken a few -

[mn100] 07/3/2023 12:28

Black rock out now. Tr1 coming.