Longboat Energy Share Discussion Threads

[darcon] 30/5/2023 10:46

Cenkos update today. The full copy can be accessed through research-tree.com:

"The Deepsea Yantai semi-sub has been selected for the drilling of the Lotus (Kjøttkake) prospect in Q3/24. Lotus is situated 4kms southeast of Longboat’s Kveikje discovery and is estimated to contain gross 27mmboe (Longboat net, 9mmboe) of gross mean prospective resources, with further potential upside estimated at gross 44mmboe. If successful, Lotus will form part of an area cluster development and would substantially add to Longboat’s existing discovered reserves in the area. We reiterate our BUY recommendation and our 66p price target (comprising 41p of core and tangible business and 25p of risked exploration)."

"Lotus Introduction – Lotus is located in PL 1882 S, which was awarded under the Norwegian 2022 APA Licensing Round. Longboat was awarded a 30% interest in a firm well on the Lotus prospect, which lies 4km southeast of the Kveikje discovery and is expected to contain analogous injectite sands to the sand encountered in Kveikje. An exploration well is planned for Q3/24, targeting 27mmboe of mean prospective resources (9mmboe net) with further potential upside estimated at gross 44mmboe. The Lotus prospect has a Longboat estimated 56% chance of success, with the key risk being hydrocarbon retention. "

"Lotus Valuation – On a risk adjusted basis we value Lotus at c8p net to Longboat, using a 56% geological and 60% commercial chance of success. A successful discovery at Lotus would increase this valuation to c14p (net)."

"Rig Assignment – DNO as operator of PL 1882 S has selected the Deepsea Yantai semisub for the drilling of the Lotus exploration well. The Deepsea Yantai is specifically designed for working in harsh environments such as the North Sea and was previously used by Longboat for the drilling of the Copernicus well in 2022."

"A Catalyst Rich Asset Base – The next well on the programme will be Velocette, which is expected to spud late this summer. Located in PL 1016, the Velocette well is targeting gross mean resources of 177mmboe (Longboat, 20%) with a 30% geological chance of success. Aside from the Velocette and Lotus wells, we expect further newsflow on the contemplated small production acquisition announced as part of JAPEX transaction."

"Transformational Investment by JAPEX – In May 2023, the Company announced that it had reached an agreement with Japan Petroleum Exploration Co (JAPEX) to make a significant investment into its Norwegian subsidiary, Longboat Energy Norge AS to form a JV. Under this agreement, JAPEX will make a cash investment of up to US$50m for 49.9% of Longboat Norge and provide the JV with a US$100m acquisition financing facility to finance acquisitions as associated development costs."

[darcon] 30/5/2023 10:21

I had a quick glance today at the top25 shareholder info on simplywallstreet.

Other than Alastair Bruce who has increased his stake in LBE to >4% the institutions which have recently increased their stake in LBE since the last two reporting dates are:
(1) SVM Asset Management (+11.41%) to 8.61%,
(2) DNB Asset Management (+1836%) to 1.67%,
(3) LGT Capital Partners (+37%) to 1.59%,
(4) Peel Hunt (+3055%) to 1.46%,
(5) HBOS (+92%) to 1.04% and
(6) AJ Bell Holdings (+83%) to 0.74%.

The institutions that have been reducing their stakes in LBE are:
(1) Blackrock (-42%) to 7.75% although the % figure for Blackrock may be inaccurate as I believe Blackrock's most recent holding announcement was on 7 March and stated their holding had dropped below 5%;
(2) Canaccord (-17%) to 3.76%
(3) UBS (-36%) to below 1%;
(3) Fidelity International (-98%) to below 1%.

[darcon] 30/5/2023 08:02

Positive news this morning regarding a rig being assigned for the Lotus drill for Q3 2024 and also noting its potential for a cluster development along with LBE's Kveikje discovery.

The RNS also notes that Velocette is expected to spud late this summer.

Although nothing is stated in the RNS regarding progress with the JV transaction with Japex this presumably will be viewed positively by them.

Interestingly there is a Q&A transcript dated 15 May 2023 on Japex's website in the English language (see: There's no mention of LBE in that transcript, but they do talk about Japex's share price to book being below 1, how they have too much cash and how they're keen to deploy that cash among others in new O&G growth projects. This helps explain Japex's rationale for their JV investment in LBE Norway. Japex note in one of their answers in that transcript that they have 100 billion yen available for investments.

[ohisay] 28/5/2023 05:14

Publisert May 16, 2023
Norway
OMV has decided bases for supply and helicopter

In connection with the drilling of the Velocette prospect in the Norwegian Sea, OMV (Norge) AS has chosen base services from the Helgeland Base in Sandnessjøen and helicopter services from the base in Brønnøysund.

The exploration well to be drilled is located approximately 300 kilometers west of Sandnessjøen and 50 kilometers southeast of the Aasta Hansteen field. The drilling will be carried out with the drilling rig Transocean Norge. Start-up is expected in late summer this year.

OMV has decided to use the Helgeland Base in Sandnessjøen for supply and logistics services based on commercial and technical criteria

[chutes01] 26/5/2023 13:49

should see 40p again, too cheap

[ohisay] 26/5/2023 13:31

I've been adding several times sub 20p over the past week .
AGM is end of June when there should be a little more news.

Annual General Meeting, to be held on Thursday 22 June 2023 which is also available on the Company's website at www.longboatenergy.com .

Following the Annual General Meeting the Company intends to present an /updated corporate presentation via the Investor Meet Company platform. The online presentation will take place at 11.30am on 22 June 2023 and is open to all existing and potential shareholders.

[bumpa33] 26/5/2023 12:19

You’ve just had one.

Try having some patience or jump on something else more racy.

[danmart2] 26/5/2023 11:51

Market update required on drilling and funding agreement

[pol123] 24/5/2023 15:24

All waiting for the next significant update. I like quiet, has enabled me to add at rock bottom prices. Now trading below cash, never mind Japex............MAD

[bbm_144] 23/5/2023 10:00

Awfully quiet here......

[darcon] 08/5/2023 18:53

DNO share price performance since it acquired Faroe Petroleum:

Post acquisition 2018 year end accounts of Faroe Petroleum which were signed off by DNO's board nominees:

[danmart2] 08/5/2023 15:27

What happened at faroe petroleum

Is it just the ceo or all of the board?

[the donald] 07/5/2023 23:07

Look at the quality of the JV deal. Tells you a lot.

[bumpa33] 07/5/2023 22:40

Maybe ask Faroe Petroleum share holders the question of whether they think the board are “pro-active and competent”R30;? 🤦🏻

[danmart2] 07/5/2023 21:42

Is there a drilling programme available for this year?

I am considering investing but want to be certain the BOD are pro active and competent.

[pol123] 06/5/2023 21:42

Mr Market, still way off with the valuation. Extended opportunity. I for one am currently taking advantage off

[the donald] 05/5/2023 22:31

Big re rate ahead

[chutes01] 05/5/2023 22:14

Fid sold out now, dropped too much in price for their funds, selling exacerbated the fall
Then the Japs want a foothold in Norwegian oil, a stretegic masterstroke
Too cheap here.

[darcon] 05/5/2023 19:00

Today's holdings announcement by Alastair Bruce refers to Ferndown, UK.

There is an Alastair Bruce on the UK Companies House website based in Ferndown. He is a director of ADB Capital Ltd:



There is an Alastair Bruce on LinkedIn who is a director of ADB Capital Ltd:



Is this the correct Alastair Bruce who has purchased a >3% stake in LBE?

[danmart2] 05/5/2023 15:00

With the Japex joint venture, the market cap can move swiftly on drilling anticipation, confirmed dates and best of all on results

This could be a good medium term hold IF they find anything commercial

[sphere25] 04/5/2023 12:30

Nice early spike to sell into, looks like alot have done that. I did too, kept a few to see how it moved through the day and just nibbled a few back here. A couple of big chunks (for LBE) of 200k bought through the offer (23p at the time) at 23.5p just after lunchtime so someone is keen.

There was also a 220k trade, which was an error, and has been corrected so those two aren't included in the overall volume total. It is still another big day of exchanges with somewhere around that 7m mark at present without delayed prints

It looks like 23.5p on the offer will soon disappear so an interesting watch through the afternoon. It is 22p vs 24p now. IF this buying continues, it is going to have a good go at getting through 24p, which will likely lead to more traders and momentum players having a go too.

Let's see if it goes through.

All imo
DYOR

[hazl] 04/5/2023 11:35

Chartwise...you might be right.

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