Longboat Energy Share Discussion Threads

[darcon] 19/6/2023 12:37

There's a Japex announcement this morning about Japex doing a joint study with three other companies (including Petronas) regarding carbon capture and storage solutions for C02 originating in Japan:

This has nothing to do with LBE or its Malaysian Block 2A, but merely shows that Japex are doing stuff in Malaysia and have a CCS-related commercial connection with LBE's Malaysian co-partner, Petronas.

Once LBE do their deeper analysis, could Japex become a potential farm-in partner for LBE's Malaysian Block 2A offshore Sarawak with material gas resource potential (LBE (operator 36.75%), Other partners in Block 2A: Petronas, Petros, Topaz)?

Japex also have an AGM on June 27th ( LBE's AGM is on Thursday this week.

Can LBE/Japex get their Norwegian JV completed on or prior to one or both of their AGMs?

[chutes01] 14/6/2023 14:13

AB cleared 5% now, no stock around, if this clears 23p then 30p is next

[darcon] 14/6/2023 13:33

They've replaced the word "Malaysia" on slide 16 with "SE Asia". Is there something brewing in another market there?

[ohisay] 14/6/2023 01:41

Updated for the AGM next week but not much new other than confirming Velocette will spud next quarter.

With the current Market cap covered by existing and incoming (Japex) cash its effectively a free ride on the prospect.

A classic case of accumulating well before the spud date.?!

[chutes01] 13/6/2023 18:22

free float may be gone by end of this week, chart points to sharp move to 40p
some large tight holders now.

[bbm_144] 13/6/2023 16:34

Looks like we could be in for some interesting times !

[ripvanwinkle3] 13/6/2023 13:22

Somebody who knows better than to look a gift-horse in the mouth

[anley] 13/6/2023 13:19

WHO is LBE new 3% shareholder?

[kiplig] 13/6/2023 06:38

You are correct. OilMan Jim is a waste of space - very little geological knowledge and I question whether he is incentivised by certain companies given the gushing tips on them when there is clearly nothing to gush about....

[bumpa33] 12/6/2023 09:47

V tight price this morning, 19.72 bid, 19.87 offered. Some interest either way in 50k block.

[ohisay] 11/6/2023 06:16

Posted by Ezzz on LSE.



The company had been looking to sell down some discoveries to boost its balance sheet, and had received some offers, but then Japex came along and identified Longboat as an access point to Norway’s prodigious upstream oil and gas sector.
Hammer says: “When we started this process, we didn’t expect this to happen. It was not planned.”
But with the Japex agreement, “we now have the capital that allows us to make acquisitions, develop discoveries, to really realise the value of our portfolio”, he says.

Mid-tier scale

The deal positions the joint venture to pursue a target of growing into a mid-tier company in Norway producing between 10,000 and 20,000 barrels of oil equivalent per day within the next three to five years.
“We’re delighted with this deal because what has happened in the world in recent years has made it more difficult to be a smaller company,” Hammer says.
“This will give us extra financial strength, which I think is why the market took the news so well.”
Hammer says there used to be a lot more junior companies.
“It is changing, because if you go back 10 years, the number of E&P companies active in Norway was, I think, above 50. Now it’s more like in the 20s.”
Mergers have created “some very large independent companies — strong, big companies”, he says.
“And there are the smaller ones. But what you don’t have is the midsize independents. So what I’m excited about is that with Japex we can grow into that space. I think Norway needs a company like that.

[bumpa33] 05/6/2023 08:23

Not sure about a re rate quite so soon! But could be about to move, next to nothing on the offer…

[chutes01] 04/6/2023 17:20

Expect re rate this week

[hpcg] 04/6/2023 16:07

Let's be honest most of the small company oil writers are shills, and not a single person knows what the drill bit will turn up. Almost none will point out potential risks even if their is good news from drilling. One just needs to take what they write or broadcast as what they are licensed for: entertainment.

[ohisay] 04/6/2023 14:41

?? Pro do you get his Private blog ?..from what Ive seen of him he doesnt know much more than the rest of us.

[pro_s2009] 04/6/2023 12:04

Sunday Blog, 4 June 2023

PRD MATD HE1 NHE.AX DELT PANR PTHRF JOG ANGS BOIL LOGP BEY EME LBE CEG CLON

Oilman Jim 4 Jun 2023

Catching up on the last couple of weeks and starting with the drilling news, Predator Oil & Gas (PRD) announced on Friday that the Star Valley Rig 101 would commence drilling the MOU-3 well within ..............................

[ohisay] 04/6/2023 06:09

My 10p worth .

Auctus in its review said ...
The transaction has an effective date of 01/01/2023.
The existing Norwegian debt facility and Norwegian tax credits will stay in the Longboat Norge JV.The debt facility provided by JAPEX will be available for drawing during the first three years

One of the directors recently said the 16m$ goes directly into the JV.

Am assuming LBEs current cash ( circa £9m in February net of the payment for Velocette) stays with LBE to do with as they please.
They may need some of it to pay for their Norway project acquisition in Q3 (when Japex coughs up another 4m$ assuming the JV is sanctioned.)

Questions worth revisiting for clarity at the AGM and the investor meet presentation.!

[bumpa33] 03/6/2023 16:10

e43 - my understanding is yes the $16m is solely to the JV. As for LBE’s remaining cash I’d assume that no it isn’t going to the JV but not sure. And I’d assume again that the tax refund as it applies to LBE will go directly to LBE.

[e43] 03/6/2023 15:35

Bumpa, having read the Japex May 2 RNS, and watched the CEO interview on LSE,a couple of financial points don't seem to have been well articulated in either,i.e
1,I presume the $16m initial payment is going into the JV rather than a payment to LBE plc?
2, there doesn't seem to be any mention of LBE committing any of its remaining cash to the joint venture.
3,LBE looks like it will be recieving a large tax refund later this year,(roughly equivalent to it's debt)will this refund now go to the joint venture or directly back to LBE plc?

[bumpa33] 03/6/2023 10:40

Been following LBE ever since its IPO due to the ex Faroe Petroleum management involvement and the story. This is a quality outfit unlike 95% of the other dross you’ll find on the London markets when it comes to oil juniors. However it’s fair to say its operational performance has been at best only average since then, and its share price performance certainly poor.

The JAPEX deal however is a bonafide game changer - not some convertible loan “investment221; or a dodgy Chinese entity no one’s ever heard of, a pre sold bucket shop placing at huge discount or a jewel stealing opportunistic raid etc etc. This 51/49 JV and substantial injection of cash gives the company a real new lease of life, with some heavyweight backing both financially and as importantly, technically. The structure of the JV, giving Longboat 51% is important for the long term - short term the £10m valuation for the company as it stands is just daft.

When you take into account what this deal does for both parties and the numbers involved, imo fair value should be nearer £20m mkt cap as we stand. Longboat is now well and truly on the radar - so at worst I think doubling your money in relatively short order from this entry - on speculation and expected newsflow alone - is a very achievable target. Longer term who knows.

There has been a reasonable consolidation phase the last month after the initial spike, it would now seem interest is beginning to pick up again and what stock was available - from one HB at least - appears to have dried up.

Summer months can be unpredictable, even so the R/R should be heavily skewed to the upside…

[wanobi] 02/6/2023 14:58

fwiw & that's not a lot LOL LOL :-) I took a starter position in these recently,,, GLA LTH's, fingers crossed it'll fly,,, ATB, Cheers Wan :-)

[ohisay] 02/6/2023 14:40

And Market Cap only £11m .

Quite amazing ...

[chutes01] 02/6/2023 13:41

Japs getting in on Norwegian oil
Smart move and will see longboat recover well

[chutes01] 01/6/2023 11:21

Moving
Onwards to 40s