Longboat Energy Share Discussion Threads

[divmad] 26/6/2024 17:11

Cash, why do you think that the valuation of LBE, after the pivot, is lagging so far behind that of Upl, and the implicit upside from Kertang given the 3D signing spent already?

[cashandcard] 26/6/2024 16:17

ohisay,My thesis for Namibia is, there just wasn't enough work done by previous explorers to get remotely close to understanding the subsurface of any of the 4 major basins in Namibia. An area the size of the NS with fewer than 70 wells drilled. Whereas the NS has over 4,000 wells. Of course, that all changed with Shells Graff discovery, then the huge Venus discovery. The recent megadiscovery by GALP/Sintana is further testament. The gargantuan 2,400km2 Saturn Superfan is best played via Sintana Energy TSX (7.4% carried via local entity). PCL have 20% but little else in case it fails. Sintana have smashed it out of the park in their first campaign with GALP (JV estimated 10bln OIP minimum - but rumoured upto 14billion per Upstream sources close to GALP). So a safe bet with exposure to other successful licences in the area.In terms of bang for buck, LBE offers just that a huge opportunity at a derisked prospect. In fact, I may ask Charlestown Energy partners (parent of Sintana Energy) why the heck they have not come on board LBE. They are quite busy looking for new/emerging basins. It fits their criteria for getting into high impact exploration, perhaps they are awaiting partnering and/or risk to be spread amongst a wider portfolio.Regardless, it's a promising outlook and thank heavens the Norway side is being let go. Was always the problem.Cash

[ohisay] 26/6/2024 15:20

Great posts from Zengas and Cash .
A bit off topic but am particularly thinking about PEL87 in Namibia and Pan Continental .

I was a bit of a fan of PCL when they were drilling in the Walvis Basin in the north.Managed to get out alive there back in 2017 when like most others there they were involved with drilling a dud in an area that these days doesnt seem to be prospective.

But like Topaz in a way they got lucky by acquiring PEL87 in 2018 .

This is their presentation in 2022,


That was before the 3D .

Anyways the point of my post is that if you are in the right area judged by discoveries around you and have done your 3D which suggests your license is even more prospective then a premium rating might be in order ..to put it mildly .

PCL today without a drop of oil to its name is capitalised at 179mAUD or 94m£ based on that Saturn prospect .
Contrast and compare LBE in 2A ..
Just saying DYOR of course.

[stockhunters] 26/6/2024 15:10

Yes katsy someone is mopping up all the sells at 20-21, although not really that many sellers

Fantastic price action exactly how you would expect for a proper rerate

New CEO delivers then could be a £50-£100million mcap at some point, still absolutely no reason why this is priced significantly below UPL

[katsy] 26/6/2024 14:38

Looking at the trades, there must be a large but order being worked.

[katsy] 26/6/2024 12:57

Small top up from me today, showing as a sell. Hoping for some info about the DRO before the AGM.

[cashandcard] 25/6/2024 16:25

Zengas,Really gets one thinking....In your post below, the PEL87 3D was well worth it at that cost. Woodside actually shot approx. 20% more than required aswell. It's the prize at the end that everyone in the industry is waiting to see quantified - the Saturn Superfan, perhaps the largest undrilled conventional structure on earth, that makes Totals huge Venus field and GALP/Sintana's recent vast Mopane field look small (I say that a Sintana shareholder). The seismic spend that LBE have here is commensurate to the expected reward as in the Namibia case. LBE have an enormous target, with DHIs, like several of the recent major oil and gas discoveries offshore Namibia. I am keen to see what other prospectivity exists in 2A - it could well double the resources here. For those who make the argument that it's gas, so won't be close to oil in terms of economics, i would suggest they need to think about scale here. The sheer size/volumes are enough to deliver huge impact from this level. Also, a discovery at Kertang would likely get developed via an LNG solution, so economics would be closer to the Oil Vs LNG discount. Very profitable and not too far behind.Cash

[zengas] 25/6/2024 08:48

By comparrison our block has 6,350 km2 3D and 17,500 km lines of 2D seismic so counting the 2D this has saved us more than $30m imo if we were to do that now compared to $35m last year for an offshore 3D survey to 5,000 km2. (see below).

From 2018 - "Over a one-year period, the average price of 3D surveys has increased by 20%, while that of 2D surveys has risen by 25%. "

"The cost of a High Level 3D survey is now $250,000/d with a 2D survey costing half or even a third of the amount. Between 2015 and 2017, when the slump in activity was at its height, the price of 2D acquisition was comparable to that of hiring a source vessel. The problems of fleet over capacity in relation to demand seem to be diminishing.Following four years of decline in the global geophysics sector, 2018 had already brought with it a return to growth with an increase of 4%. The crisis led to a radical reconfiguration of the market (Fig.10a).

15th June 2023
In addition, a 3D survey over PEL 87 and the surrounding area in the Orange Basin offshore Namibia had reached progress of being more than 50% complete as of late April, according to Sintana Energy. The survey will cover a total area of 6,872 sq km. Initial processed results should be available by the end of August.
Woodside Energy reportedly covered the costs of the $35 million 3D seismic survey over an area of at least 5,000 sq km.

[stockhunters] 25/6/2024 08:38

Finally a pullback

Lets see what price TR1s step in again to soak up the stock

[divmad] 25/6/2024 07:39

What a breath of fresh air after all the NS political garbage.

[euclid5] 24/6/2024 21:19

Block PM 428 covers almost 7000 square kilometres, the largest tract being offered in the Malay basin, and hosts four discovered fields — Cahaya, Permatang, Paluh and Jebat — which are included.

The block holds significant resource potential attributed to multiple oil and gas prospects, and to monetise these fields are several nearby ready facilities to cater for tie-ins,” Tukimin says.

These prospects and leads are located in three distinct clusters within the block that has about 2.15 billion barrels of oil equivalent in place.

[euclid5] 24/6/2024 21:13

In his keynote address, Firouz highlighted the benefits of investing in the Malaysian oil and gas industry, including the ease of doing business in Malaysia. He said that companies have the opportunity for quick and early monetisation as compared to other areas in South East Asia through various exploration and DROs with vast coverage of oil and gas facilities.

The exploration blocks in Peninsular Malaysia offers diverse opportunities ranging from stratigraphic and channel plays, thin or unseen reservoir to Oligocene synrift play. Meanwhile, the blocks in Sabah offers other opportunities such as inverted anticline play, deepwater exploration, carbonate buildup and Oligocene synrift play.

The selected DROs will synergise with the existing infrastructures and will be opened to potential investors for new development frontiers, with an expected volume of 290 MMBOE contingent resource for development.

[euclid5] 24/6/2024 21:06

Interesting reading below:



A string of successful discoveries in the mature Balingian, Central Luconia and Baram Delta basins demonstrated that there was still compelling remaining potential in these basins. Frontier deep water exploration is also emerging with the Tepat discovery and recent appraisal in the Northwest Sabah Trough. More high impact wells in this basin are planned.

In 2022, six new field wildcat successes in the country contributed approximately 380 MMboe discovered resources.

[jungmana] 24/6/2024 12:29

No wonder it was NT for last half hour on Friday

[jungmana] 24/6/2024 12:27

There is a 1 million trade reported from Friday.

[stockhunters] 24/6/2024 11:56

Surprised we have not seen a pullback yet TR1 buyers would explain that. Got a bit more cash ready at the right price.

As writing this post another 1million trade, presumably a buy considering price action

[arcteryx] 24/6/2024 11:20

Looks like all the traders sells and other sellers being steadily gobbled up. I wouldn't be surprised to see another couple of increased holding notifications this week. All looking v positive and good solid platform to push on properly from.

[cashandcard] 24/6/2024 09:12

Well, good start to an important week. Hope it leads to a proper turn around and success for years to come.Cash

[stockhunters] 24/6/2024 09:09

Give it time for management to work their magic and will rerate accordingly, but I like your optimism jungmana

[jungmana] 24/6/2024 08:49

With giant Block 2A and the new DROs the market cap is too low at GBP 11 million today.I agree , 100p ( GBP 57 million market cap) is achievable in a few weeks .

[katsy] 24/6/2024 08:33

The herd hasn't arrived yet!

[someuwin] 24/6/2024 08:16

No buy quote available.

[stockhunters] 24/6/2024 07:31

Look back in 6 months and market cap could easily be above £50million, who knows maybe more depending on farm outs and DROs