Longboat Energy Share Discussion Threads

[mallorca 9] 11/6/2021 09:17

Get a short on quick !

[bigberty99] 11/6/2021 08:26

There was more interest when this was. Cash shell pmsl

[pro_s2009] 11/6/2021 08:03

Up she pops.......

[anley] 10/6/2021 13:38

and its just what I wanted to see from that management.

News flow will be most months for nearly 18 months and they know what they have to pull off as well.

Good luck and no more posting from me........

Go on the other thread please.

[arcteryx] 10/6/2021 08:37

Come on Boston wake up mate...;)Fingers on the button in the morning then gents!

[pro_s2009] 10/6/2021 08:08

Tomorrow morning.

........The Company expects to publish the Admission Document, which includes a circular and notice of General Meeting, later today. Accordingly, following publication of the Admission Document, trading in the Company's existing ordinary shares (the "Existing Ordinary Shares") on AIM is expected to be restored from 7.30 a.m. on 11 June 2021. ...........

[bostonborn] 10/6/2021 08:04

Thanks its as I suspected. Any idea when they will be reinstated?

[pro_s2009] 10/6/2021 07:25

Unless you registered as a High Net Wealth person and subscribed to be made aware of placings etc... you wont be invited to take part.

Most privates can get a foot in the door if the company uses Primary Bid, so long as you are signed up with them.

But for this fund raising by LBE did not use Primary Bid......so thats that.

If you want to buy, buy when the shares are reinstated.

[bostonborn] 10/6/2021 07:21

Not sure why as an existing shareholder I wasn't able to participate in the recent fundraising exercise at 75p. I have been checking daily on my ii account under corporate actions, but I haven't been notified. Can any one help? Or do I just buy some more when the AIM listing is reinstated?

[pro_s2009] 10/6/2021 07:20

75p it is.



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[pro_s2009] 09/6/2021 07:03

75p to 80p range





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[pro_s2009] 02/6/2021 05:07

Longboat Energy

Proposed Farm-Ins to High Impact Drilling Programme, Proposed Fundraising and a Trading Suspension are announced by Longboat Energy, established by the former management team of Faroe Petroleum plc to build a significant North Sea-focused E&P business. LBE has announced that it has reached agreement on a bilateral basis with three separate counterparties to acquire a significant, near-term, low-risk exploration drilling programme on the Norwegian Continental Shelf structured as three farm-in transactions.

Longboat further announces its intention to carry out a proposed equity financing to raise gross proceeds of £35 million, to be conducted by means of a placing and subscription for new ordinary shares in the Company. The net proceeds from the Proposed Fundraising will be used principally to finance the consideration for the Farm-Ins and costs associated with the high-impact drilling programme, as well as the acquisition of certain seismic data and general corporate costs.

The Transactions are classified as a reverse takeover pursuant to the AIM Rules for Companies and accordingly the Company’s shares will be suspended from trading on AIM as of 7:30am today. The Company’s ordinary shares will remain suspended from trading on AIM until such time as either an Admission Document setting out details of the proposed Farm-Ins is published or confirmation is given that the Transactions are not proceeding. Completion of the Farm-Ins and Proposed Fundraising are subject to approval by Longboat’s shareholders at a general meeting to be convened in due course. The Admission Document, which will include a notice of General Meeting, is expected to be issued following pricing of the Proposed Fundraising.

A High activity level is expected with seven wells expected to be drilled in the next 18 months, with the first well expected to spud in Q3 2021 and a further three wells expected to drill before year-end. The wells have significant resource potential: initial drilling programme targeting net mean prospective resource potential of 104 MMboe with an additional 220 MMboe of upside and follow-on prospectivity.

This is a low cost, low risk portfolio, acquisition costs and drilling programme are fully eligible for 78% Norwegian tax refund and Chances of Success in the range of 25-55% for all-but-one high-impact prospect. Norway delivers outstanding exploration results: Norwegian success rates of almost double global rates in 2020, year-to-date in 2021 at 70%2.

This deal matches Longboat’s ESG objectives: a gas-weighted portfolio with all prospects within tie-back distance to existing infrastructure with the potential to reduce emissions per barrel produced and contribute positively to decarbonisation projects; and value creation. Net Asset Value creation potential of over $1 billion based on precedent transactions on the NCS for development assets.

The three separate Farm-Ins have each been negotiated on a bilateral basis to create a tailored exploration drilling portfolio with a balanced risk/reward profile. The Farm-Ins are corner-stoned with a single, multi-licence deal with a major oil & gas company which is one of the most active and successful explorers on the NCS. The Farm-Ins represent an opportunity to take advantage of cyclical budget cuts in the sector to accelerate Longboat’s first steps towards building a full-cycle E&P company. The high-quality nature of the portfolio is evidenced by the vendors retaining interests in six of the seven targets included in the Farm-Ins.

The consideration for the Farm-Ins will be settled via a cost carry by Longboat on behalf of the vendors and is fully eligible for the Norwegian tax refund system. The post-tax cost to Longboat of the carry element of the transaction is approximately $7.8 million ($35 million pre-tax), representing $0.07 per prospective boe on a post-tax basis.

Helge Hammer, Chief Executive of Longboat, commented:

“After Faroe was sold for c.$900 million in 2019, the management team formed Longboat to replicate that success. I am very pleased that Longboat is taking over where Faroe left off with a unique opportunity for shareholders to invest in a high-impact, low-risk, multi-well exploration drilling programme. Thanks to our excellent industry relationships, developed over many years of operating in the North Sea, we have negotiated three bilateral agreements to deliver a bespoke drilling programme. We look forward to a busy period of almost continuous drilling and frequent catalysts during the next 18 months.

“This represents a unique opportunity which accelerates Longboat’s ambition to build a full-cycle E&P company.”

The holders of Faroe have been waiting for quite a while for the first deal from Longboat and then three come along together. This deal looks very promising indeed, it inevitably leans on the Norwegian experience and has an interesting tax efficient portfolio which is ready to go subject to closing. I am sure that the blue chip shareholder list who did very well out of Faroe and who backed the company at the off will get their cheque books out again so the raise shouldnt pose any fears.

[pro_s2009] 02/6/2021 01:15

Whichever way it goes, going to be very interesting.

[johnhelme2704] 01/6/2021 17:45

You answered your own question Mallorca. The raise will be higher than 100p or early investors see no reward. That’s my hope anyway

[mallorca 9] 01/6/2021 14:48

That's one hell of a dilution to raise £35m from only £7m currently at bank and a market cap of £8m
They previously announced that they would need to fund raise - so I don't understand why anybody bought in ahead of this ?

[dunderheed] 01/6/2021 09:52

These guys are an astute mgt. team.
I'm just surprised it has taken them so long to get to this position.
IMHO.

[johnhelme2704] 01/6/2021 09:49

mallorca9...you are showing your ignorance with that forecast of less than 10p

watch and learn

[anley] 01/6/2021 08:39

At long last there is a deal....................well done.

[mallorca 9] 01/6/2021 08:25

Not so ....

the terms and pricing of the equity raise will be announced soon.

[pro_s2009] 01/6/2021 07:49

Will remain suspended until all is done and dusted. So....just wait and see now.

[mallorca 9] 01/6/2021 07:47

Raising £35m !
The new share price is certainly going to be well below 10p.

[pro_s2009] 01/6/2021 07:39

Finally some news and some action :




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[mallorca 9] 01/6/2021 07:21

So new share price likely to be under 10p !
No too good for those who had already bought here !

[anley] 18/5/2021 11:00

and another - its now 18 May 2021