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LBE Longboat Energy Plc

0.25 (1.43%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Longboat Energy Plc LSE:LBE London Ordinary Share GB00BKFW2482 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.25 1.43% 17.75 336,134 08:48:53
Bid Price Offer Price High Price Low Price Open Price
17.50 18.00 18.25 17.75 18.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec -15.47M -0.2730 -0.65 10.06M
Last Trade Time Trade Type Trade Size Trade Price Currency
14:28:28 O 44,830 17.825 GBX

Longboat Energy (LBE) Latest News (7)

Longboat Energy (LBE) Discussions and Chat

Longboat Energy Forums and Chat

Date Time Title Posts
03/11/202216:42Longboat Energy187

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Longboat Energy (LBE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-08 14:28:2917.8344,8307,990.95O

Longboat Energy (LBE) Top Chat Posts

Top Posts
Posted at 09/12/2023 08:20 by Longboat Energy Daily Update
Longboat Energy Plc is listed in the Offices-holdng Companies,nec sector of the London Stock Exchange with ticker LBE. The last closing price for Longboat Energy was 17.50p.
Longboat Energy currently has 56,666,666 shares in issue. The market capitalisation of Longboat Energy is £10,058,333.
Longboat Energy has a price to earnings ratio (PE ratio) of -0.65.
This morning LBE shares opened at 18p
Posted at 08/12/2023 14:42 by zengas
Does anybody even bother to put pen to paper anymore in sussing out, valuing the assets and potential on hand instead of chasing something thats not underpinned just because they think the action is somewhere else right now ?? (but good luck to them).

They're paying over 10 times the price at UPL compared to a year ago and 7 times the last placing barely 8 months ago.

UPL no psc awarded yet for the 45% study of the 6700 km2 SK334. Little cash, no 3D seismic to help define any prospects. They've signed letters of intent only for a rig but that wouldn't instill confidence in me where they're going to stick a hole whenever the PSC is awarded and at what percentage they end up with or if they farm out reducing the as yet unknown prize.

At 4.3p valued today at £51m - what is there to fall back on if the first drill fails ? PIs neither know at this minute what the prize on offer is and what they might farm out to hold on to ?

At least LBE are underpinned on the assets they have. They may have access up to $200m of financing in Norway. A company like Japex doesn't get involved without dd and some level of comfort.

The initial acquisition for the JV will have one year of contributions from the effective transaction date of 1/1/23.

"Based on Longboat Norge's internal estimates, at current commodity price levels the Transaction is anticipated to reach payback in under two years".

"the Transaction is expected to unlock material tax synergies within Longboat Norge associated with historic corporation tax losses"

Around 600 boepd is expected shortly.
They paid $8.20 per P2 barrel.

Based on using $50m of the ($100m) JAPEX funding and $50m subordinated debt they could realistically pick up over 12 mmboe P2 and 4,500 boepd to give about 20 mmboe in the JV and around 5k boepd in total and maybe with a similar pay back of which they could go again as its a 5 year facility and thats only looking at using half those funds.

What will 'punters', 'herdsmen' or investors think when they see 9 TCF estimated recoverable for Kertang in an exploration hot spot, gas coming from the structure and amplitude brights and covered by 3D when it draws closer.

There's 2 other prospects half the size also covered by 3D - imo maybe 3TCF each which could likely bring it up to 15 TCF but there are multiple prospects all over the block.

They've got 52.5% and in the recent interview they expected a farm down where a partner would be seeking 25-30% and if so would leave LBE with 20% minimum - a 3 TCF/500 mmboe prize or some $1.5b of potential at $3/boe or versus 56.7m shares now or even 100m down the road - possibly a tenner a share if that came in but at least the risk is backed up by the assets/production we currently have and will have - that i think could value us well in excess of £2 from Norway on its own.

The unknown is the financing of new production deals in S.E Asia but again a JV route may be the way to go as they've stated they intend to minimise shareholder dilution.

In essence not just one prize on offer for LBE!

Just because the share price is tooing and froing a penny here and there - over 51% is held by directors and institutions and how many HNWs hold a fair few ? - meaning the real free float is very low and that is the real reason for a buy and hold strategy once you have them.

UPL has a m/cap of £51m - LBE £10m. I know where the greatest risk reward lies. At current valuations, one's a punt the others a measured approach when it comes to risk reward imo.
Posted at 01/12/2023 14:31 by zengas
AssetCo: an undervalued asset manager rising to inflexion point

Like professional sport, asset management is a 'results orientated' game – that is currently polarising between low cost, index hugging trackers at one end vs specialist active fund managers at the other.

AssetCo (ASTO)

(Mrkcap £53.5m at 35p), led by accomplished industry veteran Martin Gilbert (Exec Chair and founder of Aberdeen Asset Mgt) falls squarely into the latter camp.

Indeed at the last count in Mar '23, its wholly owned Assets Under Management (AuM) had climbed to £3.2bn (£13.8bn incl. Parmenion’s £10.6bn) - after completing a series of acquisitions (e.g. River and Mercantile, Saracen, ReVera Capital, SVM Asset Management Limited and Ocean) since being created in Apr '21.

Sure this hard work hasn’t yet been reflected in the beaten-down share price. Albeit equally for canny risk tolerant investors, the undervaluation offers opportunity, especially as AssetCo appears to have reached an inflexion point.

In fact, despite being forecast by Panmure Gordon to be marginally loss making in FY '24 (y/e Sept) - ASTO is on track to become profitable (PBT £3.2m) and cash generative in FY '25 on sales of £18.8m. Plus, augmented by a bullet proof balance sheet (Mar '23 net cash of £20.6m, or 14p/share), the Board has ample firepower to pay a 1.3p dividend (£1.85m), whist similarly executing its 'Buy & Build' and organic growth strategies.

Ok, so putting all this together, how much is ASTO worth?

Well clearly it’s impossible to say precisely due to the rapidly expanding nature of the group. However, as an indication, Panmure Gordon & Singer Capital Markets both have BUY ratings on the stock with Target Prices of 97p and 130p respectively.
Posted at 01/12/2023 12:28 by ripvanwinkle3
SVM are listed as holding 8.6% of the shares on the LBE website. Now gone. Kudos to whoever it was that said recently they thought there was a drip seller keeping the share price subdued
Posted at 28/11/2023 12:13 by someuwin
Auctus Advisors...


November 28, 2023

Share price: £0.18 Target: £0.60

All eyes on 2024

• With the acquisition of interests in Sygna and Statfjord Øst expected to complete in January, the process to establish a stable wellfunded producing business in Norway is almost complete. FY23 production at Sygna and Statfjord Øst net to Longboat Norge is ~250 boe/d.

• The acquisition of 49.9% of Longboat Norge by JAPEX in 2023 provides low cost capital and access to a strong balance sheet to develop further the Kveikje area and make acquisitions at no further dilution to Longboat plc.

• With the entry in Malaysia and the acquisition of Topaz, 2024 is expected to be an important year with (1) a significant increase in production at Sygna and Statfjord Øst early in the year when all wells will be brought on stream (we assume 600 boe/d net to Longboat Norge), (2) high impact drilling at Lotus (Norway), (3) progress in farming out the giant Kertang prospect in Malaysia and (4) potentially the acquisition of producing/development assets in Norway and/or South East Asia. We understand that Longboat is actively pursuing opportunities with multiple counterparties. We understand that Longboat is already in discussions with multiple counterparties.

• We re-iterate our target price of £0.60 per share.
Posted at 23/11/2023 14:08 by zengas
It's a case of just waiting for value to unfold. At this price it's still overlooked by many and too cheap at todays £10.3m.

Meanwhile it's worth watching investor excitement on UPL (mentioned earlier).
No PSC yet for Sarawak SK334. No 3D which will be needed at some point. No estimate of recoverable resources. No other assets of strength and no production. Little to no cash and at todays 2.9p has a m/cap just shy of £35m.

LBE equivalent share price to match UPL is 60p if you were solely basing on the 12,000 KM2 SK2A for LBE versus UPL on SK344 which so far is only a share in a study.
Discoveries, 2P/2C and Production here and forged significant deals here and in the previous two companies Salamander and Faroe both sold for circa $900m each (EV)so for me this offers the lowest risk profile when shopping for value and upside and more deals in the pipeline.

Huge Kertang prospect and 2 others covered by 2,900 km2 3D with over 6,000km2 on the block and 9 TCF estimated recoverable from the main Kertang prospect alone. Upl haven't even issued a direct figure - plus of course no 3D.
Posted at 23/11/2023 06:09 by darcon
Also interesting is that Japex recently announced on 20 Nov 23 progress on their carbon capture project with Petronas in Malaysia:


LBE has a JV with Japex in Norway. LBE's partner on Block 2A (Kertang prospect) in Malaysia and in which LBE are operator is Petronas. If Japex and Petronas are working on other projects together in Malaysia that ought to make it easier for Japex to one day consider expanding its efforts in Malaysia to potentially funding an exploration drill there with LBE and Petronas, and also "green" the project with appropriate carbon offsetting or capture.
Posted at 10/11/2023 12:54 by zengas
To have 52.5% of a 12,000 km2 block of this size with over 6,000 km2 of 3D seismic not to mention 17,500 km lines of 2D is phenomenal.

The cost to carry out that amount of seismic would run into the tens of $millions alone along with the extensive geochemistry work confirming very high concentrations of methane and low CO2. That can't be understated.

At about 17 mins into the interview James Menzies says they beleive there could be in excess of 9 TCF recoverable for Kertang.

At 18:30 he states that 'there are multiple structures surrounding Kertang that are also extremely big - it's just that they are dwarfed by this giant.'

When you refer back to the Topaz slides particularly page 6 you can see '3 main identified prospects' which includes Kertang. The two other structures are in very close proximity to Kertang with the other 2 combined having an area roughly the size of Kertang itself. All 3 are covered by 2,900 km2 of 3D seismic.

Given the analogue description to the smaller 6 TCF Kasawari field - taking into account the 3 main structures, there could well be potential for 15+ TCF recoverable here.

Retaining 10-20% post farmout would be potentially huge given a ready gas market.

Not since Cove acquired 8.5% offshore Rovuma from struggling Artumas in 2009 has there been an opportunity as big imo.

Their share price was 9p in 2009. If you were patient, Dolmens Brian Gallagher called it a speculative buy on tues 9th March 2010 and a target of 59p.

By the time Shell had bid in Feb 2012 there was an estimated 20+ tcf recoverable estimated. Shell bid $1.8b while PTTEP of Thailand pipped them with a $1.9b takeout at 240p post tax.

Coves 8.5% share of 20-30 TCF = 1.7 - 2.55 TCF.

Reataining 10-20% of block 2A for LBE could mean on the 3 prospects covered by 3D, there might be 1.5 - 3 TCF net to play for.

'Cove said it was “delighted to note” that Anadarko had announced “an increase of the P90 (Proven) estimated recoverable gas resource of the gas discovery area by another 2 Trillion cubic feet (Tcf). The gas discovery area is now estimated to contain 17 to 30 plus (Tcf) of recoverable gas”.

At Wednesday’s early trading price of 209.75p (up 0.75p), the market cap in US$ is just over $1.6bn. But that doesn’t tell the whole story. The shares last month touched a high of 283p – giving a market cap of $2.16bn – before reports that the Mozambique authorities might tax the deal.'

At this price LBE is well underpinned by what it has already and with a few upcoming deals both in Norway and S.E Asia, this has to be one of the best opportunities around with patience. If this was coming to market on the basis of just Block 2A as an only asset i'd have thought it would have been in the £50m-£75m price range alone.

UPL mentioned earlier - but there's no PSC yet, no 3D which will be needed at some point and no estimate of recoverable resources (no 3D again which would help), no other assets of strength, no cash and at 2.75p carrying a m/cap of £32.5m compared to here underpinned by assets and in no doubt with forthcoming deals via Japex supplying it with the $100m of cash for such.
Posted at 10/11/2023 10:44 by darcon
Auctus Advisors currently have a core NAV of £0.31 and a ReNAV of £0.57 on LBE.

Auctus's calculations currently do not include the Kertang prospect. It will be interesting to see what Auctus's risked and unrisked estimated values will be once the Kertang prospect is properly defined by the LBE team for farm-out purposes. Will Auctus offer up some estimated values when the Topaz acquisition is completed or will Auctus wait until LBE provide further information about the prospect or later upon farm-out?

In their September 28th note Auctus among others wrote:

"The cash consideration to be paid by Longboat Norge for interests in Sygna and Statfjord Øst on completion is expected to be near the headline price of US$12.75 mm announced in July. In the interim period until completion, a five well infill programme has been undertaken to double production to 600 boe/d net to Longboat Norge.

• Overall, we forecast that Longboat plc will hold ~£4 mm in cash at YE23. The repayment of £32 mm of exploration financing facility held by Longboat Norge due in November will be repaid from the £35 mm Norwegian Government tax rebate due at the same time.

• The Lotus exploration well is expected to be drilled in 2024. This is the remaining high impact well of the programme with an unrisked NAV of £0.22 per share.

• We re-iterate our target price of £0.60 per share.

• The shares continue to trade well below the value of the business based on the Kveikje discovery and Statfjord Øst & Sygna only.
Posted at 27/9/2023 08:54 by ripvanwinkle3
LBE floated in Nov 2019 at 100p. share price currently 17p
KIST floated in Oct 2020 at 100p. share price currently 232p.
So KIST has created 15x more value than LBE according to the share prices.
True reflection of the situation, or a value opportunity?
Posted at 04/1/2022 14:50 by anley
Looking through my files and research notes it seems to me that the Egyptian Vulture well has encountered about 5mmboe and 10mmboe on a 25% recovery factor.

Those of you who read and post on this BB should now work out what that value means on the LBE share price..........a hint.......back past the last placing price in my view.
Longboat Energy share price data is direct from the London Stock Exchange

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