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LBE Longboat Energy Plc

7.25
0.10 (1.40%)
14 Jun 2024 - 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
  0.10 1.40% 7.25 272,804 12:49:28
Bid Price Offer Price High Price Low Price Open Price
7.00 7.50 7.25 7.15 7.15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec -15.47M -0.2730 -0.27 4.11M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:24:33 O 2,000 7.025 GBX

Longboat Energy (LBE) Latest News

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Date Time Title Posts
14/6/202414:21LBE1,066
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
2024-06-14 15:24:347.032,000140.50O
2024-06-14 15:12:516.8550,0003,425.00O
2024-06-14 15:03:387.1150,0003,555.00O
2024-06-14 14:59:537.452,684199.96O
2024-06-14 13:00:247.5014,0001,050.00UT

Longboat Energy (LBE) Top Chat Posts

Top Posts
Posted at 15/6/2024 09:20 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 7.15p.
Longboat Energy currently has 56,666,666 shares in issue. The market capitalisation of Longboat Energy is £4,108,333.
Longboat Energy has a price to earnings ratio (PE ratio) of -0.27.
This morning LBE shares opened at 7.15p
Posted at 07/6/2024 13:21 by arcteryx
Perhaps UPLs share price is why Longboat is changing course then.
Everything they've ever done in Norway has made the share price go South!
Posted at 06/6/2024 09:16 by jnbrw
True, Norway has not been a ringing success for shareholders but should Lbe give it up just as the oil/ income is finally starting to flow? After this last work over on the remaining wells the cash revenue to lbe would be substantial ( ballpark anywhere between £7.5 to £12m/ 15m ?? or more pa - dependant upon if they exceed 1000bopd eventually)Ironic if just as the Norway venture starts to produce serious ongoing revenue Lbe give it away because of a short term working cashflow situation because of the work over. Why not renegotiate payback. Some of the cash is coming back in November through the millions refunded every year through the EFF.
Posted at 04/6/2024 22:58 by pol123
LBE is currently priced as a company that had one turn of the drill bit and hit a duster. There have been some posters who clearly dont understand LBEs position their assets, value of the JV etc. IMO if LBEs mcap was £10m it would still be cheap. On top of that we have had a distressed seller. Im sure when we get a clear statement/AGM output we should see some normalisation of the share price
I would have thought any raise may be further downstream ie Asia JV / farm down or post CPR. But lets see
Posted at 01/5/2024 11:01 by zengas
One way of looking at this is we expanded the operations to S.E Asia and a larger team to manage that and take on acquistions as seen in the recent annual report.

They talked of cost cutting.

2 directors are standing down and won't be replaced in the immediate future.

Brent Cheshire £70k.
Jorunn Saetre £50k.

Nick Ingrassia was on 230k and moves up to CEO replacing Helge Hammer who was on £300k.

The current Chairman of LBE is on 95k.

Helge leaves to become chairman of LBE/Japex - will there be a pay cut to a more modest Chairman salary or still remain on £300k ?
Either way, Helges salary would be 49% met by the Japex ownership portion of the JV so if he remains on £300k this would be a net cost to us of £153k saving LBE £147k.

Cost cutting of around £200k at least to perhaps £300k depending on what Helges salary at LBE/Japex is.
Also if Nicks salary is not as large in taking over as the previous CEO it might increase the savings.
Posted at 15/4/2024 22:42 by pol123
I picked up a further 275k today. share price is again super cheap IMO. With possible drill late 24 early 25 in Malaysia (as stated in the interview). If statements like that are being made partners must be being lined up now. Petro are desperate to drill the prospect. Our production asset now looks like it will over deliver (tick). Then the $100m revolving credit facility......Opportunity abound
Now tell me LBE is not cheap.
I will add further on any weakness. Good job Helge is a rubbish sales person, or should I say not the most charismatic of people. I honestly see LBE c50p in 12 months time given the right news flow
Posted at 11/4/2024 10:09 by darcon
LBE announced the Statfjord Satellites acquisition on 3 July 2023. LBE said then that with the planned in-fill drilling production was anticipated to double in 2024 to ~600 boepd net to LBE Norge.

LBE said the anticipated payback on the transaction was under two years. The transaction also brought tax benefits to LBE and an additional $4m payment.

Subsequently some doubts about the likely success of the in-fill drilling were raised when OKEA postponed the close of its earlier announced Statfjord acquisition from Equinor. However, OKEA ultimately chose to proceed with its acquisition and it subsequently completed at the end of 2023 and it now holds 14%.

As at 1 Feb 2024 LBE/Japex's net production at the Statfjord Satellites was ~370boepd and we were still waiting to see the results of the production ramp-up. Uncertainty remained as to whether the operator would be successful in doubling production as predicted and LBE had walked down the production expectation from doubling to a significant increase.

So I think today's announcement confirming that production has indeed been successfully doubled is fantastic news. I'm very pleased with that.

However, the news about cost inflation and cost overruns also shows the risk of being a small non-operator in such assets. Not much LBE/Japex can do post-acquisition if the project cost overruns or difficulties arise because of conditions deep underground that require more money to be spent.
Posted at 02/2/2024 15:18 by darcon
Those who knew about the Japex JV beforehand weren't able to trade and looking at the LBE share price chart there wasn't any material movement to the upside before LBE announced the deal.

The LBE team are professionals with prior public company experience so understand their public company obligations and so I wouldn't expect to see evidence of any leaks from them or their advisers.
Posted at 17/1/2024 14:09 by darcon
someuwin - yes. It's the nature of exploration. LBE's discovery hit rate has actually been better than 1/3 to date. They've been unlucky in terms of the sizes of what they've discovered (Velocette being the most recent example), but the Japex deal and LBE's recent farm-down to Concedo show that other industry parties value LBE's O&G expertise.

One could ask why did Equinor and DNO partner up with LBE on this acreage and not go it alone without LBE? I think the answer is that LBE are adding value to the exploration effort as a result of their experience of injective reservoirs gained through the Kveikje discovery.

The initial work programme on Magnolia is low-cost. It consists of the acquisition and/or reprocessing of modern 3D seismic and G&G studies. They'll have a drill or drop decision in one year's time. On deciding to enter the next phase they'll have two years to drill an exploration well.

LBE may yet be able to farm-down part of their interest in Magnolia in order to be free carried on their effort.

Magnolia, if successful, could be part of a wider cluster development. Lots of little pools can make a lot of economic sense if tied together and jointly developed as an area cluster development together with Kveikje and other nearby discoveries in the area.

In my view it makes perfect sense for LBE to take steps to enhance the value of their Kveikje position by taking positions in neighbouring acreage. In Kveikje LBE holds a 10% interest and in Kjottkake/Lotus LBE have farmed-down from 30% to 15%. So a 20% initial stake does give room for LBE to subsequently farm-down a portion.
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 27/9/2023 09:54 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?
Longboat Energy share price data is direct from the London Stock Exchange

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