Longboat announce Farm-in to two exploration wells

Longboat Energy, the emerging full-cycle North Sea E&P company, is pleased to announce that it has farmed-in to two additional near-term, gas weighted exploration prospects on the Norwegian Continental Shelf (“NCS”) targeting combined gross unrisked mean resources of 2231 mmboe (451 mmboe net to Longboat) through an agreement with OMV (Norge) AS (“OMV”).

• Acquiring 20% working interests in Oswig (PL1100, PL1100B) and Velocette (PL1016);
• Oswig and Velocette are material, gas prospects close to infrastructure in Norway anticipated to drill in summer 2022 and Q2 2023 respectively;
• The transaction increases Longboat’s net unrisked mean resources by 68% to 110 mmboe with additional, on-block follow-on potential of 55 mmboe;
• Maintains the Company’s focus on material gas opportunities near to infrastructure in line with its ESG strategy; and
• Post-tax drilling costs net to Longboat of US$6 million (excluding carry).

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