Longboat Energy PLC on Friday said the PL 939 licence which contains the Egyptian Vulture oil discovery is being relinquished, as the reservoir quality was not good enough.
Longboat Energy shares fell 19% to 11.40 pence each on Friday morning in London.
The London-based North Sea-focused exploration and production company said it is looking to form a new group to take the asset forward. It ‘will seek to re-apply for the acreage in the forthcoming licence round with awards due in January 2024.’
Chief Executive Officer Helge Hammer said: ‘The Egyptian Vulture discovery has significant upside and needs an aligned partnership to be efficiently appraised and progressed to a potential development project. We look forward to creating a new group to take this high-potential asset forward.’
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