Longboat Energy PLC on Wednesday said it aims to build a business in Norway and South East Asia as it reported a widened loss for the first half of 2023.

The exploration and production company, active in Norway and Malaysia said interim loss in the six months to June 30 was £2.0 million, widened from £1.3 million a year prior. The company did not generate revenue.

Looking ahead, the company said it is committed to building a full-cycle exploration & production business in Norway and South East Asia.

‘The creation of the Longboat Japan Petroleum Exploration Co Ltd joint venture in Norway has the potential to deliver significant value creation and growth and brings together two companies with strong complimentary qualities. The Longboat team has significant technical experience and expertise in the Norwegian E&P sector and strong local industry relationships, while JAPEX is a long-established E&P company with a strong balance sheet and significant worldwide technical competence including E&P in the North Sea,’ Longboat Energy said.

Longboat Energy shares fell 12% to 16.22 pence each on Wednesday morning in London.

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