Longboat Energy PLC - exploration and production company, active in Norway and Malaysia - Announces it has been awarded a 20% interest in licence PL 1212 S which contains the Magnolia prospect, together with partners Equinor Energy AS (operator) 40% and DNO Norge AS (40%). Estimates Magnolia to contain gross mean prospective resources of 39 millions of barrels of oil equivalent with further potential upside estimated at 57 mmboe. Puts the chance of success associated with the Magnolia prospect at 34% with the key risk being hydrocarbon retention and phase.

Further, says the fifth and final of the new infill wells in Statfjord Ost redevelopment has now been successfully drilled and the Statfjord Ost and Sygna fields are expected to start ramping up production during Q1 2024. The transaction is progressing towards completion, which is expected at the end of this month.

Current stock price: 20.55 pence, down 4.4% in London on Wednesday

12-month change: up 9.6%

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