Longboat Energy PLC - exploration and production company, active in Norway and Malaysia - Reports the fourth of five new infill wells in Statfjord Ost has now been successfully drilled. Project execution is on track with the Statfjord Ost and Sygna fields expected to be fully on stream from all wells early in the new year. The transaction is progressing towards completion, which is expected in January. But, initial production for 2023 is estimated to be around 250 barrels of oil equivalent per day net to Longboat, which is slightly lower than anticipated mainly due to a delay in bringing the new wells on stream. Production is expected to increase significantly early in 2024 when all wells will be brought on stream.

In July, Longboat announced a sale and purchase agreement with INPEX Idemitsu to acquire a 9.60% interest in PL 089, equating to a 4.80% interest in the Statfjord Ost and around a 4.3% interest in the Sygna Unit, for around $12.8 million cash.

Current stock price: 18.00 pence, down 4.0% on Thursday

12-month change: down 26%

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