Seascape Energy Asia PLC · LSE:SEA
Seascape Energy Asia — Longboat Energy — Shareholder Meeting (June 2023)
18 slides from Seascape Energy Asia's shareholder meeting presentation, Jun 22, 2023
Slide 1: Company presentation – Annual General Meeting 22 June 2023
Company presentation Annual General Meeting 22 June 2023
Slide 2: Disclaimer
Disclaimer The information contained herein has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Longboat Energy plc (the “Company”). This presentation and the information contained in
Slide 3: Overview
Overview Strategy • Build a significant cashflow generating full-cycle E&P company and deliver value to shareholders • Grow production and reserves through exploration and value accretive M&A Longboat entering major growth phase • Large Norwegian gas prospect, Velocette, drilling expected July/Augus
Slide 4: Longboat Energy PLC Executive Management
Longboat Energy PLC Executive Management • Ex-COO of Faroe Petroleum • Ex-Group BD Head Faroe Petroleum • +30 years’ international experience • Prior BD roles at Salamander Energy, (Shell, Paladin) Valiant Petroleum and banking roles with • Degrees in Petroleum Engineering (NTH Morgan Stanley and RB
Slide 5: Strong commitment to ESG
Strong commitment to ESG Delivering energy responsibly Global CO2/boe Ranking • Subsea satellite developments to reduce emissions per boe • Exploration success crucial to reducing CO2/boe through maximising throughput over mature infrastructure Natural gas increasingly seen as important ‘bridge fuel
Slide 6: A transformational deal in Norway
A transformational deal in Norway Transformational transaction to create a new Norwegian JV a • JAPEX to become 49.9% shareholder in Longboat’s Norwegian subsidiary • Regulatory approvals granted – completion expected in July Initial investment of up to US$50 million • Initial cash consideration of
Slide 7: JAPEX at a glance
JAPEX at a glance Japan Petroleum Exploration Co., Ltd (JAPEX) founded in 1955 by Japanese government – reorganised as a private entity in 1970 • Listed on the Tokyo Stock Exchange (m/cap ~US$1.8 billion 1) Business Foundation • Major shareholder: Minister of Economy, Trade and Industry of Japan (35
Slide 8: Key benefits for Longboat
Key benefits for Longboat Significant upfront capital injection with no dilution for Longboat shareholders • Transaction structured as an investment directly into Norwegian subsidiary • Two additional contingent payments linked to near-term events Transaction enables Longboat to retain exposure to a
Slide 9: Norwegian Portfolio
Norwegian Portfolio PL901 Rødhette 20% (Vår op) PL1016 Velocette 20% (OMV op) PL293B Kveikje 10% (Equinor op) Norwegian Discoveries 2022 PL1182S Lotus 30% (DNO op) PL1100 Oswig 20% (OMV op) PL1100C Oswig S 20% (OMV op) Discovery Firm well Recent award Source: NPD 9
Slide 10: Near Term Activity Overview
Near Term Activity Overview Gross 2023 2024 LJN Prospect Resources Risk WI% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (mmboe) Norway Transocean Velocette 20% 177 30% Norge Lotus 30% 27 56% Oswig S 20% - - Malaysia Kertang 36.75% - - (SK2A) Firm well Potential well 10
Slide 11: Norway Asset Focus: Velocette
Norway Asset Focus: Velocette Setting • Cretaceous turbidite sands • Large fault blocks Velocette • Amplitude supported gas prospect Aasta Hansteen Volumes & Risk • Gross mean 177 mmboe1) • Chance of Success: 30%1) • Key risk(s): reservoir presence and quality OMV 40% (op) Update INPEX 40% Longboat
Slide 12: Norway Asset Focus: Greater Kveikje Area
Norway Asset Focus: Greater Kveikje Area Grosbeak Kveikje one of largest Norwegian discoveries in 2022 Equinor Kveikje Vega Wellesley Nova • Injectite reservoir with excellent quality Equinor (51%, op) Neptune INPEX Idemitsu DNO (29%) • Gross volume range: 35 – 60 mmboe1) INPEX Idemitsu (10%) • Join
Slide 13: Norway Asset Focus: Oswig Area
Norway Asset Focus: Oswig Area Oswig, HPHT discovery adjacent to giant Oseberg field • Successful side-track and production test (DST) in late 2022 OMV (40%) • Very large Gas In Place Volumes (GIIP): 100-215 mmboe1) Source (20%) Wintershall (20%) • Focus on technologies to maximise recovery factor L
Slide 14: Norwegian JV strategy
Norwegian JV strategy Predominately development-led strategy to grow 2P reserves and reach significant production levels within 3-5 years PDO Submissions 2022 x • Strategy to be delivered through one-or-more acquisitions • Preference for 10-30%, non-operated interests • Target straightforward projec
Slide 15: Malaysia: Kertang prospect
Malaysia: Kertang prospect SK2A is a large exploration block offshore Discovery Sarawak x Producing field Pipeline • Operated by Longboat (36.25%) • Partners Petronas Carigali (40%), Petros (Sarawak State-owned company 7.5%) and Topaz (15.75%) • Low-cost initial work phase (3 years), with firm well
Slide 16: Malaysia strategy
Malaysia strategy Why Malaysia? • Opportunity set comparable to the North Sea 15-20 years ago x • Significant prospectivity, fallow discovery backlog • Strong, supportive regulator looking to establish new players Longboat entered Malaysia in Q1-23 via licencing round Strategy focused on building a
Slide 17: Summary
Summary Corporate vision • Build a significant, cashflow generating, full-cycle E&P company KEY WELLS TO WATCH IN 2023 • Grow production and reserves through exploration and M&A • Execute innovative deals to deliver the strategy • Deliver shareholder value Longboat entering major growth phase • Norw
Slide 18: www.longboatenergy.com
www.longboatenergy.com Longboat Energy @LongboatEnergy