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Longboat hails fundraiser as a success, names two farm-in partners

Longboat oil discovery
Helge Hammer, CEO of Longboat

Longboat Energy said today it had succeeded in raising £35 million through a share placement and confirmed farm-in agreements with Equinor and Spirit Energy.

London-listed Longboat announced last week that it intended to raise the cash to help pay for its spot on a seven-well exploration campaign off Norway.

Bosses said they were poised to acquire 9-25% working interests in the targets, spread across eight licences, via three separate transactions.

Equinor was understood to be one of the licence partners, which has now been confirmed.

Longboat has also secured a farm-in agreement with Spirit Energy, while the third transaction is expected to be wrapped up “imminently”.

The company said completions of the farm-ins and fundraising was subject to approval by Longboat’s shareholders at a general meeting on June 28.

Longboat chief executive Helge Hammer said: “We are delighted by the support we have received from new and existing shareholders.

“Securing these farm-ins will enable us to pursue a significant, near-term, low-risk exploration drilling programme.

“We can now look forward to a busy period of almost continuous drilling and frequent catalysts during the next 18 months.

“Our ambition remains to build Longboat in to a full-cycle, North Sea E&P company.”

Longboat was formed in 2019 by the management team of Faroe Petroleum, an Aberdeen-based business which fell to a hostile takeover by Norwegian company DNO earlier that year.

 

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