Announcement • Jun 30
Seascape Energy Asia plc Announces Board and Board Committee Changes Seascape Energy Asia plc announced changes to the Board of director roles and responsibilities following the recent retirement of Graham Stewart at the Company's Annual General Meeting on June 25, 2026. Geraldine Murphy, who joined the Seascape board in June 2024 at the time of the Company's pivot to Southeast Asia, was appointed Senior Independent Director in addition to her role as Chair of the Audit Committee. Michael (Mike) Buck, who joined the Company's board in early 2026, was appointed Chair of the Remuneration Committee. New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m (UK£426k revenue, or US$572k). Minor Risks Currently unprofitable and not forecast to become profitable next year (UK£3.9m net loss next year). Market cap is less than US$100m (UK£64.7m market cap, or US$86.9m). Announcement • May 21
Seascape Energy Asia plc, Annual General Meeting, Jun 25, 2026 Seascape Energy Asia plc, Annual General Meeting, Jun 25, 2026. New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (UK£426k revenue, or US$576k). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable next year (UK£4.0m net loss next year). Market cap is less than US$100m (UK£57.7m market cap, or US$78.0m). Announcement • Mar 27
Seascape Energy Asia plc has completed a Follow-on Equity Offering in the amount of £0.84 million. Seascape Energy Asia plc has completed a Follow-on Equity Offering in the amount of £0.84 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,200,000
Price\Range: £0.7 Announcement • Jan 29
Seascape Energy Asia plc Announces Material Upgrade to its Keladi Prospect Upgrade & Temaris Cluster Resource Update Seascape Energy announced a material upgrade to its Keladi prospect following an updated independent evaluation of the Prospective Resources by Sproule ERCE on the Temaris Cluster ("Temaris", 100% PI, operated). The Competent Persons Report ("CPR") now ascribes almost 1 TCF of net mean unrisked Prospective Resources to the Temaris block. Highlights: Keladi prospect upgrade to 423 bcf (+125%) with a 45% GCoS; New Tembakau North prospect (29 bcf, 58% GCoS) identified representing a high impact, low risk, nearfield target which could be drilled from a planned Tembakau field platform; Geophysical analysis and amplitude mapping demonstrates the Keladi prospect as being located up-dip and part of the same channel system as the Tembakau gas field; Total Temaris net mean unrisked ProspectIVE Resources of 950 bcf (+38%), illustrating significant running room beyond the Tembakau gasfield itself. The upgrade at Keladi reflects a period of detailed work by the Seascape subsurface team using updated data and high-end geophysical techniques to extract seismic amplitudes which allow for more accurate mapping of the Miocene channel systems sitting at multiple horizons across the Temaris block to the west of Tembakau in the same channel play. The CPR is an important independent third-party verification of Seascape's resource figures. The report confirms (and in the case of Temaris, upgrades) management's technical view of resources at the time of license application. In addition to the Tembakau field (246 Bcf 2C Contingent Resource) and the two largest prospects (Allemanda, Keladi totaling 830 Bcf mean Prospective Resources), the updated work shows several additional near-field exploration targets totaling over 110 bcf within 5 km of the Tembakau field and accessible from a planned Tembak Au platform. Announcement • Jan 14
Seascape Energy Asia PLC Announces Appointment of Michael J Buck as Independent Non-Executive Director Seascape Energy Asia plc announced the appointment of Michael (Mike) J Buck as an Independent Non-executive Director, supporting the Company's next phase of growth and increasing operational focus. Mike has over 40 years' experience in the oil & gas industry, having spent 20 years with UK Independent LASMO plc and being involved in the discovery and development of several commercial oil & gas fields in the UK, Indonesia, Colombia, and Libya. Subsequently with ENI, Mike was appointed Managing Director of the Major's operations in Pakistan and then Iran, working on major oil and gas developments in both countries. Mike joined Southeast Asian-focused Salamander Energy plc as Chief Operating Officer, overseeing the operational side of the business and helping it grow to over 14,000 boepd of production through the development of several onshore and offshore oil & gas fields in Indonesia and Thailand. Since 2017, Mike has been the Chief Executive Officer at Petro Matad, which has successfully drilled eight wells in Mongolia and recently brought into production two discoveries in Block XX despite challenging operating conditions. Mike holds a BSc in Geophysics from Liverpool University and an MSc (with Distinction) in Petroleum Geology from Imperial College, London. Michael James Buck (Age: 68) has been a director or partner of the following companies or partnerships during the five years preceding the date of the announcement: Current Directorships/Partnerships: Petro Matad Ltd, Petromatad Invest Ltd, Petro Matad Energy Ltd, Petro Matad Resources Ltd, Central Asian Petroleum Corporation Ltd, Sunsteppe Renewable Energy Pte Ltd. Previous Directorships/Partnerships (last five years): Red Sun Resources Pte Ltd. To ensure Seascape's board remains commensurate with its current size, Graham Stewart has notified Seascape of his intention to not seek re-election to the Board of Directors at the Company's AGM in June 2026. Graham has served on the Board of Seascape and its predecessor company, Longboat Energy, since its IPO in November 2019, originally acting as Non-Executive Chairman until mid-2024, coinciding with the Company's successful pivot to Southeast Asia. New Risk • Dec 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£5.2m free cash flow). Revenue is less than US$1m (UK£426k revenue, or US$574k). Minor Risks Currently unprofitable and not forecast to become profitable next year (UK£4.1m net loss next year). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (UK£40.7m market cap, or US$54.9m). Announcement • Oct 13
Seascape Energy Asia plc Announces Joint Venture Partners Approve Drilling of the Kertang Prospect Seascape Energy announced that the joint venture partners in Deepwater Block 2A PSC (the "PSC" or "Block 2A") located off the coast of Sarawak, offshore Malaysia, have approved entry into the second exploration phase of the PSC and drilling of the giant Kertang prospect, subject to Petronas MPM formal approval. Formal commitment allows the joint venture to now focus on securing a suitable drilling rig and identifying the precise drilling location to test the Kertang structure which has over 200 km2 offour-way dipclosure and total unrisked mean prospective resources in excess of 9 TCF, based on a CPR undertaken by ERCE Sproule. Seascape anticipates the Kertang well to be part of a wider deepwater exploration drilling campaign across multiple blocks in Malaysia during 2026 and 2027 to be undertaken by Block 2A operator INPEX CORPORATION. Seascape will provide further details regarding the anticipated timing of drilling once available. The second exploration phase includes a firm, minimum work commitment of one wildcat exploration well and one contingent appraisal well. Seascape, through a wholly owned subsidiary, remains fully carried by INPEX CORPORATION on an uncapped basis through the entire second exploration phase on its retained 10% participating interest, providing shareholders with material exposure to the Kertang prospect at nil cost. New Risk • Sep 29
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.0m free cash flow). Earnings have declined by 35% per year over the past 5 years. Minor Risks Revenue is less than US$5m (UK£935k revenue, or US$1.3m). Market cap is less than US$100m (UK£50.5m market cap, or US$67.8m). Price Target Changed • Sep 10
Price target increased by 9.8% to UK£1.16 Up from UK£1.05, the current price target is an average from 2 analysts. New target price is 45% above last closing price of UK£0.80. Stock is up 351% over the past year. The company is forecast to post a net loss per share of UK£0.048 next year compared to a net loss per share of UK£0.099 last year. Announcement • Aug 19
Seascape Energy Asia plc Provides Update on Contingent and Prospective Resources from Sproule-ERCE Seascape Energy provided the following summary of its Contingent and Prospective Resources from a Competent Person's Report ("CPR") commissioned from Sproule-ERCE covering the Temaris Cluster ("Temaris", 100% PI, operated) and the priority fields in the DEWA Complex Cluster ("DEWA", 28% PI). The Block 2A CPR figures, originally published by Seascape in June 2024, have also been repeated to give an entire corporate figure. The CPR is an important independent third party verification of Seascape's resource figures. The report confirms (and in the case of Temaris, upgrades) management's technical view of resources at the time of license application. Importantly, the CPR highlights new prospective potential in the recently awarded Temaris block. Seascape has rapidly built a high quality, gas-dominant portfolio using its competitive advantages in Malaysia, illustrating how the Company has created significant value using its key strengths. Highlights: Temaris PSC net 2C Contingent Resources of 276 bcf vs 250 bcf estimated at award; Exploration upside on Temaris PSC of 683 bcf (114 mmboe) mean Prospective Resources located in amplitude-supported prospects analogous to the existing discoveries; Total net 2C Contingent resources of 63 mmboe (97% gas), up from nil in past 12 months; Total unrisked net mean Prospective Resources of 281 mmboe (95% gas), an increase of 69% since completion of the Block 2A farm-down in First Quarter 2025. In addition to the substantial Tembakau discovery, the report highlights the large, low-risk exploration potential of the Mid-Miocene 'channel' play present across the Temaris block. Prospects on the block, such as Allamanda and Keladi, have the potential to transform Temaris into a new 'gas hub' in Peninsular Malaysia to satisfy growing energy demands. For DEWA Complex Cluster, Sproule ERCE has assessed recoverable gas and associated condensate resources for the entire accumulation, which straddles the development licence boundaries, but attributes Resources above to the estimates only within the development licences ("on block"). Resources have not been modified to remove inerts, based on the fluid samples taken during DSTs in wells within DEWA Complex Cluster, the CO2 ranges from 1% to 9%. Less than 2% inerts are expected in Temaris. Company net entitlement Resources require a full economic evaluation which has not been done as part of this review and hence are not presented. There is no certainty that it will be commercially viable to develop any portion of the Contingent Resources. Prospective Resources are not risk for chance of development and there is no certainty that if they are discovered they will be developed. Gas has been converted to barrels of oil equivalent based on 6 mmscf = 1 mmboe Glossary "bcf" means a Competent Person's Report "DST" means drill stem test "E&P" means exploration and production "GCoS" GCoS" GCoS". New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-UK£4.0m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£3.0m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Revenue is less than US$5m (UK£935k revenue, or US$1.3m). Market cap is less than US$100m (UK£29.3m market cap, or US$39.4m). Announcement • May 23
Seascape Energy Asia plc, Annual General Meeting, May 29, 2025 Seascape Energy Asia plc, Annual General Meeting, May 29, 2025. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). Revenue is less than US$5m (UK£1.4m revenue, or US$1.8m). Market cap is less than US$100m (UK£18.2m market cap, or US$24.2m). Announcement • Feb 13
Seascape Energy Announces Director Appointments Seascape Energy announced the appointments of Haida Hazri as an Independent Non-executive Director and Pierre Eliet as an Executive Director of the Company. Both appointments demonstrate the Company's long-term commitment to attracting and retaining top talent in support of growing its business in Malaysia and across the wider Southeast Asian region. Haida Hazri, Independent Non-executive Director: Haida brings a wealth of experience in the Malaysian upstream industry with over 25 years' experience in E&P, LNG and technology within PETRONAS, Sapura Energy and various other energy entities. Haida worked across a wide range of legal and commercial roles at PETRONAS prior to being appointed CEO of PETRONAS Technology Ventures Sdn Bhd. She later moved into the role of VP, Strategy and NewVentures in Sapura Energy focussing on upstream M&A and business growth where she oversaw the $0.9 billion acquisition of Newfield Malaysia the successor of which, SapuraOMV, was recently purchased by TotalEnergies in a $1.4 billion transaction. Haida holds a double degree in Accounting and Finance (BComm) and Law (LLB) from Melbourne University, Australia as well as Masters in Law (LLM) from Universiti Malaya, Malaysia. Pierre Eliet, Executive Director: Pierre joined the Company in September 2023 as part of the Topaz acquisition and has been instrumental to the success of building Seascape's operations in Malaysia over the past 18 months. Based in Kuala Lumpur, Pierrehas over 30 years' experience and worked withLundin Energy and Roc Oil where he held senior technical and business development roles with oversight of subsurface and growth across both company's Asian portfolios. Pierre also previously worked at TotalEnergies and Cairn Energy where he was closely associated with the discovery of the Cairn Rajasthan fields in India, and specifically the flagship Mangala field. Pierre holds a BA in Earth Science from Trinity College in Dublin, a PhD in Geology from Manchester University and certified IDP-C, INSEAD's (International Director's Programme). In addition to his role of Country Chair of Seascape's Malaysia business, Pierre will take on the title of Executive Director Corporate Development where he will continue to support the Company's growth ambitions across the region. The new composition of the Company's board is as follows: Executive Chairman: James Menzies; Chief Executive: Nick Ingrassia; Executive Director: Pierre Eliet; Non-executive Director: Graham Stewart; Independent Non-executive Director: Geraldine Murphy; Independent Non-executive Director: Haida Hazri. Haida Shenny Binti Hazri (Age: 50) She has been a director or partner of the following companies or partnerships during the five years preceding the date of the announcement: Current Directorships/Partnerships: Velesto Energy Berhad; Privasia Technology Berhad; Keyfield International Berhad; Matrix Reservoir Sdn Bhd; Rotoboost Holdings Limited; Putih Advisors Asia Sdn Bhd; Putih Petroleum Sdn Bhd; Putih Energy FZCO; Privabytes Sdn Bhd. Previous Directorships/Partnerships (last five years): Kedai Bikin Sdn Bhd. Dr Pierre Ernest Patrick Eliet (age 55) Pierre has been a director or partner of the following companies or partnerships during the five years preceding the date of the announcement: Current Directorships/Partnerships: Seascape Energy (SE Asia) Sdn Bhd; Longboat Energy (2A) Limited; Longboat Energy (DEWA) Limited; Topaz Number One Limited (UK); Topaz Number One Limited (Malaysia); Topaz Advisers Limited. Previous Directorships/Partnerships (last five years): Topaz Energy Limited. Recent Insider Transactions • Dec 04
Executive Chairman recently bought UK£60k worth of stock On the 2nd of December, James Menzies bought around 159k shares on-market at roughly UK£0.37 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. New Risk • Dec 03
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 45% per year over the past 5 years. Minor Risks Revenue is less than US$5m (UK£1.4m revenue, or US$1.7m). Market cap is less than US$100m (UK£22.3m market cap, or US$28.3m). Announcement • Dec 03
Seascape Energy Asia plc has completed a Follow-on Equity Offering in the amount of £1.998784 million. Seascape Energy Asia plc has completed a Follow-on Equity Offering in the amount of £1.998784 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,710,810
Price\Range: £0.35
Transaction Features: Regulation S; Subsequent Direct Listing New Risk • Nov 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£5.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£5.9m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£3.1m net loss in 3 years). Revenue is less than US$5m (UK£1.4m revenue, or US$1.8m). Market cap is less than US$100m (UK£19.8m market cap, or US$25.6m). Announcement • Aug 30
Longboat Energy plc to Report First Half, 2024 Results on Sep 19, 2024 Longboat Energy plc announced that they will report first half, 2024 results on Sep 19, 2024 Price Target Changed • Jul 02
Price target decreased by 19% to UK£0.42 Down from UK£0.52, the current price target is an average from 2 analysts. New target price is 107% above last closing price of UK£0.20. Stock is down 18% over the past year. The company posted a net loss per share of UK£0.16 last year. Buy Or Sell Opportunity • Jul 02
Now 1,683% overvalued Over the last 90 days, the stock has fallen 6.8% to UK£0.20. The fair value is estimated to be UK£0.011, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 162% over the last 3 years. Earnings per share has declined by 23%. Buy Or Sell Opportunity • Jun 19
Now 27% overvalued Over the last 90 days, the stock has fallen 27% to UK£0.17. The fair value is estimated to be UK£0.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 162% over the last 3 years. Earnings per share has declined by 23%. Announcement • Jun 18
Japan Petroleum Exploration Co., Ltd. (TSE:1662) share purchase agreement to acquire remaining 50.1% stake in Longboat Energy Norge As from Longboat Energy plc (AIM:LBE) for $2.5 million on June 17, 2024. Japan Petroleum Exploration Co., Ltd. (TSE:1662) share purchase agreement to acquire remaining 50.1% stake in Longboat Energy Norge As from Longboat Energy plc (AIM:LBE) for $2.5 million on June 17, 2024. cash consideration of $2.5 million payable on completion plus the assumption of the entire debt drawn by LJN under the Acquisition Bridge Facility provided to the joint venture by JAPEX. Net drawings to Longboat under the Acquisition Facility are currently $8.5 million. JAPEX will also assume all financial obligations associated with LJN including all staff and running costs going forward and has amended the Acquisition Facility pre-completion to allow further drawings to manage the immediate working capital needs at LJN. The Management Services Agreement providing for transitional services between LJN and the Company will remain in-place until 30 September 2024 resulting in an estimated net outflow. As detailed in its Report and Accounts to 31 December 2023, Longboat now equity accounts for the LJN joint venture in its financial statements and therefore the Transaction is not anticipated to have an impact on its future profitability. Longboat intends to use the proceeds from the Transaction to fund its working capital requirements and ongoing operations in Malaysia as part of the Company's plan to pivot its efforts to building a business in Southeast Asia. The Transaction consideration, along with ongoing efforts to cut Longboat's cost base, are forecast to provide capital to run the Company through the end of Q1-25. The change in geographic focus is detailed in a separate press release made by the Company today. The reduction in value in Longboat's investment into LJN is directly attributable to the performance of the underlying assets and certain restrictive provisions in the Shareholder Agreement which limit the marketability of the LJN shares. Due to the equity accounting of the joint venture, Longboat does not book oil & gas reserves related to LJN and the previous production guidance range detailed on 29 May 2024 should now be disregarded. As of December 2023, Longboat Energy Norge As as net assets of $18.25 million, total assets are $6.22 million, total revenue is $0.77 million. The Transaction remains subject to regulatory approvals in Norway, approval by the lenders under the Exploration Finance Facility and the transfer of any third-party contracts. In the period prior to completion, Longboat has agreed to vote in favor of certain resolutions put to the LJN board as instructed by JAPEX. Completion of the Transaction is anticipated during Q3 2024. Announcement • Jun 06
Longboat Energy plc, Annual General Meeting, Jun 27, 2024 Longboat Energy plc, Annual General Meeting, Jun 27, 2024. New Risk • May 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 60% per year over the past 5 years. Revenue is less than US$1m (UK£641k revenue, or US$815k). Market cap is less than US$10m (UK£4.17m market cap, or US$5.30m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-UK£6.8m). Currently unprofitable and not forecast to become profitable next year (UK£900k net loss next year). Buy Or Sell Opportunity • May 29
Now 34% undervalued after recent price drop Over the last 90 days, the stock has fallen 68% to UK£0.073. The fair value is estimated to be UK£0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 162% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 1,288% in a year. Earnings are forecast to grow by 90% in the next year. Announcement • Apr 11
Longboat Energy plc Announces Board Resignations Longboat Energy plc announced Brent Cheshire and Jorunn Saetre have confirmed their intention to stand down from the board as non-executive directors and will not put themselves forward for re-election at the upcoming Annual General Meeting. New Risk • Apr 11
New major risk - Revenue and earnings growth Earnings have declined by 80% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 80% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£12.8m market cap, or US$16.1m). Announcement • Sep 21
Longboat Energy plc Announces Velocette Minor Gas Discovery Longboat Energy plc announces a minor discovery at the Velocette (PL1016) exploration wellin Norway (Longboat JAPEX Norge AS 20%). The exploration well 6607/3-1 S encountered hydrocarbons in the primary target in Cretaceous turbidite sands in the Nise formation. The top of the reservoir was reached close to prognosis at a vertical depth of 3348 metres below sea level with 61 meters of high net-to-gross, moderate to very good quality sandstone. Data acquisition indicates a gas column of approximately nine metres in the well. As the Velocette volumes are at the lower end of pre-drill expectations the discovery is not considered to be commercial in isolation. However, the licence contains numerous other prospects which have been derisked by the presence of gas in good quality reservoir in the Velocette well. The remaining prospectivity has significant size potential in multiple structures and with slightly different trapping geometries. Further assessment of the licence prospectivity together with other opportunities in the area could impact the commercial potential of the licence. High quality data and gas and fluid samples were collected in the exploration well and these will be integrated into the updated prospect evaluations. PL1016 is located within tieback distance from the Equinor operated, producing Aasta Hansteen field (~45 km). The well will now be plugged and abandoned as planned. The license partnership consists of Longboat JAPEX Norge AS (20%), OMV Norge AS (40% operator) and INPEX Idemitsu Norge AS (40%). Price Target Changed • Sep 20
Price target decreased by 24% to UK£0.56 Down from UK£0.74, the current price target is an average from 3 analysts. New target price is 182% above last closing price of UK£0.20. Stock is down 53% over the past year. The company is forecast to post a net loss per share of UK£0.068 next year compared to a net loss per share of UK£0.27 last year. Announcement • Sep 14
Longboat Energy plc (AIM:LBE) entered into a sale and purchase agreement to acquire additional 15.75% stake in Block 2A offshore Sarawak, Malaysia from James Menzies and Pierre Eliet for $3.23 million. Longboat Energy plc (AIM:LBE) entered into a sale and purchase agreement to acquire additional 15.75% stake in Block 2A offshore Sarawak, Malaysia from James Menzies and Pierre Eliet for $3.23 million on September 13, 2023. Under the terms, Longboat will issue shares worth $0.1 million on completion and pay further contingent amount of $3.13 million. James Menzies and Pierre Eliet will join Longboat as Executive Chairman SE Asia and Director SE Asia respectively. The acquisition remains subject to customary regulatory and partner approvals. Callum Stewart, Jason Grossman and Ashton Clanfield of Stifel acted as financial advisors for Longboat. Board Change • Sep 03
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Senior Independent Non-Executive Director Brent Cheshire was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Aug 09
Longboat Energy Announces Commencement of Drilling Operations on the Velocette (Pl1016) Exploration Well in Norway Longboat Energy announced the commencement of drilling operations on the Velocette (PL1016) exploration well in Norway (Company 20%). Velocette is a gas-condensate prospect targeting Cretaceous Nise turbidite sands on the eastern flank of the Utgard High in the Norwegian Sea. The prospect benefits from seismic amplitude anomalies indicative of gas-filled sands and is located within tieback distance from the Equinor operated, producing Aasta Hansteen field (~45 km). Velocette is estimated to contain gross unrisked mean resources of 177 mmboe (35 mmboe net to Longboat JAPEX Norge AS) with a geological chance of success of 30%. A number of follow on opportunities exist within license PL1016 with aggregate gross unrisked mean resources of ~200 mmboe, which would be significantly de-risked by success in the Velocette well. The key risks associated with this prospect are reservoir presence and quality. The license partnership consists of Longboat JAPEX Norge AS (20%), OMV Norge AS (40% operator) and INPEX Idemitsu Norge AS (40%). Announcement • Jun 01
Longboat Energy plc Announces Lotus Rig Assignment for the Drilling of the Lotus (Kjottkake) Exploration Well in Norway Longboat Energy announced that a rig has been assigned for the drilling of the Lotus (Kjottkake) exploration well (Company 30%) in Norway. The Lotus prospect will be drilled using the semi-submersible Deepsea Yantai and is expected to be drilled during third quarter 2024. The license partnership includes DNO Norge AS (40%, op) and Aker BP ASA (30%). Licence PL1182S lies in the prolific Northern North Sea, 4kms southeast of the Company's recent significant Kveikje discovery where Longboat is a 10% equity partner. Longboat's Lotus prospect has been named Kjottkake by the license operator. It comprises Paleocene injectite sandstones, c haracterised by excellent reservoir properties, and is supported by seismic amplitudes. Longboat exploited its significant knowledge of injectite reservoirs, which are also the main reservoir in the Kveikje discovery, to secure the Lotus prospect through a firm well commitment in last year's APA 2022 licencing round. Based on the Company's estimates, Lotus contains gross mean prospective resources of 27 mmboe with further potential upside estimated at 44 mmboe. The chance of success is 56%* with the key risk being hydrocarbon retention. Announcement • May 27
Longboat Energy plc, Annual General Meeting, Jun 22, 2023 Longboat Energy plc, Annual General Meeting, Jun 22, 2023. Announcement • Jun 03
Longboat Energy plc announced that it expects to receive £35 million in funding Longboat Energy plc (AIM:LBE) announced a private placement of common shares for gross proceeds of £35 million on June 1, 2021. The transaction will include participation from qualified institutional buyers, certain directors, founders and senior management of the company. The transaction is expected to close by June 10, 2021. Is New 90 Day High Low • Mar 09
New 90-day low: UK£0.68 The company is down 14% from its price of UK£0.79 on 08 December 2020. The British market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 30
New 90-day low: UK£0.72 The company is down 18% from its price of UK£0.88 on 30 October 2020. The British market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 41% over the same period. Is New 90 Day High Low • Dec 03
New 90-day low: UK£0.82 The company is down 15% from its price of UK£0.97 on 04 September 2020. The British market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 05
New 90-day low: UK£0.85 The company is down 26% from its price of UK£1.15 on 06 August 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 20% over the same period. Announcement • Sep 04
Longboat Energy plc to Report First Half, 2020 Results on Sep 22, 2020 Longboat Energy plc announced that they will report first half, 2020 results on Sep 22, 2020 
