Longboat Energy strike stunning JV deal with Japex for Norwegian sector gas and oil assets

In a deal today which boosted the share price by over 130%, (2.5.2023) Norwegian sector oil and gas specialists Longboat Energy have struck a JV agreement with Japan Petroleoum Exploration Co Ltd.
Longboat are putting all their Norwegian oil and gas assets into Longboat Japex Norge for up to $50M in cash, and with a further Acquisition Financing facility of $100M. In return Japex get 49.9% of the JV.
Japex provide financing and technical expertise, and the Longboat team have already started to build a substantial 'close to production' portfolio in the Norwegian sector of the North Sea and allow Japex to hit the ground running.
Longboat are currently negotiating to buy a smaller production deal, and will receive 'a kicker of $4M if that acquisition is closed'.
If Velocette is successful 'we have 'a kicker of $30M' arranged. That well is due to spud in Q3 2023.
Japex have agreed to fund the Joint Venture with a $100M financing facility over five years to finance acquisitions and associated development costs.
The Norwegian oil and gas industry continues to be attractive to investors because of record high production levels and high levels of exploration and appraisal well drilling levels. This is underpinned by a highly beneficial tax regime.
#LBE #JAPEX #gas #oil #Norway #Nowegiansector #HelgeHammer #LongboatEnergy

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