7 February 2023

Longboat Energy plc                                                 

("Longboat Energy", "Longboat" or the "Company")

Response to Market Speculation

Longboat Energy, the emerging full-cycle E&P company, has noted recent market speculation and confirms that it is exploring opportunities to broaden its strategic remit.

The Company is in advanced discussions with a number of parties regarding several opportunities across all phases of the E&P cycle in the South-east Asia region.

The Company will make further announcements in due course, as appropriate.

The information contained within this announcement is considered to be inside information prior to its release.

Ends

Background

Longboat Energy was established at the end of 2019 to create a full-cycle E&P company through value accretive M&A and near-field exploration. Since June 2021, Longboat has entered a series of four transactions to acquire interests in a portfolio of nine, gas-weighted exploration wells drilling on the Norwegian Continental Shelf close to existing infrastructure. To date, eight of these wells have been drilled resulting in five hydrocarbon discoveries (Egyptian Vulture, Mugnetind, Rødhette, Kveikje and Oswig), representing a 63% success rate.

Longboat has targeted exploration prospects located in close proximity to existing infrastructure, with an overlap between exploration partners and infrastructure owners, providing a portfolio with a clear low-cost route to monetisation and low-carbon drilling and development opportunities, well aligned to Longboat's ESG targets which includes a corporate 'Net Zero' on a Scope 1 and 2 basis by 2050.