1 February 2024 

Longboat Energy plc

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

Completion of farm-down transaction in Norway

Longboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, is pleased to announce the completion of the farm-down of two exploration licenses on the Norwegian Continental Shelf ("NCS") by Longboat JAPEX Norge AS ("Longboat JAPEX") as announced on 8 December 2023.

Longboat JAPEX has completed the farm-down transactions of the following interests to Concedo AS:

·    The Company has farmed down its interest in PL1182S from 30% to 15% in return for a full carry of the Kjøttkake/Lotus exploration well, up to an agreed cap above the dry well budget. The well is expected to spud in Q3 2024

·    In PL1049 which contains the Jasmine and Sjøkreps prospects, Longboat JAPEX has farmed down its interest from 40% to 25% in return for Concedo carrying an element of the Company's 2024 exploration expenditure, which mainly consists of seismic costs and studies.

For further information about these transactions and the exploration licenses, see press announcement on 8^th December 2023.

Helge Hammer, Chief Executive of Longboat, commented:

"We are pleased to have completed the farm down of two Norwegian exploration licences and look forward to the drilling of the Lotus exploration well later this year, the cost of which will be fully carried. 

This farm down is in line with our strategy to retain exposure to high quality exploration wells but at minimum use of the Company's equity capital.

We are also pleased to have reached completion of our first production acquisition in Norway, which we also announced today and which is an important first step in building a full cycle E&P company with material production."

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

Ends

Concedo Background

Concedo is a private Norwegian oil company focusing on exploration on the Norwegian Continental Shelf. In June 2023, Concedo announced the acquisition by Attica Exploration AS a newly formed private entity backed by Lundin family members.

Standard

Estimates of reserves and resources have been prepared in accordance with the June 2018 Petroleum Resources Management System ("PRMS") as the standard for classification and reporting with an effective date of 31 December 2020.

Review by Qualified Person

The technical information in this release has been reviewed by Hilde Salthe, Managing Director Norge, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Ms Salthe is a petroleum geologist with more than 20 years' experience in the oil and gas industry. Ms Salthe has a Master's Degree from Faculty of Applied Earth Sciences at the Norwegian University of Science and Technology in Trondheim.

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