Following completion of the transaction, Longboat will hold an operated 52.5% interest in Block 2A
Longboat Energy expands stake in Block 2A offshore Sarawak with Topaz acquisition. (Credit: Keri Jackson from Pixabay)
Longboat Energy, an emerging full-cycle E&P company active in Norway and Malaysia, is pleased to announce the expansion of its business in SE Asia through the acquisition of privately held Topaz Number One Limited (“Topaz”), increasing its working interest in the Production Sharing Contract over Block 2A offshore Sarawak, Malaysia (“Block 2A”) to 52.5%.
Highlights
· Topaz’s sole asset is a 15.75% working interest in Block 2A, offshore Sarawak Malaysia, containing the giant ‘Kertang’ prospect
· Following completion of the transaction, Longboat will hold an operated 52.5% interest in Block 2A, simplifying the process towards a positive well decision and the potential introduction of an additional funding partner prior to drilling
· The Topaz team, comprised of James Menzies and Pierre Eliet, will join Longboat Energy, bringing extensive regional expertise and an established network, accelerating Longboat’s ambitions to build a full cycle E&P business in SE Asia
· The transaction consideration closely aligns the Topaz team with value delivery from Block 2A
Helge Hammer, Chief Executive of Longboat Energy, commented: “We are pleased to have increased our interest in the extensive and prospective Block 2A in deep water Sarawak, which contains the giant Kertang prospect. Sarawak has seen significant exploration success in recent years, and we are excited to play a role in the quest for additional gas resources in the area.
“We welcome James and Pierre to Longboat. Their extensive experience and network from SE Asia combined with our in-house technical expertise, puts us in a strong position to deliver accelerated growth in the region. In parallel with maturing Block 2A towards the drilling decision, we focus on adding production and development assets to our portfolio in SE Asia.”
Source: Company Press Release