Longboat Energy, an emerging full-cycle E&P company with activities in Norway and Malaysia, has announced the completion of the acquisition of a 4.80% unitised interest in the Statfjord Øst Unit and a 4.32% unitised interest in the Sygna Unit (together, the 'Statfjord Satellites') by its Norwegian joint venture Longboat JAPEX Norge.
Production from the Statfjord Satellites averaged net 254 boepd in 2023 and is currently at net 370 boepd from Statfjord Øst and Sygna. Drilling operations have been completed and the operator, Equinor, is currently in the process of commissioning the remaining new wells in Statfjord Øst which are expected to be brought on stream during the coming months.
Longboat anticipates a significant increase in production during the first quarter of 2024 and production guidance will be provided following the ramp-up of the new production wells.
The acquisition of the Statfjord Satellites has been funded by a combination of the investment by JAPEX into Longboat JAPEX announced last year and a drawing of approximately US$15 million on the Acquisition Bridge Facility provided by JAPEX to the Joint Venture. The drawing is greater than originally forecast due to negative working capital movements related to delays in bringing new wells on-stream during 2023.
Helge Hammer, Chief Executive of Longboat, commented:
'We are pleased to have reached completion of our first production acquisition in Norway. Albeit a relatively small acquisition, it is an important step and the Statfjord Satellites are long-life assets and have just undergone a significant infill drilling and redevelopment project.
'We are now focused on adding further assets to our portfolio to build a full cycle E&P company with material production interests. We would like to thank our new joint venture partner, JAPEX, with whom we have worked in close cooperation to execute this transaction.'
Source: Longboat Energy
