Longboat JAPEX Norge has concluded the sale of partial interests in two exploration licences on the Norwegian Continental Shelf (NCS). The JV between Norway’s Longboat Energy and Japan Petroleum Exploration Co (JAPEX) has offloaded partial stakes in the North Sea area to Norway-based company Concedo. 

Longboat JAPEX Norge has reduced its stake in production licence 1182S in the Northern North Sea from 30% to 15%. This licence includes the Kjøttkake/Lotus exploration well, the cost of which will now be fully carried by Concedo. This well is expected to be drilled by the third quarter of 2024. 

The JV has also reduced its stake in production licence 1049, which contains the Jasmine and Sjøkreps prospects. In return for lowering its interest from 40% to 25%, Longboat JAPEX Norge will have 15% of its exploration expenditure covered by Concedo, primarily funding seismic costs and new studies. 

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.” 

Longboat JAPEX Norge has also announced today that it has added the first offshore producing assets to its portfolio through the acquisition of a 4.8% unitised interest in the Statfjord Øst field and a 4.32% unitised interest in the Sygna field on the NCS for $12.75m. 

Of this milestone, Hammer 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.”

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By GlobalData

He added that the company is now focused on adding further assets to its portfolio.