{"id":107814,"title":"Longboat Energy PLC – Norwegian Joint Venture with JAPEX","publisher":"Share Talk","author":"sharetalk","published":"2023-05-02T07:42:02+00:00","modified":"2023-05-02T07:42:02+00:00","canonical_url":"https://www.share-talk.com/longboat-energy-plc-norwegian-joint-venture-with-japex/","markdown_url":"https://www.share-talk.com/longboat-energy-plc-norwegian-joint-venture-with-japex.md","json_url":"https://www.share-talk.com/longboat-energy-plc-norwegian-joint-venture-with-japex.json","category":"Energy","categories":["Energy"],"tags":["AkerBP","crude","Exploration","Helge Hammer","Hydrocarbons","Jon Cooper","Kveikje well","LBE","Longboat Energy","Mugnetind","Nick Ingrassia","North Sea","Norway","oil","Oswig","Share Talk","Well"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"**Transformational Investment to Create a Norwegian Joint Venture with JAPEX**\n\n**Longboat Energy,** the emerging full-cycle E&P company, is pleased to announce that it has reached agreement with Japan Petroleum Exploration Co., Ltd (“JAPEX”) to make a significant investment into its Norwegian subsidiary, Longboat Energy Norge AS (“Longboat Norge”), to form a joint venture. \n\nThe joint venture will be renamed Longboat JAPEX Norge AS (“Longboat JAPEX” or the “Joint Venture”), with a goal of building a leading Norwegian-focussed independent.\n\n**Transaction highlights**\n\nCash investment of up to US$50 million for 49.9% of Longboat JAPEX comprised of:\n\n|   |   |\n| --- | --- |\n| ·      | cash investment on completion of US$16 million; |\n| ·      | a contingent consideration of US$4 million, payable on successful completion of a production acquisition currently under review; and |\n| ·      | a further tranche of up to US$30 million, payable on a sliding scale following a successful discovery on the Velocette exploration well due to spud in Q3 2023. |\n\n JAPEX to provide the Joint Venture with a US$100 million Acquisition Financing Facility:\n\n|   |   |\n| --- | --- |\n| ·      | five-year facility to finance acquisitions and associated development costs in pursuit of the Joint Venture’s strategy; and |\n| ·      | interest rate based on a sliding scale with an all-in cost over the term of"}