---
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"
date: 2023-05-02
canonical: "https://www.share-talk.com/longboat-energy-plc-norwegian-joint-venture-with-japex/"
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"]
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"
---

# Longboat Energy PLC – Norwegian Joint Venture with JAPEX

**Published:** May 2, 2023
**Author:** sharetalk
**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)

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**Transformational Investment to Create a Norwegian Joint Venture with JAPEX**

**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. 

The 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.

**Transaction highlights**

Cash investment of up to US$50 million for 49.9% of Longboat JAPEX comprised of:

|   |   |
| --- | --- |
| ·      | cash investment on completion of US$16 million; |
| ·      | a contingent consideration of US$4 million, payable on successful completion of a production acquisition currently under review; and |
| ·      | 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. |

 JAPEX to provide the Joint Venture with a US$100 million Acquisition Financing Facility:

|   |   |
| --- | --- |
| ·      | five-year facility to finance acquisitions and associated development costs in pursuit of the Joint Venture’s strategy; and |
| ·      | interest rate based on a sliding scale with an all-in cost over the term of

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