Wednesday 22 September 2021

Longboat Energy, the emerging full-cycle North Sea E&P company with a portfolio of significant, nearterm, low-risk exploration assets, is pleased to announce the commencement of drilling operations on 
the Egyptian Vulture exploration well (Company 15%).

The drilling of the Egyptian Vulture prospect is being undertaken by the West Hercules semi-submersible drilling rig. The Egyptian Vulture well is targeting gross mean prospective resources of 103 mmboe with further potential upside to bring the total to 208 mmboe on a gross basis. The chance of success associated with this prospect is 25% with the key risk being related to reservoir quality and thickness.

The well, operated by Equinor, is expected to take up to seven weeks to drill with an estimated pre-carry net cost to Longboat of c.$5 million (c.$1.1 million post tax).

A further announcement will be made when drilling operations have been completed.