Longboat Energy Plc (GB:LBE) has released an update.
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Longboat Energy Plc has successfully sold its 50.1% stake in Longboat Japex Norge AS to Japan Petroleum Exploration Co. Ltd for $2.5 million, a move that allows the company to focus on expanding its Southeast Asian operations, including the development of gas fields and a farm-out in Malaysia. The company anticipates sufficient capital through the end of Q1-25, thanks to this sale, existing cash reserves, and ongoing cost-saving measures. Additionally, Longboat Energy plans to undergo a renaming and rebranding as part of its strategic shift towards growth in Southeast Asia.
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