Longboat Energy : Interim Results to 30 June 2022

Interim Results to 30 June 2022

26 September 2022

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Overview

Interim Results 30 June 2022

Strong and encouraging results from initial eight exploration wells

• High technical success rate (+60%)1 and low finding costs (~$1.1/boe)2
• Hydrocarbons encountered at Oswig, progress to sidetrack and DST, demonstrate resource range and de-riskfollow-on potential
• Near-termfocus on appraising and monetising existing key discoveries from a position of strength

Longboat entering the next major growth phase

1. • Considerable industry interest in high-quality Kveikje discovery
   • Target 3-5 exploration/appraisal wells/year, firming-up 2023 programme
   • Rig booked for large gas prospect Velocette drilling H2-23
   • Applications in APA 2022 to build on success to-date
   • Active business development pipeline despite competitive landscape
   • Assessing wider opportunity set to leverage Longboat's high-quality organisation and prior experience
2. Based on hydrocarbon encountered at Egyptian Vulture, Rødhette, Mugnetind, Kveikje and Oswig
3. Based on post-tax, net drilling costs of $10 million (excluding carry costs) and the ERCE Competent Persons Report net mean recoverable resources

		Source: NPD Resource Report 2022
NCS Exploration Success Rates	NCS Post-Tax Discovery Costs
(2021-present)	(2019-2022, $/boe)
57%	63%	$1.4
		$1.1
NCS Avg	Longboat	NCS Avg	Longboat	3
Source: NPD, Company estimates, Wittemann E&P Consulting

Interim results for the six months to 30 June 2022

In-line with budget

	£ million	Notes
Cash	22.5	Slightly ahead of expectations due to lower than forecast drilling costs
Debt	15.7	Drawings on Exploration Finance Facility (EFF), repaid from tax rebate
Net cash	6.8
Non-current tax receivable	21.0	Cash receivable from Norwegian government paid in Q4 2023
Operations
G&A	2.4	Costs remain low, part-reimbursable through Norwegian tax regime
Exploration impairment	0.0	To be reviewed at the year end, G&G studies ongoing
Exploration & Evaluation	0.3	Adjustment to 2021 write down
Total operating loss	2.1
Tax credit	(0.9)	Income tax credit (non-cash item)
Loss for the period after tax	1.7

Source: Longboat results for the period to 30 June 2022

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Cash flow movement summary

H1 2022

£26.3-£26.3

£15.7£22.5

£10.6

-£3.8-£3.8

Opening cash	Exploration drilling	G&A, interest	Tax refund received	Loan drawings	Close cash
1-Jan-22		& fees			30-Jun-22
					Source: Longboat results for the period to 30 June 2022

• Exploration Finance Facility (EFF) amended in line with new Norwegian tax legislation
• Drilling costs lower than forecast allowing for additional two wells to be added into the original programme
• Considering wide range of options to maximise value from discovery portfolio and business development pipeline

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