Longboat Energy : Presentation

Company Presentation June 2022

Longboat Strategy

Focus on growth and value

• Value accretive M&A transactions
• Creating significant value with the drill-bit
• • Near field exploration drilling
  • Infill drilling in existing fields

Drilled six exploration wells in Norway - 50% success rate

• Three discoveries: Kveikje, Egyptian Vulture, Rødhette
• Participating in three of the largest upcoming gas prospects in Norway:
• • Oswig (expected spud July 2022)
  • Copernicus (expected spud September 2022)
  • Velocette (expected spud Q2 2023)

Strong financial support

• Strong institutional shareholder base (Blackrock, Fidelity, AXA, SVM, Janus Henderson )
• Fully funded for committed well programme:
• • Cash at YE21 of £26.3 million
  • NOK 600 million Exploration Finance Facility (SR Bank and ING)

NCS Value Creation by Discovery Size

<30

mmboe >600 mmboe

30-150150-600

mmboe mmboe

42%

Source: NPD Exploration Resource report 2020

Norwegian Discovery Rates

Source: NPD 'The Shelf 2021'

2

Full cycle E&P, delivered responsibly

Longboat is committed to supporting the energy transition

Delivering energy responsibly

• Corporate 'Net Zero' target (Scope 1 & 2) by 2050
• Exploration success crucial to reducing CO2/boe through maximising throughput over mature infrastructure

Committed to high corporate governance standards

• Strongly held principles of diversity and inclusion

Natural gas increasingly seen as an important 'bridge fuel'

• E&P companies have an essential energy transition role
• Longboat's portfolio heavily gas weighted

Norwegian commitment to decarbonisation, including:

• Hydroelectric power-from-shore projects to reduce offshore CO2 emissions
• World's first floating wind farm (Hywind Tampen) to power offshore platforms
• Northern Lights project providing open and flexible infrastructure for CO2 storage and sequestration

Global CO2/boe Ranking

Global average (18 kg/boe)

Source: NPD Exploration Resource report 2020

Emission Intensity for Gas Deliveries to the UK

Source: NPD Exploration Resource report 2020

3

Growing a successful portfolio		Rødhette
Two farm-ins with OMV to build on three discoveries in first six wells	Copernicus	11

Discovery

mmboe

Egyptian 254

Prospect

Vulture

mmboe

41

mmboe

Oswig	130
	mmboe
93	Velocette
mmboe
38	Longboat Net Resource Estimates1	~140
mmboe

Kveikje		70	82
	12
1 Source of resource estimates:	Discovered	Prospective	Total	Total
Discovered Resources: as announced				Incl follow-on potential
Copernicus: ERCE Competent Persons Report				4
Oswig and Velocette: operator estimates

Discoveries

5