Longboat Energy : PL293B Kveikje Rock'n Roll Result Presentation

Kveikje Discovery (PL 293B)

5 April 2022

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Kveikje (PL 293B)

Summary Well Results

License	PL293B Kveikje
Partners	Longboat (10%), Equinor (Op, 51%), DNO (29%), INPEX Idemitsu Norge(10%)

Summary

• • Commercial discovery

  • • Kveikje Main - recoverable resources 28 - 48 mmboe

  • • Kveikje Hordaland injectite - gas - represents upside

• • Equinor operated well northwest of Troll in Norwegian North Sea (LBE 10%)

• • Commenced 8 March 2022, now being P&Aed

Main targets

• • Kveikje Hordaland and Main injectite reservoirs

• • Preliminary indications of a medium oil density (30-40°API)

Secondary targets

• ▪ Rokke (Paleocene): indications of c 3 m sand with hydrocarbon

• ▪ N'Roll (late Cretaceous): indications of multiple sand stringers with hydrocarbons

35/10-8S (Kveikje) well result

Significant discovery in primary target - secondary targets represent upside

Eocene

NOT TO SCALE

9 5/8" shoe

Data acquisition LWD Wireline Core

Discovery

Gross thicknessNet sandPorosity

(m)

(%)FluidKveikje HordalandKveikje Main

Kveikje Hordaland Kveikje Main

(m)

4 24

2.7 18.4

• 31 Gas down to

• 30 Oil down to

Rokke

N'Roll

#3

Successfully completed data acquisition programme include coring, logging and fluid sampling over main targets

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Kveikje Main and Hordaland

Significant find in active area - high value barrels

Kveikje Hordaland and Main Geoseismic Cross Section

Ga s cap i n Hordaland i njectite sill

3m thi ck, 31% porosity

Oil inremobilisedRodøyMbr

24m thi ck, 30% porosity

Kveikje Hordaland and Main

• ▪ Recoverable Resources in Kveikje Main 28 - 48 mmboe

• ▪ Preliminary indications of a medium oil (30-40° API)

• ▪ Excellent reservoir, potential for high recovery factor

Key upsides and uncertainties

• ▪ Sand geometry - potential for sands to extend

• ▪ Contribution from sands not visible on seismic may lead to outperformance as seen in analogue fields

• ▪ Hydrocarbon contacts

• ▪ Recovery factor

• ▪ Additional volumes associated with Rokke and N'Roll discovery

NOT TO SCALE

Likelyconnected to regional aquifer

Kveikje: medium oil in very prolific reservoir

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