Longboat Energy : at SpareBank1 Markets 2022 Energy Conference

Longboat Energy plc

SpareBank 1 Markets 2022 Energy Conference

March 2022

DISCLAIMER

The information contained herein has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Longboat Energy plc (the "Company"). This presentation and the information contained in it has not been independently verified and no reliance should be placed on it or the opinions contained within it. In furnishing the presentation, the Company reserves the right to amend or replace the presentation at any time and undertakes no obligation to provide the recipient with access to any additional information. The Company may, but shall not be obliged to, update or correct the information set forth in this presentation or to provide, update or correct any additional information.

The Company does make any representation or warranty, express or implied, as to the accuracy or completeness of this presentation or the information contained herein and, except in the case of fraud, the Company shall not have any liability (direct, indirect, consequential or otherwise) for the information contained in, or any omissions from, this presentation.

This presentation does not constitute a prospectus or offering memorandum or offer in respect of any securities and should not be considered as a recommendation by the Company, its affiliates, representatives, officers, employees or agents to acquire an interest in the Company. This presentation does not constitute or form part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution, form the basis of or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment or engage in any investment activity whatsoever relating to any securities.

The contents of this presentation have not been approved by any person for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended ("FSMA"). Reliance on the presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. Any person who is in any doubt about the subject matter to which the presentation relates should consult a person duly authorised for the purposes of FSMA who specialises in the acquisition of shares and other securities.

This presentation contains forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate. These forward-looking statements speak only as to the date of the presentation and neither the Company nor any of its members, directors, officers, employees, agents or representatives assumes any liability for the accuracy of such information, nor is the Company under any obligation to update or provide any additional information in relation to such forward-looking statements. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future.

Recipients of this presentation outside the United Kingdom should inform themselves about and observe any applicable legal restrictions in their jurisdiction which may be relevant to the distribution, possession or use of this presentation and recognise that the Company does not accept any responsibility for contravention of any legal restrictions in such jurisdiction. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or under the securities legislation of any state of the Unites States nor under the relevant securities laws of Australia, Canada, Japan or the Republic of South Africa and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws.

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Longboat Energy

Building a significant North Sea-focusedfull-cycle E&P business

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

Delivering energy responsibly

• Actively contribute to de-carbonisation and 'Net Zero' targets
• Upholding high standards of corporate governance
• Strongly held principles of diversity and inclusion

Exploration Technical Success Rates

Source: Woodmac

Emission Intensity for Gas Deliveries to the UK

Strong financial support

• Quoted on the London Stock Exchange (AIM)
• Strong institutional shareholder base incl. Blackrock, Fidelity, AXA, SVM, Janus Henderson
• £35 million (400 MNOK) equity raise in Jun-21 with cash at 31 Oct-21 of £34.9 million (unaudited)

 NOK 600 million EFF with SR Bank and ING as part of acquisition
Source: NPD Exploration Resource report 2020

Create portfolio with reserves upside and value accretive exploration

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Egyptian Vulture Discovery. Three near-term Exploration Wells

Transaction with Three counterparties, Eight licences, Seven wells, Four drilled, One significant discovery, Three to go

Cambozola

Egyptian Vulture

Copernicus

Rødhette

Longboat (25%)

Longboat (15%)

Longboat (20%)

Well

Longboat (10%)

Equinor

Equinor, PGNiG

Concedo

Equinor

Petoro

Equinor

PGNiG

Spirit

STOIIP220-440

Vår

Mean

Upside

Recoverable

Mean

3U Upside

Recoverable

159

307

19-63

254

471

9-12 mmboe

Kveikje
	Longboat (10%)
	DNO
	Equinor
	Idemitsu
Mmboe	3U Upside
36	79
	Mugnetind	2021	2022
	Longboat (20%)		Kveikje
Successful	AkerBP
DNO		Cambozola
Successful (minor)		Copernicus
	Recoverable
2022 drilling
5-11 mmboe

4

Source: ERCE CPR, gross Mean and 3U unrisked prospective resources

Egyptian Vulture: in the right postcode

Significant hub area actively focused on incremental tiebacks

Lower Cretaceous Intra-Lange Formation

• 13m net sand in a 36m gross interval
• High net-to-gross in upper reservoir section with porosities ~16%
• Combination trap, no OWC encountered Egyptian Vulture resources
• In-placevolumes: 220-440 mmboe
• PVT analysis indicates light oil
• Significant upside to current operator recovery factor range of 9-14%

Heidrun

Fogelberg

Iris/Hades

Morvin

	Egyptian Vulture
Åsgard

	Smørbukk Sør	Halten Øst
Kristin		Sierra	Midgard
	Maria	Rodrigues
	Bergknapp	Solberg
	Maria	10 km
	Trestakk
	Lavrans	30 km
		Tyrihans

	Key
			Discoveries (PDO in	course)
			Discoveries	Source: Witteman E&P, NPD
			Developments/sanctioned
			Producing fields	5