Longboat Energy plc (AIM:LBE) entered into a sale and purchase agreement to acquire additional 15.75% stake in Block 2A offshore Sarawak, Malaysia from James Menzies and Pierre Eliet for $3.23 million on September 13, 2023. Under the terms, Longboat will issue shares worth $0.1 million on completion and pay further contingent amount of $3.13 million. James Menzies and Pierre Eliet will join Longboat as Executive Chairman SE Asia and Director SE Asia respectively. The acquisition remains subject to customary regulatory and partner approvals. Callum Stewart, Jason Grossman and Ashton Clanfield of Stifel acted as financial advisors for Longboat.

Longboat Energy plc (AIM:LBE) completed the acquisition of additional 15.75% stake in Block 2A offshore Sarawak, Malaysia from James Menzies and Pierre Eliet on December 21, 2023.