LONDON, UK: Longboat Energy, a Norway and Malaysia-based oil and gas company, has announced a deal with Concedo AS to reduce its stakes in two exploration licences on the Norwegian Continental Shelf.

The deal will allow Longboat Energy to drill the Lotus prospect, which has a 54% chance of success and could contain up to 71 million barrels of oil equivalent, with no cost.

The Lotus prospect is located near the Kveikje discovery, where Longboat Energy also has a 10% interest. The deal will also cover part of Longboat Energy’s exploration expenditure in 2024 for the Sjøkreps and Jasmine prospects, which target Tertiary plays.

Longboat Energy’s CEO, Helge Hammer, said the deal was in line with the company’s strategy to grow production and reserves in high quality assets.

Longboat Energy expands in SE Asia through the acquisition of Topaz Number One Limited