Longboat Energy Plc (GB:LBE) has released an update.
Longboat Energy Plc is strategically shifting its focus to Southeast Asia after selling its Norwegian assets, leveraging a favourable environment for smaller E&P companies in the region. The move is expected to bring cost savings and provide the company with sufficient working capital through Q1-25. Longboat Energy’s near-term plans include launching a farm-out process in Malaysia and developing gas fields offshore Sarawak, with the aim of meeting growing energy demands and contributing to carbon emission reduction by displacing coal with gas.
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