Longboat Energy Plc (GB:LBE) has released an update.
Longboat Energy Plc has announced the sale of its 50.1% stake in Longboat Japex Norge AS to Japan Petroleum Exploration Co. Ltd for $2.5 million plus debt assumption, marking its exit from Norway. The proceeds will support Longboat’s working capital and fund operations in Malaysia as the company shifts focus to Southeast Asia. The transaction, subject to regulatory approvals, is a strategic move to address Longboat’s financial challenges and realign towards markets with higher value creation potential.
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