Longboat Energy Plc (GB:SEA) has released an update.
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Seascape Energy Asia plc has successfully negotiated a farm-out deal with INPEX CORPORATION, transferring a 42.5% stake in the Block 2A Production Sharing Contract offshore Sarawak, Malaysia. This strategic move allows Seascape to retain a 10% interest while securing a $10 million upfront payment and a further contingent payout on commercial discovery. The partnership with INPEX, Japan’s largest E&P company, is expected to enhance Seascape’s exploration efforts and bolster its growth strategy in Southeast Asia.
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