Longboat Energy PLC (AIM:LBE) shares jumped almost 7% higher after the oil and gas company confirmed approval has been granted for its joint-venture deal with Japan Petroleum Exploration Co.
Norway’s petroleum and energy ministry has now approved the joint-venture plan, Longboat said in a statement, meaning the deal will likely be completed in the first half of July.
Tokyo-listed JAPEX will invest some US$50mln for 49.9% of AIM-listed Longboat’s Norwegian subsidiary under the plan, which will be renamed Longboat JAPEX Norge.
“[This] was the key regulatory approval sought,” Longboat noted, having previously laid out the plan to create “a leading Norwegian-focussed independent".
Longboat shares were up 6.7% to 22.15p.