Longboat Energy PLC (AIM:LBE) has confirmed it has completed its sale of Norwegian assets comprising its stake in the Japex Norge AS venture, generating US$2.5 million of proceeds in the process.
Longboat also offloaded all future obligations and existing debt related to the unit.
It now expects to have sufficient capital through to the end of the first quarter of 2025.
The company now intends to focus on its assets in Malaysia, where it is seeking a farm-out of Block 2A, which encompasses the world-class Kertang prospect.
It also intends to finalize negotiations with Petronas on a production-sharing contract for several undeveloped gas fields capable of near-term development.
“Longboat's streamlined board and management team will now direct its full focus on building a business in Southeast Asia,” executive chair James Menzies said in a statement.
“We will take advantage of the exciting opportunity in front of us to grow shareholder value," he added.
In due course, to reflect the change in geographic focus, the company intends to rebrand.