Longboat Energy PLC (AIM:LBE) has confirmed its reboot under the new name, Seascape Energy Asia PLC, reflecting its repositioning following the exit from its joint venture in Norway.
Focused on Southeast Asia, specifically its ‘transformational’ projects in Malaysia, the rebranded oil and gas company will in the future trade under the ticker ‘SEA’.
In Friday’s statement, the company highlighted plans for a farm-out of the Block 2A asset, which is expected to be finalized in the fourth quarter of 2024, and the nearing completion of negotiations for a production-sharing contract in shallow water offshore Sarawak.
The negotiations are said to involve multiple parties, including federal and state entities, and the company expects to make a formal announcement is anticipated in the coming weeks.
Meanwhile, chief executive Nick Ingrassia commented: "The change in name to Seascape Energy Asia plc represents the transformation of Longboat into a wholly Asian-focused E&P company.
“We are excited about our growing portfolio which we expect to deliver several key inflection points in the near-term.
“We look forward to working with all of our stakeholders to create value as we seek to grow the business under our new brand."
The company is slated to report its interim results for the six months ended 30 June, on 19 September.