Japan Petroleum Exploration Co., Ltd. (TSE:1662) share purchase agreement to acquire remaining 50.1% stake in Longboat Energy Norge As from Longboat Energy plc (AIM:LBE) for $2.5 million on June 17, 2024. cash consideration of $2.5 million payable on completion plus the assumption of the entire debt drawn by LJN under the Acquisition Bridge Facility provided to the joint venture by JAPEX. Net drawings to Longboat under the Acquisition Facility are currently $8.5 million. JAPEX will also assume all financial obligations associated with LJN including all staff and running costs going forward and has amended the Acquisition Facility pre-completion to allow further drawings to manage the immediate working capital needs at LJN. The Management Services Agreement providing for transitional services between LJN and the Company will remain in-place until 30 September 2024 resulting in an estimated net outflow. As detailed in its Report and Accounts to 31 December 2023, Longboat now equity accounts for the LJN joint venture in its financial statements and therefore the Transaction is not anticipated to have an impact on its future profitability. Longboat intends to use the proceeds from the Transaction to fund its working capital requirements and ongoing operations in Malaysia as part of the Company's plan to pivot its efforts to building a business in Southeast Asia. The Transaction consideration, along with ongoing efforts to cut Longboat's cost base, are forecast to provide capital to run the Company through the end of Q1-25. The change in geographic focus is detailed in a separate press release made by the Company today. The reduction in value in Longboat's investment into LJN is directly attributable to the performance of the underlying assets and certain restrictive provisions in the Shareholder Agreement which limit the marketability of the LJN shares. Due to the equity accounting of the joint venture, Longboat does not book oil & gas reserves related to LJN and the previous production guidance range detailed on 29 May 2024 should now be disregarded. As of December 2023, Longboat Energy Norge As as net assets of $18.25 million, total assets are $6.22 million, total revenue is $0.77 million. The Transaction remains subject to regulatory approvals in Norway, approval by the lenders under the Exploration Finance Facility and the transfer of any third-party contracts. In the period prior to completion, Longboat has agreed to vote in favor of certain resolutions put to the LJN board as instructed by JAPEX. Completion of the Transaction is anticipated during Q3 2024.

Japan Petroleum Exploration Co., Ltd. (TSE:1662) completed the acquisition of remaining 50.1% stake in Longboat Energy Norge As from Longboat Energy plc (AIM:LBE) on July 15, 2024. Longboat has received the full cash consideration of $2.5 million. Following completion of our transaction with JAPEX, Longboat's streamlined Board and Management team will now direct its full focus on building a business in Southeast Asia. Callum Stewart, Jason Grossman and Ashton Clanfield of Stifel Nicolaus Europe Limited acted as financial advisor to Longboat Energy.