Longboat Energy : Year End 2021 Results Presentation

Longboat Energy plc

Year End 2021 Results Presentation

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Longboat strategy: full cycle E&P, delivered responsibly

Longboat is committed to supporting the energy transition

Focus on growth andvalue

• Create significant value with near-field exploration
• Targeting value accretive M&A transactions

Delivering energy responsibly

• Corporate 'Net Zero' target (Scope 1 & 2) by 2050
• Norwegian industry among the lowest emitters globally

Natural gas increasingly seen as an important 'bridge fuel'

• E&P companies have an essential energy transition role
• Longboat's portfolio heavily gas weighted

Committed to high corporate governance standards

• Strongly held principles of diversity and inclusion

Norwegian Discovery Rates Remain High in 2021

Source: NPD 'The Shelf 2021'

Emission Intensity for Gas Deliveries to the UK

Source: NPD Exploration Resource report 2020

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Highlights 2021

A transformational year with two potentially commercial discoveries out of four wells

Safely & successfully drilled four exploration wells1 in Norway

• Egyptian Vulture: material discovery near infrastructure, significant upside, maturing appraisal strategy
• Rødhette: potential commersialisation via existing infrastructure highlighted by Vår
• One sub-economic discovery, one dry well

Three material wells drilling in 2022

• Total net resources of 69 mmboe2
• Upside resources of 254 mmobe3
• Two of the largest gas prospects in Norway

Several significant corporate milestones

• £35 million equity raise and NOK 600 million (£50 million) Exploration Finance Facility

Norwegian Discoveries 2021

million Sm3 oil equivalent

Source: adapted from NPD Year End Summary 2021

• Completed three farm-in transactions, reverse takeover, qualified as license holder on the NCS

(1) Includes Ginny/Hermine drilled post period end	4
(2) Mean unrisked prospective and contingent resources net to Longboat (ERCE CPR)
(3) Based on net unrisked "3U" high volumes in ERCE CPR plus operator high unrisked estimates of Fontina-Burrata

Year end results 2021

Maintaining strong balance sheet despite high levels of activity

	£ million		Notes
Cash	£26.3		Includes fundraise (£32.5 million net) and tax refund of £18.6 million
Year-end tax receivable	£8.1		'Negative tax instalments' to be received H1-22 in respect of E&A spend in 2021
Debt	£0.0		No drawings on Exploration Finance Facility (EFF) during 2021. Post-period drawing
	of NOK 15 million (~£1.3 million) in March-22.
Operating loss
G&A	£3.7		Reflects higher staff costs associated with technical team and becoming an asset
	owner. Includes consulting, legal, audit and other professional fees
Exploration impairment	£6.3		Pre-tax impairment of Mugnetind sub-commercial discovery.
Other	£1.6
Total operating loss	£11.6
Tax credit	£(6.9)		Income tax credit (non-cash item)
Loss for the period after tax	£4.7
Source: Longboat interim results for the period to 31 December 2021		5