NORTH Sea-focused Longboat Energy has underlined its appetite for acquisitions after showing its faith in the exploration potential of the area .
Longboat has kicked off a seven-well programme in the Norwegian sector of the North Sea by starting drilling on the Rødhette prospect, which is estimated to contain around 40 million barrels of oil equivalent (mmboe).
The company is led by former members of the management team that grew Aberdeen-based Faroe Petroleum into a £640 million business. It is chaired by Graham Stewart, who was chief executive of Faroe Petroleum.
READ MORE: Oil and gas heavyweight has 'unfinished business' in North Sea
Longboat team members expect to repeat the success they enjoyed at Faroe by using acquisitions to help build the firm into a leading North Sea player.
The seven well programme will be completed on acreage that Longboat bought into through farm-in deals with Equinor, Spirit Energy and Idemitsu.
A spokesperson for Longboat said yesterday the company would be interested in completing more deals at the right valuations. It would consider opportunities in Norway and the UK.
READ MORE: North Sea minnow wins heavyweight backing for exploration drive
The Norwegian government recently announced plans to reduce the incentives it provides to encourage exploration.
Faroe Petroleum was bought by Norway’s DNO in 2019, through a hostile £640m takeover.
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