Former Faroe chief launching Longboat
The North Sea oil and gas veteran who led Aberdeen-based Faroe Petroleum before its takeover by Norway’s DNO has established a new venture.
Graham Stewart is one of the founders of Longboat Energy, which has outlined plans to raise £10 million through the admission of shares on London’s Alternative Investment Market (Aim).
The directors said there was a “unique opportunity” to build a “meaningful” North Sea exploration and production business on a relatively short time scale. They intend to use the proceeds from the flotation to rapidly acquire a portfolio of exploration and production assets.
Longboat said additional capital was expected to be raised at the time of the company’s first acquisition.
Stewart, who takes up the role of chairman, said: “I am excited to announce our intention to float Longboat Energy on Aim. Longboat has been established to capitalise on the current opportunity in the North Sea and continue the strategy we started at Faroe, delivering value to investors through a combination of innovative and selective M&A [mergers and acquisitions], driving operational efficiencies into its assets, and continuing our record as world-class explorers.”
Chief executive Helge Hammer added: “The capital being raised through our IPO [initial public offering] will enable Longboat to carry out due diligence on targeted potential deals and fund the business until we make our first acquisition.”
Hammer was chief operating officer of Faroe from 2006.