STAVANGER, Norway – Longboat Energy has acquired Topaz Number One, its partner in the PSC for Block 2A offshore Sarawak, Malaysia.
The acquisition lifts Longboat’s operated share of the concession to 52.5% and should simplify an imminent drilling decision for the Kertang prospect and the process of bringing in a new partner to co-fund preparations.
Longboat secured operatorship of the PSV this February, in partnership with Petronas Carigali and Petroleum Sarawak Exploration & Production.
Block 2A is north-west of the prolific Central Luconia hydrocarbon province covering around 12,000-sq km in water depths from 100 to 1,400 m. The Bintulu LNG plant onshore Sarawak receives gas from various fields in the area.
According to Longboat, Kertang is a large anticlinal structure called Kertang with a closure of over 100 sq km at multiple levels and potential for multiple tcf of gas in stacked reservoirs. Seismic indicators suggest the presence of gas in the area and above the crest of the prospect.
The acquisition of Topaz also allows the company to speed its planned development of a full-cycle E&P business in South-east Asia. Topaz’s James Menzies and Pierre Eliet will join Longboat as executive chairman SE Asia and director SE Asia respectively.