In June 2021, Longboat Energy plc announced that it had agreed the terms of binding farm-in agreements, subject to customary conditions precedent including Norwegian governmental approvals, to acquire interests in certain exploration projects. Longboat Energy raised gross proceeds of £35 million to fund the acquisitions.
As the farm-in arrangements constitute a reverse takeover, an AIM admission document was published in June 2021 and the new ordinary shares relating to the placing proceeds were admitted to trading on AIM on 30 June 2021. Completion of the farm-ins and re-admission of the enlarged share capital is expected in September 2021.
BDO acted as reporting accountant in respect of the transaction.