AIM Rule 26

The following information is disclosed for information purposes only in accordance with Rule 26 of the AIM Rules for Companies and was last updated on 1 May 2024.

Description of the business

Longboat Energy’s objective is to build a full-cycle E&P company focused on growth through value additive M&A transactions and with the drill-bit through exploration drilling while retaining excellent HSEQ and ESG performance.

The Company is focussed on growth through value accretive M&A transactions and creating significant value with the drill-bit, both through infill drilling in existing fields and through near field exploration drilling while retaining excellent HSEQ and ESG performance. The Company has been established by the ex-Management Team of Faroe Petroleum and will apply a similar business model, aiming to replicate Faroe’s outstanding HSEQ and operational track record and deliver significant production and reserves growth.

Advisers

Please click here for details of the Company’s Nominated Adviser and other key advisers.

Board of Directors

The Board comprises two executive directors and four non-executive directors one of which is the chairman Mr Graham Stewart (non-executive Chairman). The Board is responsible to the shareholders for the proper management of the Group and meets regularly to: review trading performance, set and monitor strategy, examine acquisition and divestment possibilities; approve: major capital expenditure projects and corporate overhead costs, significant financing matters; and report to shareholders. The Board has established four Committees: Audit Committee, Disclosure Committee, Nomination Committee and Remuneration Committee.

Audit Committee

The Audit Committee is comprised of Katherine Roe (Chair of the Committee), Brent Cheshire and Jorunn Saetre. The Audit Committee reviews the Company’s accounting policies, financial reporting, internal control, compliance and risk management and maintains an objective and professional relationship with the auditors.

Longboat Audit Committee Terms of Reference

Disclosure committee

The disclosure committee is responsible for ensuring that the Company makes timely and accurate disclosure of all information that is required to be disclosed to meet its disclosure obligations under the AIM Rules. The disclosure committee comprises the Executive Directors and Company Secretary and meets as required.

Nominations Committee

The Nominations Committee is comprised of Graham Stewart (Chairman of the Committee), and Jorunn Saetre. The Nominations Committee is responsible for considering and providing advice concerning appointments or reappointments to the Board. Please click below for the terms of reference.

Longboat Nomination Committee Terms of Reference

Remuneration Committee

The Remuneration Committee is comprised of Brent Cheshire (Chairman of the Committee) and Katherine Roe. The Committee assists the Board in determining the remuneration arrangements and contracts for the executive directors and senior employees.

Longboat Remuneration Committee Terms of Reference

Company announcements

Please click on the link below to access notifications made by the Company in the past 12 months.

Regulatory News

Corporate Governance Code

The Company complies with the QCA Corporate Governance Code. This information is reviewed annually, the last being on 30 November 2023.

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Current constitutional documents

The Company’s constitutional documents are represented by its Articles of Association.

Directors

Details of any other exchanges or trading platforms
The Company is not listed on any other exchanges or trading platforms.
Details of any restrictions on the transfer of securities
There are no restrictions on the transfer of securities.
Financial information

Please click on the link below for access to the Company’s annual and interim reports.

Financial Reports

Incorporation and registration details
The Company is incorporated in England and Wales with registration number 12120297 and has its registered office at 5th Floor, One New Change, London, EC4M 9AF.
Main County of Operation
The primary countries of operation are Norway & Malaysia
Number of securities in issue

Please click on the link below for details of the number of securities in issue, the number of securities held as treasury shares and, insofar as the Company is aware, the percentage of securities that is not in public hands together with the identity and percentage holdings of significant shareholders.

Major Shareholders

UK City Code on Takeovers and Mergers
The Company is subject to the UK City Code on Takeovers and Mergers.