Ex-Faroe Team Launch Longboat Energy

Longboat Energy (LBE), a company established by the former management team of Faroe Petroleum, started trading on London's alternative investment market (AIM) November 28. Faroe, which had been active in the UK and Norwegian sectors of the North Sea, was taken over by Norwegian DNO earlier this year after an acrimonious struggle.

Longboat's aim is "to fast-track the creation of a new full-cycle North Sea oil and gas company," it said as it announced the admission of its entire issued ordinary share capital to trade.

CEO Helge Hammer has over 30 years’ technical and business experience and served as COO of Faroe Petroleum from 2006 until 2019. CFO is Jon Cooper, who held that position at Faroe from 2013 until 2019. Non-executive chairman is Graham Stewart who founded Faroe Petroleum in 1998 and was the CEO at the time of the takeover. The three all left in January.

The biggest investor is Blackrock with 14.5%; Canaccord Genuity and FIL each have 10%. Commenting on the new arrival, analyst Malcolm Graham-Wood said he doubted the team had been idle all summer, speculating that the company had "a few deals on ice."