Oil and gas projects developer Longboat Energy (LON: LBE) is exiting its assets in Norway and selling its 50.1% stake in Japex Norge joint venture stake for $2.5m and the assumption of $8,5m of debt by the acquirer. This should save $1.25m in costs in 2025. The cash will be invested in Malaysia and should last until next year. The main asset is the 52.5% owned Kertang gas prospect, offshore Sarawak. There is strong demand for gas in southeast Asia. A farm out process will be conducted in the second half of 2024. An updated competent person report is due at the end of the month. The share price is 55.2% higher at 11.25p.
Sound Energy (LON: SOU) shares have rebounded 26.5% to 1.0575p following the announcement after the market closed on Friday that it has sold most of its interest in its Moroccan assets to Managem. It is selling a subsidiary that holds most of these assets for up to…
