Japex acquires majority stake in Longboat Japex Norge

Japan Petroleum Exploration Co. (Japex) has concluded a share purchase agreement to acquire a majority stake in Longboat Japex Norge (LJN), its joint venture with UK-based Longboat Energy (LBE), Japex announced on June 17.

Japex will pay $2.5mn to acquire LBE's 50.1% stake in LJN, making LJN its fully-owned subsidiary. 

"Following changes in the management of LBE in May 2024, there has been a reconsideration of the Norwegian business policy. As a result of discussions with LBE regarding the future management policy for LJN, Japex has decided to expand its Norwegian business by making LJN a subsidiary," the company stated.

The acquisition aligns with Japex's Management Plan 2022-2030, formulated in March 2022, which prioritises the acquisition of new oil and gas interests. The North Sea has been identified as one of Japex's main target areas.

In July 2023, Japex acquired shares in LJN to lay the foundation for its business expansion in Norway. LJN is currently engaged in exploration and development across multiple license interests in the Norwegian North Sea. Additionally, Japex completed the acquisition of interests in production assets in January 2024, and crude oil and natural gas production from these assets has begun.

The acquisition of the remaining shares in LJN is expected to be completed in the second quarter of this fiscal year.