Lansdowne Oil & Gas plc
("Lansdowne")
ABT OIL & GAS AGREES TO FARM INTO HELVICK OIL DISCOVERY
November 13, 2013. Lansdowne Oil & Gas plc ("Lansdowne"), the oil and gas exploration and appraisal company, whose shares are quoted in London (AIM), is pleased to report that Providence Resources P.l.c. ("Providence") announced today that it has agreed a phased farm in by ABT Oil & Gas ("ABTOG") into the Helvick oil discovery, located in SEL 2/07 in the North Celtic Sea Basin, offshore Ireland.
Lansdowne has a 10% interest in the Helvick discovery under an agreement with Providence.
The announcement stated inter alia that:
"Providence has, on behalf of its joint venture partners, applied to the Minister of State at the Department of Communications, Energy and Natural Resources (the "Minister") to convert that part of SEL 2/07 which contains the Helvick discovery, into a Lease Undertaking. In the event the Lease Undertaking is granted by the Minister, ABTOG has agreed to farm into the Helvick oil discovery. The farm in would be subject to the approval of the Minister.
As part of the farm-in, ABTOG will assist the joint venture partners in the carrying out of a phased detailed work programme. The first phase of this work programme will be to determine whether the discovery can be developed commercially, through the use of ABTOG's innovative low cost development technologies.
If the joint venture partners determine that the discovery can be developed commercially, the second phase of the work programme will be carried out. This second phase involves the carrying out the necessary work required to prepare and submit, to the Minister, an outline plan of development and an application for a Petroleum Lease in respect of the discovery.
Subject to the award of a Petroleum Lease by the Minister, the third phase of the work programme would be carried out. This third phase would entail the preparation and submission of a formal plan of development to the Minister. Subject to Ministerial approval of the plan of development, ABTOG will earn a 50% interest in the discovery.
ABTOG is a joint venture between Enegi Oil PLC ("Enegi"), an independent oil and gas company with an asset portfolio located in the UK North Sea, Newfoundland Canada and Jordan, and ABTechnology Ltd. ("ABT"), a company which holds proprietary interests in low cost development solutions. ABTOG has already made considerable progress taking the Fyne oil field in the North Sea towards FDP (Field Development Plan) by utilising its technologies and the development expertise of ABT's strategic partner, the Wood Group. Providence and its partners are looking forward to ABTOG applying this experience to the potential development of the Discoveries."
Commenting on the announcement, Dr Steve Boldy, CEO of Lansdowne said:
"Lansdowne welcomes ABT Oil & Gas into the consortium and looks forward to them applying their innovative new technology to unlock the potential held in the Helvick oil discovery."
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For further information please contact:
Lansdowne Oil & Gas plc Steve Boldy |
+353 1 495 9259 |
Cenkos Securities plc Jon Fitzpatrick Neil McDonald |
+44 (0)20 7397 8900 +44 (0)20 7397 8900 |
FTI Consulting Ben Brewerton Georgia Mann |
+44 20 7831 7157 +44 207 269 7212 |
Qualified Person Review
This release has been reviewed by Dr.Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 33 years' experience in petroleum exploration and management. Dr. Boldy has consented to the inclusion of the technical information in this release in the form and context in which it appears.
Notes to Editors
ABOUT LANSDOWNE
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focussed, oil and gas exploration company quoted on the AIM market and head quartered in Dublin.
Lansdowne holds extensive acreage, with a large 3D seismic database in the North Celtic Sea basin, an emerging under-explored province. Lansdowne has a balanced, technically mature portfolio position, covering both highly prospective oil and gas prospects, in three play types with substantial equity stakes and adjacent to existing infrastructure.
In addition to its 20% stake in the transformational Barryroe field, Lansdowne has three drill ready prospects defined on 2011 3D seismic data , with a farm-out data room exercise on-going to identify partners for a three well drilling programme.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
ABOUT ABT OIL & GAS
ABT Oil & Gas is a joint venture company owned 50/50 by Enegi and ABTechnology. ABT Oil & Gas's strategy is to build a portfolio of marginal field opportunities which can be developed using appropriate and proven technology. The application of the technology in developing marginal fields has the potential to significantly change the economics surrounding a project thus making it viable to develop. ABT Oil & Gas will only consider projects that are based upon discovered hydrocarbons, thus are deemed to be low risk, and will look to gain an interest in the project in return for providing an appropriate development solution. The Company's initial area of focus has been on the UKCS.
ABOUT ENEGI
Enegi Oil Plc is an independent oil and gas company whose strategy is to create an oil and gas company with a diversified portfolio of assets across the E&P value chain. The Company's current portfolio is made up of operations focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada, the UK North Sea and Jordan. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Company's licences in the UK North Sea benefit from significant previous exploration investment, and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba in Jordan with its partner Korea Global Energy Corporation.
ABOUT HELVICK
The Helvick oil discovery is situated some 40km offshore Ireland in c. 80m (265 ft) water depth. The field was discovered in 1983 by Gulf Oil with the drilling of the 49/9-2 discovery well. This well was tested and flowed at a cumulative rate of c. 10,000 BOPD from four zones. The Helvick oil is a light (44° API) and non-waxy crude oil, contained in high permeability Upper Jurassic sands.
