Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Barryroe Oil Field
Licence Update
February 18th 2014
Lansdowne Oil & Gas plc, the North Celtic Sea focussed, oil and gas exploration company, welcomes the announcement today of the licence update by Providence Resources plc ("Providence") on the Barryroe Oil Field (Lansdowne 20%).
The announcement by Providence reported the following:
· BARRYROE LICENCE AREA INCREASED TO COVER POTENTIAL
FIELD EXTENSIONS OUTSIDE ORIGINAL LICENCE AREA
Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and production company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide an update on Standard Exploration Licence (SEL) 1/11 ("Barryroe"). SEL 1/11 contains the Barryroe oil field which is operated by Providence Resources (80%) on behalf of its partner Lansdowne Oil & Gas (20%). The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is c. 50 km off Co. Cork, Ireland.
The Barryroe partners have been granted a c. 180 km2 increase in the areal extent of SEL 1/11 by the Minister of State, at the Department of Communications, Energy & Natural Resources for the first phase of the exploration licence and subject to further work programme commitments to be undertaken by the Barryroe partners. This increase in the area of SEL 1/11 recognizes potential field extensions of Barryroe to the south and south-east.
Speaking today, John O'Sullivan, Technical Director of Providence said,
"The granting of an increase in the areal extent of SEL 1/11 recognizes the potential significant volumetric upside that exists at Barryroe. The structural closure as mapped now appears to extend further to the south and south-east, however no wells have been drilled as yet to confirm any such extensions to the field area."
For further information please contact:
Lansdowne Oil & Gas plc Steve Boldy |
+353 1 495 9259 |
Cenkos Securities plc Neil McDonald Derrick Lee |
+44 (0) 20 7397 8900 +44 (0) 131 220 6939 |
FTI Consulting Ben Brewerton Georgia Mann |
+44 (0) 20 7831 7157 +44 (0) 20 7269 7212 |
Qualified Person Review
This release has been reviewed by 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 the largest proprietary 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.
About Barryroe
The Barryroe Field lies in the North Celtic Sea Basin and has had six wells successfully drilled on the structure. Hydrocarbons have been logged in all six wells with flow test results from four wells. Four wells were drilled in the 1970's by Esso with a further appraisal well drilled in 1990 by Marathon Oil. The last well, 48/24-10z, was drilled by Providence in 2011/2012. The field is covered by both 2D and 3D seismic. The successfully tested reservoir sands are of Cretaceous Middle and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The oil is light (43o API) with a wax content of c. 17-20%. Lansdowne holds a 20% interest in the licence, which is operated by Providence who hold the remaining 80% interest.
SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
