Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Announcement regarding Barryroe
27 May 2015
Lansdowne Oil & Gas plc, a North Celtic Sea focussed oil and gas company, notes today's preliminary results announcement by Providence Resources plc ("Providence"), which included an update on the status of the Barryroe farm-out process.
Lansdowne holds a 20% working interest in Barryroe and the update stated:
"BARRYROE FARM OUT UPDATE
In February, in response to media speculation, Providence confirmed that it had reached agreement on commercial terms with a proposed farminee on its Barryroe asset, offshore Ireland, with such farm in being subject to closing conditions, most specifically financing. The Company advises that the closing conditions referred to have yet to be satisfied and that it is seeking to clarify the status of those conditions and the proposed farminee's position. Shareholders are reminded that there is no certainty that farm in will be concluded with the proposed farminee and that further announcements will be issued in due course, as appropriate. In the interim, as this was not an exclusive arrangement, Providence has continued commercial discussions in respect of its Barryroe asset with various counterparties, a number of whom are currently active in the data room process."
For further information please contact:
Lansdowne Oil & Gas plc Steve Boldy Richard Slape |
+353 1 495 9259 |
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Cantor Fitzgerald Europe Sarah Wharry David Porter |
+44 (0) 20 7894 7000 |
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 34 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 and appraisal company quoted on the AIM market and head quartered in Dublin. Lansdowne holds extensive acreage, in the North Celtic Sea Basin, an emerging under-explored province.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com.
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 currently holds a 20% interest in the licence, which is operated by Providence who currently holds the remaining 80% interest.
SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement.
