Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Licence Update for SEL 4/07 Celtic Sea, Offshore Ireland
Midleton Exploration Well Commences
29 July 2015
Lansdowne Oil & Gas plc, a North Celtic Sea focussed oil and gas company, is pleased to announce that PSE Seven Heads Limited, the operator of SEL 4/07, and a wholly owned subsidiary of PSE Kinsale Energy Limited ("Kinsale Energy") has commenced drilling operations on the Midleton prospect in the Celtic Sea, offshore Ireland. Kinsale Energy holds an 80% interest in SEL 4/07, with Lansdowne holding the remaining 20%. Through the farm-in agreement previously announced, Kinsale Energy will fund 100% of the costs of drilling a well on the Midleton prospect.
The Ocean Guardian semi-submersible rig commenced drilling at 06.15hrs on 29 July 2015. The well is scheduled to take approximately 20 to 30 days.
Commenting on the news, Lansdowne CEO Steve Boldy said:
"We are delighted that Kinsale Energy has moved forward to drill the Midleton exploration well this year and we look forward to updating the market once the results are known."
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. Lansdowne holds a 20% stake in Exploration Licence SEL1/11 and Licensing Option 12/4 which contain the Barryroe field, and in addition to SEL 4/07 holds two other exploration Licences - 5/07 (Rosscarbery) and 5/08 (Amergin) that contain drill ready prospects defined on 2011 3D seismic data. The farm-out process is continuing on these other licences to identify partners for a drilling programme.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
About the Midleton Prospect
· The Midleton prospect lies approximately 20 km northeast of the Kinsale Head gas field (c. 1.7 TCF reserves) and also 20km to the east of the Ballycotton gas field (c. 60 bcf reserves).
· The main producing reservoir in the Ballycotton and Kinsale Head gas fields is the Lower Cretaceous Greensand / 'A' Sand. The Greensand / 'A' Sand also forms the primary reservoir target in the Midleton prospect and has been established to be present with good reservoir quality in the nearby 49/11-1 and 49/11-2 wells, which were drilled in downdip locations.
· Additional potential lies in the Lower Cretaceous Upper Wealden sands that are an important secondary reservoir in the Kinsale Head field.
· Midleton lies along a trend of inverted structures along the northern margin of the basin that includes the Ballycotton Field.
· Amplitude brightening at Greensand 'A' Sand level is seen on seismic lines across the Midleton prospect, similar to that seen on lines across the Ballycotton Field.
About Kinsale Energy
PSE Kinsale Energy Limited, (formerly Marathon Oil Ireland Limited), has been producing natural gas from its offshore facilities 50km south of the Old Head of Kinsale in the Celtic Sea since 1978. The company was acquired by PETRONAS in April 2009. The company is based in Cork and currently employs 60 people. The company's facilities include 2 fixed offshore platforms, over 120km of subsea pipelines and a shore terminal. PSE Kinsale Energy Limited operates the Kinsale Head, Ballycotton and Seven Heads Gas Fields. PSE Kinsale Energy Limited also operates a natural gas storage field (Southwest Kinsale).
www.kinsaleenergy.ie
