Lansdowne Oil & Gas plc
Results of Midleton exploration well
13 August 2015
Lansdowne Oil & Gas ("Lansdowne" or "the Company"), the independent oil and gas company focussed on offshore Ireland, announces that drilling has reached target depth at the Midleton exploration well in the Celtic Sea (Lansdowne 20%) and the logging programme has been completed.
Designated 49/11-3, the well spudded on 29 July 2015 and reached total vertical depth of 3,480 feet below the rotary table (3,393 feet TVDSS below sea level). Good quality reservoirs were encountered in the Greensand and Upper Wealden formations of the Lower Cretaceous. Some gas was present in the Greensand but the volumes are not considered commercial and the Upper Wealden was water wet. The well will be plugged and abandoned.
The Midleton well was operated by PSE Kinsale Energy (80%) using Diamond Offshore Drilling's Ocean Guardian drilling rig.
Stephen Boldy, Chief Executive of Lansdowne Oil & Gas commented:
"The results from the Midleton exploration well are disappointing but we retain substantial resources in the Celtic Sea via our 20% interest in the Barryroe oil field. We will continue to work hard to move forward with this project and to unlock its value for our shareholders."
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, including a 20% stake in Exploration Licence SEL1/11 and Licensing Option 12/4 which contain the Barryroe oil field.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
