The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boldy, the Chief Executive Officer of the Company (responsible for arranging release of this announcement).
Lansdowne Oil & Gas plc
Corporate and Portfolio Update
31 October 2017
· Presentation at 121 Investor Event, London
· Providence Barryroe technical update and presentation at the Atlantic Ireland 2017 Conference in Dublin
Lansdowne Oil & Gas ("Lansdowne" or "the Company"), the independent oil and gas company focussed on offshore Ireland, is today presenting a Corporate Update at the 121 Oil & Gas Investment Event in London.
The presentation will be available for download from the Company's website.
Lansdowne also notes the announcement today by Providence Presources P.l.c regarding the technical update on the Barryroe Field (Standard Exploration Licence 1/11) which is being presented today at the Atlantic Ireland 2017 Conference in Dublin.
Providence announced it is presenting its plans for the Phase 1 drilling of the 48/24-K well and associated side-track in the North Celtic Sea Basin, which is c. 5 km SSE and c. 200' up-dip from the 48/24-10z well on the East Flank of the Barryroe field. This Phase 1 drilling programme, which is currently targeted to take place during 2H 2018/H1 2019 (subject to consents) is estimated to cost c. $25 million gross (c. $5 million net to Lansdowne). The 48/24-10z well, which was drilled in 2011/12, tested c. 4,000 BOEPD of light (43o API) sweet crude from the basal Wealden A Sand reservoir interval. These two new well penetrations are designed to provide further definition around structure, reservoir, fluid phase, connectivity and resource estimates, thereby materially moving the Barryroe East Flank project towards development. The Phase 1 programme is targeting an estimated 463 MMBO STOIIP, with 162 MMBO REC (Rf = 0.35).
For further information please contact:
Lansdowne Oil & Gas plc Steve Boldy |
+353 1 495 9259 |
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Cantor Fitzgerald Europe Nominated Advisor and Joint Broker Sarah Wharry David Porter |
+44 (0) 20 7894 7000 |
Beaufort Securities
Joint Broker +44 (0) 20 7382 8300
Jon Belliss
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 37 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 acreage in the North Celtic Sea Basin, including a 20% stake in Exploration Licence SEL1/11 which contains the Barryroe oil field.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
ABOUT BARRYROE
Barryroe, located in the North Celtic Sea Basin, off the south coast of Ireland, 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 sixth well was drilled by Providence in 2011/12. The oil is light (43o API) with a wax content of c. 17-20%. The successfully tested reservoir sands are of Cretaceous Middle and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The field is covered by both 2D and 3D seismic, the latter which was acquired in 2011.
Audited (NSAI/RPS) on block resources amount to 1.048 billion barrels in place, with an estimated P50 recoverable resources of 311 MMBO (plus associated gas). A further 778 MMBO barrels in place have been identified in incremental sands, though these sands have yet to be tested.
