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
("Lansdowne" or the "Company")
Standard Exploration Licence 1/11
Barryroe, North Celtic Sea Basin
Operational Update
17 June 2019
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, notes the announcement today by Providence Resources P.l.c. regarding Barryroe, which reads as follows:
Update on Barryroe Farm-Out Transaction
Dublin and London - June 17, 2019 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy Company ("Providence" or the "Company"), today provides a commercial and operational update in relation to Standard Exploration Licence ("SEL") 1/11 which contains the Barryroe oil accumulation (the "Barryroe Project"). SEL 1/11 is operated by EXOLA DAC ("EXOLA" or the "Operator", 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited ("APEC") and Lansdowne Celtic Sea Limited ("Lansdowne", 10%). The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.
Background
On June 5, 2019, the Company announced that it had agreed certain amendments to the Farm-Out Agreement (the "Updated FOA") for the Barryroe Project with APEC Energy Enterprises Limited ("APEC") and, together with EXOLA and Lansdowne, the "Barryroe Partners", including a revised backstop date with APEC for receipt of the US$9 million loan advance to June 14, 2019. Pursuant to the terms of the Updated FOA, this US$9 million loan is to cover the costs associated with front-end well-site survey operations and pre-drill well consenting.
Further Extension Agreed up to July 5, 2019
Due to delays associated with internal transaction processing with their investors, APEC have formally requested a further extension of time for the payment of the initial US$9 million loan. EXOLA and Lansdowne have agreed to this further extension of the backstop date to no later than July 5, 2019.
Well Site Survey Operations
Subject to receipt of all regulatory consents and required financing, the well-site survey operations are expected to commence Q3 2019. The Company will issue a further update in due course.
ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this announcement. Providence Resources P.l.c undertakes no obligation to update any forward-looking statements.
For further information please contact:
Lansdowne Oil & Gas plc |
+353 1 963 1760 |
Steve Boldy |
|
|
|
SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
Nominated Adviser |
|
Lindsay Mair |
|
Richard Hail |
|
|
|
Brandon Hill Capital |
+44 (0) 20 3463 5061 |
Broker |
|
Oliver Stansfield |
|
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused, oil and gas exploration and appraisal company quoted on the AIM market and head quartered in Dublin.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
About Providence Resources
Providence Resources is an Irish based Oil & Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence's shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com
About APEC
APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong registered company with headquarters in Beijing. In addition to its original focus on offshore oil & gas services, APEC provides upstream energy acquisition advice and management services in partnership with Chinese Oil Companies, offshore and onshore service providers, and SOE investment groups. www.apecenergy.com.
