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LONDON (Alliance News) - Lansdowne Oil and Gas PLC Wednesday said it has launched a strategic review to consider all of its options which could lead to a potential merger, acquisition, sale or farm-out of its assets after receiving proposals.
Lansdowne said it will discuss a potential merger on a confidential basis with a third-party under a formal sale process.
"Given the current position of Lansdowne and the quality of its assets, continuing with the current strategy and structure remains a viable option. Nevertheless, the strategic review will be wide-ranging," said Lansdowne.
The oil and gas exploration and development company currently has licenses in the North Celtic Sea basin off the south coast of Ireland.
"The company is undertaking a careful evaluation of its business plan, operational assets, development strategy, market valuation of assets and capital structure," it added.
Lansdowne shares rose 6.1% to 4.78 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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