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Lansdowne working interest gains licence

Wed, 19th Oct 2011 07:48

Lansdowne Oil & Gas, which has a 20% working interest in the Barryroe area, has welcomed the news that the area has been awarded a standard exploration licence. The area is 25 sq km larger than a previously held licencing option, with the additional area lying on the northern side of the where additional potential has been recognised. The licence, which covers a period of up to six years, is split into two three-year phases, the first of which will fulfil the drilling commitment for the first phase of the licence. Dr. Steve Boldy, chief executive officer of Lansdowne said: "The award of licence brings the number of licences held by Lansdowne in the shallow water North Celtic Sea Basin to five. "These licences cover close to 500,000 acres held by Lansdowne in this underexplored basin with proven petroleum systems. We believe the application of 3D seismic equipmet will provide the key to unlocking the potential of the basin and we look forward to the drilling of the Barryroe appraisal well in November." NR