ICSID registers Lansdowne Oil & Gas Ireland arbitration request

(Alliance News) - Lansdowne Oil & Gas PLC on Monday said the International Centre for Settlement of Investment Disputes in Washington, DC has registered the company's request for arbitration against Ireland, in a dispute over the Barryroe oil and gas field.

The exploration company with Irish offshore licences was designated a cash shell in September 2023.

In June 2023, Lansdowne gave notice to Ireland that a dispute existed under the Energy Charter Treaty. It received confirmation on Friday that its ICSID request had been registered. Lansdowne is seeking at least USD100 million, plus interest.

"This is an important step in the arbitration process and will now be followed by the appointment of a tribunal," the company noted, stressing that it "will continue to vigorously assert its rights under the Energy Charter Treaty".

Back in April, the ECT secretariat said it had been notified of Ireland's withdrawal from the treaty, which takes effect from April 28, 2027. According to Lansdowne, Ireland will continue to be bound by a 20-year sunset clause, such that the company does not expect the withdrawal to affect its case.

Lansdowne Chief Executive Stephen Boldy commented: "We look forward to the next steps in the arbitration process in our quest to seek just compensation for the loss of our Barryroe asset."

The company expects to restart trading on London's AIM on May 27, subject to shareholder approval at a general meeting the day prior.

By Holly Munks, Alliance News reporter

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