Lansdowne Oil & Gas - Exploration company with licences in the Irish offshore shelf areas - Says that shareholder will receive an economic benefit relating to their shareholder if the company is successful in its ongoing claim against the Irish government, following its refusal to grant the company a lease undertaking for the Barryoe gas field. In May, the company was informed by the Irish environmental department that the Barryroe lease undertaking would not be granted, after the company had invested USD20 million in the project. Lansdowne is pursuing a claim against the country through the Energy Charter Treaty, an international agreement permitting companies to sue national governments. Lansdowne says that the benefit will be taken from the net proceeds of the ECT claim, after legal and ancillary cost deductions, but notes that there is no guarantee of success.
Lansdowne's shares will be suspended on March 21 following its September designation as a cash shell. However, it added that the ECT claim proceeds could be used to fund an acquisition, after which the suspension would be lifted.
Current stock price: 0.14 pence each, up 75% on Friday afternoon in London
12-month change: down 71%
By Hugh Cameron, Alliance News reporter
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Lansdowne Oil (LOGP)