Last checked at 8 Jun 2011 07:01
June 8 2011
Lansdowne Oil & Gas plc
3D Seismic Survey commences over the Barryroe Oilfield in the North Celtic Sea, offshore Ireland
Lansdowne Oil & Gas, ("Lansdowne") welcomes the announcement today that Providence Resources plc ("Providence"), as Operator, has commenced the 3D seismic acquisition project in the North Celtic Sea, offshore Ireland, using a vessel supplied by Polarcus Limited.
The survey, which is expected to be completed within 2 weeks, forms part of the planned pre-development drilling programme on the Barryroe oil discovery ("Barryroe"), in which Lansdowne holds a 20% interest, and is designed to progress Barryroe to first oil. The drilling of Barryroe is scheduled to commence late this summer, with the GSF Arctic III semi -submersible rig already contracted for the drilling programme. The partners believe that modern 3D seismic data, in tandem with modern well completions in the current high oil price environment, will be key components to unlocking value at Barryroe.
Upon completion of the Barryroe 3D seismic survey, Lansdowne will take over the Polarcus vessel for the acquisition of 3D seismic over the Rosscarbery, Amergin and Midleton prospects in the North Celtic Sea, covering an aggregate area of approximately 300 sq km.
Contacts
Lansdowne Oil & Gas plc | ||
Steve Boldy | Chief Executive Officer | +353 1 637 3934 |
Chris Moar | Finance Director | +44 1224 748480 |
FinnCap | ||
Sarah Wharry | Corporate Finance | + 44 20 7220 0567 |
This resource update has been reviewed and approved by Steve Boldy, Chief Executive of Lansdowne. Steve Boldy is a geology graduate with a Ph.D from Trinity College Dublin and is a member of the Petroleum Exploration Society of Great Britain. He has 30 years' experience in the oil and gas exploration sector and is a qualified person as defined in the guidance note for Mining, Oil & Gas Companies, March 2006 of the London Stock Exchange.
About Lansdowne
Lansdowne is an exploration and appraisal oil and gas company listed in London on the AIM Market (Symbol : LOGP). Lansdowne holds a balanced portfolio of oil discoveries, low and moderate risk gas prospects near existing infrastructure and moderate risk oil prospects. The Company is focused on the underexplored North Celtic Sea Basin which has proven petroleum systems in place for both oil and gas. For more information, visit the Company's website: www.lansdowneoilandgas.com
About Barryroe
A third party audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding 2C and 3C Barryroe recoverable contingent resources are 59 MMBO and 144 MMBO, respectively.
Three wells within the 08/1 (Barryroe) Licensing Option area have tested oil:
48/24-1 drilled by Esso in 1973/1974 tested oil from Middle Wealden sands at an aggregate rate of 1,300 barrels per day
48/28-1 drilled drilled by Esso in 1974 tested oil from a Middle Wealden sand at 1,527 barrels per day
48/24-3 drilled by Marathon in 1990 tested oil from Lower Wealden sands at an aggregate rate of 1,619 barrels per day
Glossary of terms used in this Announcement
ALL FIGURES QUOTED ARE GROSS FIGURES, UNLESS OTHERWISE STATED
BOPD Barrels of Oil per Day
MMBO Millions of Barrels of Oil
BOEPD Barrels of Oil Equivalent per Day
STOIIP Stock Tank Oil Initially In Place