Last checked at 13 Jul 2017 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boldy, the Chief Executive Officer of the Company (responsible for arranging release of this announcement).
Lansdowne Oil & Gas plc
Celtic Sea Portfolio Update
Standard Exploration Licence 1/11
Barryroe Oil Field
13 July 2017
· Two year extension of the First Phase of Standard Exploration Licence 1/11, to July 2019
· Further two year extension of overall term of Standard Exploration Licence 1/11, to July 2021
Lansdowne Oil & Gas ("Lansdowne" or "the Company"), the independent oil and gas company focussed on offshore Ireland, provides an update on Standard Exploration Licence ("SEL") 1/11 that contains the Barryroe oil accumulation.
Lansdowne Celtic Sea Limited, a wholly owned subsidiary of Lansdowne, holds a 20% interest in SEL 1/11, which is operated by Exola DAC (80%), a wholly-owned subsidiary of Providence Resources p.l.c., collectively referred to as the "Barryroe Partners". The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is c. 50 km off the south coast of Ireland.
The Barryroe Partners have been granted a 2-year extension to the term of the First Phase of SEL 1/11, to July 2019 and to the overall term to, July 2021 by the Minister for Communications, Climate Action & Environment, subject to the Barryroe Partners carrying out a work programme that includes the evaluation of newly reprocessed 3D seismic data together with an assessment of the Jurassic and Triassic exploration potential of the licence area.
Steve Boldy, CEO commented:
"We are very pleased to be granted these extensions to the Barryroe licence, which provides additional security of tenure whilst we continue the farm-out process. The Barryroe partners are in dialogue with a number of parties regarding advancing the appraisal of Barryroe through to first oil.
The extension work programme includes evaluating the deeper exploration potential of the licence, which offers exciting upside, over and above the substantial resources already identified in Barryroe."
For further information please contact:
Lansdowne Oil & Gas plc Steve Boldy
| +353 1 495 9259 |
Cantor Fitzgerald Europe Nominated Advisor and Joint Broker Sarah Wharry David Porter |
+44 (0) 20 7894 7000 |
Beaufort Securities
Joint Broker +44 (0) 20 7382 8300
Jon Belliss
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 35 years' experience in petroleum exploration and management. Dr Boldy has consented to the inclusion of the technical information in this release in the form and context in which it appears.
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focussed, oil and gas exploration and appraisal company quoted on the AIM market and head quartered in Dublin.
Lansdowne holds acreage in the North Celtic Sea Basin, including a 20% stake in Exploration Licence SEL1/11 which contains the Barryroe oil field.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
ABOUT BARRYROE
Barryroe, located in the North Celtic Sea Basin, off the south coast of Ireland, has had six wells successfully drilled on the structure. Hydrocarbons have been logged in all six wells, with flow test results from four wells. Four wells were drilled in the 1970's by Esso with a further appraisal well drilled in 1990 by Marathon Oil. The sixth well was drilled by Providence in 2011/12. The oil is light (43o API) with a wax content of c. 17-20%. The successfully tested reservoir sands are of Cretaceous Middle and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The field is covered by both 2D and 3D seismic, the latter which was acquired in 2011.
Audited (NSAI/RPS) on block resources amount to 1.048 billion barrels in place, with an estimated P50 recoverable resources of 311 MMBO (plus associated gas). A further 778 MMBO barrels in place have been identified in incremental sands, though these sands have yet to be tested.