Last checked at 28 Dec 2017 07:30
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
Barryroe Oil Field Update
Exclusivity Period Granted to Potential Farminee
28 December 2017
Lansdowne Oil and Gas plc ("Lansdowne" or "the Company") notes the announcement today by Providence Resources P.l.c ("Providence") providing an update on the Barryroe Field (Standard Exploration Licence 1/11), in which Lansdowne holds a 20 per cent interest.
Providence's announcement contained information that various work-scopes for the planned drilling of the 48/24-K Barryroe appraisal well have begun. These work-scopes include well planning and consenting, together with the preparation of the Invitation to Tender ("ITT") for the procurement of a drilling unit, which it is planned to issue in early Q1 2018.
In parallel, as previously announced, the Barryroe partners have continued to engage with interested co-venture partners. The Company is pleased to confirm the Barryroe partners have now entered into a period of exclusivity with a potential farminee in order to conclude contractual negotiations, having reached provisional agreement on key commercial terms for a multi-well programme at Barryroe. Given there is no certainty that this envisaged transaction will be concluded, no specific commercial details are being released at this time.
Further announcements will be issued in due course and as appropriate.
For further information please contact:
Lansdowne Oil & Gas plc Steve Boldy
| +353 1 495 9259 |
Cantor Fitzgerald Europe Nominated Adviser and Joint Broker 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 37 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.