Last checked at 1 Feb 2019 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
("Lansdowne" or the "Company")
Standard Exploration Licence 1/11
Barryroe, North Celtic Sea Basin
Nomination of Drilling Unit
1 February 2019
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, notes the announcement today by Providence Resources P.l.c. regarding Barryroe, which reads as follows:
NOMINATION OF THE COSL "INNOVATOR" SEMI-SUBMERSIBLE DRILLING UNIT
Dublin and London - February 1, 2019 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration Company ("Providence" or the "Company"), today provides an operational update on Standard Exploration Licence ("SEL") 1/11 that contains the Barryroe oil accumulation. The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland. SEL 1/11 is operated by EXOLA DAC ("EXOLA", 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited ("APEC", 50%) and Lansdowne Celtic Sea Limited ("Lansdowne", 10%), collectively referred to as the "Barryroe Partners".
In September 2018, EXOLA and Lansdowne signed an Updated Farm-out Agreement ("FOA") with APEC which provides for a fully cost-carried firm programme comprising of the drilling and testing of four vertical wells and one horizontal side-track (collectively the "Drilling Programme"), plus the optional drilling of two additional horizontal wells (the "Option Wells"). Under the terms of the FOA, China Oilfield Services Limited ("COSL") will provide all services and equipment required to conduct the Drilling Programme.
RIG NOMINATION
To effect this Drilling Programme, the Barryroe Partners can now confirm that COSL have nominated their 6th generation "COSL Innovator" semi-submersible drilling unit, which is currently based in the Norwegian North Sea. The first well in the program, subject to regulatory consent, is planned to be c. 4.3 km west and c. 25 m structurally high at Base Wealden level to the previous 48/24-10z well which tested c. 4,000 BOEPD from a vertical 7-metre reservoir section at this level. This well is then planned to be sidetracked to drill and test a prognosed c. 200 metre Base Wealden section. Well site survey operations are planned to commence during Q2 2019 subject to regulatory consent.
Commenting on the announcement, Tony O'Reilly, Chief Executive of Providence said:
"The rig nomination allows us to progress the rig-related consents for the upcoming Barryroe appraisal drilling programme. Subject to the receipt of all necessary regulatory approvals, we currently envisage rig mobilisation and drilling commencing during Q3 2019. The Barryroe Partners look forward to working closely with COSL on the execution of this major drilling programme and further project announcements will be made as appropriate."
Commenting on the news, Lansdowne CEO Steve Boldy said:
"We are pleased that progress continues toward delivering the fully cost-carried multi-well drilling programme on Barryroe. The nominated rig, the COSL Innovator, has high technical specification and is ideally suited to complete the work."
For further information please contact:
Lansdowne Oil & Gas plc | +353 1 963 1760 |
Steve Boldy | |
SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
Nominated Adviser | |
Lindsay Mair | |
Richard Hail | |
| |
Brandon Hill Capital | +44 (0) 20 3463 5061 |
Broker | |
Oliver Stansfield |
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused, oil and gas exploration and appraisal company quoted on the AIM market and head quartered in Dublin.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
About COSL
China Oilfield Services Limited (COSL) is the leading integrated oilfield services providers in the Asian offshore market. COSL's four main services divisions-Geophysical Services, Drilling Services, Well Services, and Marine and Transportation Services-cover the exploration, development, and production phases of the oil and gas industry. It is a majority owned (54.63%) subsidiary of Chinese state-owned company, CNOOC (www.cosl.com.cn)
About COSL Innovator
Delivered from the yard in November 2011, the COSL Innovator is a semi-submersible drilling rig designed to operate in water depths up to 750 metres. The unit is designed for North Sea/Norwegian Sea and worldwide use in harsh environments. Station keeping is maintained by an 8-line mooring system or by dynamic position mode maintained by 6 fixed pitch, variable speed thrusters (DP3).