Last checked at 3 Nov 2015 08:25
Lansdowne Oil & Gas plc
Extension to term and area of Barryroe licence SEL 1/11
3 November 2015
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 field. Lansdowne has a 20% interest in SEL 1/11, which is in c.100 metres of water in the Celtic Sea offshore the south coast of Ireland and is operated by Exola Limited, a wholly-owned subsidiary of Providence Resources.
The Minister for Communications, Energy & Natural Resources has offered the Barryroe partners a 2-year extension to the term of the first phase of SEL 1/11 to July 2017 as well as an extension of the term of the second phase to July 2019. The areal extent of SEL 1/11 has also been increased by 118 km2 to accommodate mapped potential extensions of the Barryroe accumulation into the adjacent Licensing Option (LO) 12/4, which was formerly held by Lansdowne and Exola but has now lapsed.
Stephen Boldy, Chief Executive of Lansdowne Oil & Gas commented:
"The extensions to both the term and the area of the Barryroe licence will provide the current partners with greater security of tenure as we seek to advance the project. It also ensures that the SEL 1/11 partners will benefit from any further upside resource potential in the area immediately adjacent to the previous licence boundary."
For further information please contact:
Lansdowne Oil & Gas plc Steve Boldy Richard Slape | +353 1 495 9259 |
Cantor Fitzgerald Europe Sarah Wharry David Porter |
+44 (0) 20 7894 7000 |
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 34 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 extensive 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