Last checked at 23 Mar 2009 07:00
23 March 2009
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Licensing Option Award
Lansdowne Oil & Gas plc (AIM: LOGP), the Dublin-based exploration company, is pleased to announce that it has been granted, by the Minister for Communications, Energy and Natural Resources, a new licensing option in the North Celtic Sea basin, off the south coast of Ireland.
Licensing Option 09/1 ("Lee" or the "Licensing Option") covers parts of blocks 48/14, 48/15, 49/11 and 49/12, and lies along the northern margin of the North Celtic Sea Basin. The Licensing Option has been exclusively granted to Lansdowne.
The primary exploration target over the acreage is for oil in Jurassic sands anticipated to lie at depths between 1,200 and 3,000 m (3,900 and 10,000 ft) subsea. Water depth over the Licensing Option is around 85 - 90m (280 - 295 ft).
The initial work programme for the new Licensing Option will focus upon reprocessing the existing seismic data to improve the imaging of the Jurassic section. The new 2D seismic data acquired in 2008 by Lansdowne over the Amergin Prospect in Licence 5/08, also lying on the northern margin of the North Celtic Sea Basin, has demonstrated the improvements that modern seismic acquisition and processing can achieve. Lansdowne anticipates being able to replicate this improvement in data quality over Licensing Option 09/1.
Dr. Steve Boldy, CEO of Lansdowne, commented:
"Lansdowne is delighted to be awarded this new Licensing Option. We consider this new acreage ideally located to have received sand input during the Jurassic, which augurs well for reservoir development. The improvement we achieved in seismic imaging of the Jurassic through last year's programme gives us confidence that similar results can be achieved in this new area, leading to the identification of new drillable prospects".
Enquiries:
| Lansdowne Oil & Gas plc | |
| Stephen Boldy, CEO | Tel: +353 1 637 3934 |
| Emmet Brown, Business Development Director | Tel: +353 1 637 3934 |
| Canaccord Adams Limited (Nominated Adviser) | |
| JeffreyAuld/Henry Fitzgerald-O'Connor | Tel: + 44 207050 6500 |
Notes to Editors:
Lansdowne Oil & Gas plc is an independent oil and gas exploration company listed on the AIM market in London (Symbol LOGP) with its operations focused on the Irish offshore North Celtic Sea basin. Its operating headquarters are in Dublin.
The Company was founded in December 2005 and admitted to AIM in April 2006. . The Company expanded its North Celtic Sea portfolio through the acquisition of Milesian Oil & Gas Limited in December 2007. Lansdowne now holds rights through its wholly owned subsidiaries to three Standard Exploration Licences and two Licensing Options in the Celtic Sea.
Further information on Lansdowne is available at Lansdowne's website at www.lansdowneoilandgas.com