Last checked at 9 Nov 2016 07:45
Lansdowne Oil & Gas plc
Litigation Update
9 November 2016
Lansdowne Oil & Gas plc ("Lansdowne" or "the Company"), the independent oil and gas company focused on offshore Ireland, notes the release by Providence Resources plc ("Providence") today regarding the Supreme Court Application.
The announcement provided an update regarding Providence's application to the Supreme Court of the United Kingdom seeking permission to appeal the Court of Appeal decision handed down on April 13, 2016 which pertains to prior litigation between Providence and Transocean Drilling U.K. Limited ("Transocean"), a subsidiary of Transocean Ltd. This litigation arises from the use of the semi-submersible drilling unit, Arctic III, on the Barryroe oilfield offshore Ireland (Providence: 80%, Lansdowne: 20%) in 2011/2012.
By order dated November 2, 2016, the Supreme Court ordered that permission to appeal be refused as the appeal does not raise a point of law of general public importance.
Commenting on the news, Lansdowne CEO Steve Boldy said:
"Whilst it is disappointing that the appeal to the Supreme Court is not proceeding, as this might have resulted in the Barryroe partners being reimbursed for some of the amounts already paid to Transocean, this finally brings to an end this long running litigation and there will be no further costs. The dispute arose as a result of the failure of equipment on the rig whilst drilling the Barryroe appraisal well, leading to extensive delay and cost over-run. With the litigation finally behind us, the Barryroe partners can now focus solely upon moving the project forward."
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
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 shallow-water 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.