Last checked at 26 Feb 2024 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the retained EU law version of 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).
26 February 2024
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Update on Energy Charter Treaty Claim
As announced in January, in light of the Irish Government's refusal to engage in worthwhile discussions, the Company is focused upon progressing its Energy Charter Treaty ("ECT") claim against Ireland following the refusal to award a Lease Undertaking for the Barryroe oil and gas field ("Barryroe").
· Lansdowne has appointed Mantle Law, an international law firm with offices in London and the United Arab Emirates, whose global team consist of the best dispute and arbitration lawyers in the construction, infrastructure and energy sectors.
· Mantle Law and the Company are in the process of contacting litigation funders, with a view to providing third-party finance to fund its ECT claim and the resulting arbitration process.
Given the lack of engagement or any ability to have a respectful and frank conversation with the Irish Government, the Company believes it now has no alternative other than to pursue vigorously its ECT claim.
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 and Joint Broker | |
Stuart Gledhill | |
Richard Hail | |
Tavira Financial Limited | +44 (0) 20 3192 1739 |
Joint Broker | |
Oliver Stansfield |
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is an oil and gas exploration and appraisal company focused on the North Celtic Sea and quoted on the AIM market and head quartered in Dublin.
In May 2023 the application for a Lease Undertaking for the Barryroe Field, in which Lansdowne held a 20% interest, was refused by the Irish Department of the Environment, Climate and Communications.
In June 2023 Lansdowne announced the commencement of action under the Arbitration Process of the Energy Charter Treaty.
Since 20 September 2023, Lansdowne has been designated a "Cash-Shell" under AIM Rule 15.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com.