10 Sep 2019 07:55
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).
10 September 2019
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Standard Exploration Licence 1/11
Barryroe, North Celtic Sea Basin
Update on Barryroe Farm-out Transaction
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, today provides a commercial update in relation to Standard Exploration Licence ("SEL") 1/11, which contains the Barryroe oil accumulation (the "Barryroe Project"). The Barryroe Project is operated by EXOLA DAC ("EXOLA" or the "Operator", 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited ("APEC") and Lansdowne Celtic Sea Limited ("Lansdowne", 10%). 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.
Background
On June 5, 2019, the Company announced that APEC, EXOLA and Lansdowne (together, the "Barryroe Partners") had agreed certain amendments to the Farm-Out Agreement (the "Updated FOA") for the Barryroe Project, including a revised backstop date with APEC for receipt of the US$9 million loan advance to June 14, 2019, which was subsequently extended through various extensions to September 9, 2019.
Update on receipt of APEC Loan Amount
On September 3, 2019, it was announced that written notice had been issued to APEC that, should the APEC Loan Amount not be received by the close of business on September 9, 2019, Providence/EXOLA and Lansdowne reserved the right to end exclusivity, while also considering all legal remedies available to them against APEC for contract non-performance, including the re-assignment of equity in SEL 1/11. As at close of business on September 9, 2019, no funds had been received in EXOLA's account.
The Barryroe partners have agreed to a further extension of the backstop date for receipt of the APEC Loan Proceeds to close of business on September 30, 2019. This extension is without prejudice to Lansdowne's legal rights under the Updated FOA.
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 | |
Lindsay Mair | |
Richard Hail | |
| |
Brandon Hill Capital | +44 (0) 20 3463 5061 |
Joint 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 Providence Resources
Providence Resources is an Irish based Oil & Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence's shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com
About APEC
APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong registered company with headquarters in Beijing. In addition to its original focus on offshore oil & gas services, APEC provides upstream energy acquisition advice and management services in partnership with Chinese Oil Companies, offshore and onshore service providers, and SOE investment groups. www.apecenergy.com.
Lansdowne Oil (LOGP)