Operational Update

1 May 2008 10:00

Lansdowne Oil & Gas plc01 May 2008 1 May 2008 Lansdowne Oil & Gas plc ("Lansdowne" or the "Company") Operational Update - commencement of seismic survey Lansdowne Oil & Gas plc, the Dublin-based exploration company, is pleased toannounce that a 2D seismic acquisition programme has commenced over recentlyawarded Licence 5/08, in the Celtic Sea, offshore Ireland. Standard Exploration Licence 5/08 was awarded last month to Lansdowne's recentlyacquired wholly-owned subsidiary Milesian Oil & Gas Limited ("Milesian").Standard Exploration Licence 5/08 covers an area of 449 sq kms over parts ofblocks 47/25, 48/21, and 48/22. The blocks are located 30 kms from thecoastline, in water depths of approximately 100 metres. The Norwegian based company, Wavefield Inseis ASA, is carrying out the survey onbehalf of Milesian/Lansdowne using the M/V Malene Ostervold, which sailed fromCork on 29 April 2008 and commenced seismic acquisition at 15.00 Hours on 30April 2008. The 2D seismic survey of approximately 485 kms will be acquired overthe Amergin and Eremon structures that have been mapped from existing seismicdata. Amergin has been independently verified as having best case potentiallyrecoverable prospective resources of 63 million barrels of oil equivalent("MMBOE"). Standard Exploration Licence 5/08 is valid for a period of six years (in twothree year phases) during which Milesian is required to drill an explorationwell and to complete the acquisition of 300 kms of new seismic data within thefirst three year phase. The ongoing acquisition of seismic data will fulfil thelatter obligation. Under the terms of the licence, on 31 March 2011 Milesian isrequired to surrender 50 per cent. of the licence area. Steve Boldy, Chief Executive of Lansdowne, commented: "We are pleased that the seismic survey has commenced so quickly after thelicence award and look forward to working with Wavefield Inseis on thisprogramme, which we expect to better define the large structures we haveidentified upon Licence 5/08." Enquiries: Lansdowne Oil & Gas plc Stephen Boldy, CEO Tel: +353 1 637 3934 Emmet Brown, Business Development Director Tel: +353 1 637 3934 John East & Partners Limited David Worlidge Tel: 020 7628 2200 Notes to Editors: Lansdowne Oil & Gas plc is an independent oil and gas exploration company listedon the AIM market in London with its operations focused on the Irish offshoreNorth Celtic Sea basin. Its operating headquarters is in Dublin. The Company was founded in December 2005 and admitted to AIM in April 2006having acquired from Ramco Energy plc its portfolio of Irish exploration andappraisal assets that flank the Kinsale Head gas field and its infrastructure.The Company recently significantly expanded its North Celtic Sea portfoliothrough the acquisition of Milesian Oil & Gas Limited in December 2007 with itsidentified exploration prospects for Jurassic oil and gas. Following the acquisition and interpretation of this new seismic furtherconsideration may become payable to the Milesian vendor shareholders. An updated Independent Technical Report relating to Milesian's acreage will becommissioned following the conclusion of the seismic programme. If that reportconfirms best case potentially recoverable prospective resources of at least 63MMBOE then a further 2,333,419 new shares in Lansdowne will be issued to theMilesian vendor shareholders. Additionally for each 1 MMBOE of best case potentially recoverable prospectiveresources above 63 MMBOE, but capped at a total of 155 MMBOE a further 62,790new Lansdowne shares will be issued to the Milesian vendor shareholders.Therefore a maximum of 8,110,099 new Lansdowne shares may become issuable wherethe best case potentially recoverable prospective resources reach 155 MMBOE. Further information on Lansdowne is available at Lansdowne's website at www.lansdowneoilandgas.com This information is provided by RNS The company news service from the London Stock Exchange