Lansdowne Oil & Gas plc
(“Lansdowne” or the “Company”)
Announcement regarding Barryroe
February 9 2015
Lansdowne Oil & Gas plc, a North Celtic Sea focussed oil and gas company, notes today’s announcement by Providence Resources P.l.c. (“Providence”), which included a comment on the status of the Barryroe asset.
Further to the Providence announcement, Lansdowne can also confirm that it has reached agreement on the commercial terms with the proposed farminee on its Barryroe asset (Lansdowne currently 20%), offshore Ireland.
However, as this farm-in is subject to closing conditions, most specifically the proposed farminee raising the required level of financing, terms are not being disclosed at this time.
Given its conditional nature, shareholders should note that there is no certainty that the farm-in will be concluded with the proposed farminee and further announcements will be issued in due course as appropriate.
For further information please contact:
Lansdowne Oil & Gas plc
Steve Boldy +353 1 495 9259
Cantor Fitzgerald Europe
Sarah Wharry +44 (0) 20 7894 7000
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 34 years’ experience in petroleum exploration and management. Dr. Boldy has consented to the inclusion of the technical information in this release in the form and context in which it appears.
Notes to editors:
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 extensive acreage, in the North Celtic Sea Basin, an emerging under-explored province.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
The Barryroe Field lies in the North Celtic Sea Basin and 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 last well, 48/24-10z, was drilled by Providence in 2011/2012. The field is covered by both 2D and 3D seismic. The successfully tested reservoir sands are of Cretaceous Middle and Lower Wealden age located between c. 4,500’ TVDSS and 7,550’ TVDSS. The oil is light (43o API) with a wax content of c. 17-20%. Lansdowne currently holds a 20% interest in the licence, which is operated by Providence who currently holds the remaining 80% interest.
SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement