26 September 2008

Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)

Interim Results for the six months to 30 June 2008

Lansdowne Oil & Gas, (“Lansdowne” or “the Company” or “the Group”) is pleased to announce its interim results for the six months to 30 June 2008.

Financial Highlights

  • Loss after tax for period of £483,000 (6 months to June 2007 £816,000).
  • Placing of 2,973,707 shares completed in May 2008 raising £892,000.
  • Canaccord Adams Limited appointed as Nominated Adviser and Broker.

Operational highlights

New Licensing Option (08/1 “Barryroe”) awarded to Lansdowne (40%) and partners in July.

  • Oil discovery where three previous wells have tested oil at between 1,300 and 1,600 bopd.
  • Oil tested was light crude (30 to 42 API), with a relatively high wax content.
  • Scoping study for acquisition of 3D seismic underway.
  • Potential development synergies with other Celtic Sea projects are being reviewed.

Licence 5/08 granted in April 2008 to the Company (100%) over area including the Amergin prospect and Eremon lead.

  • Seismic survey acquired in May 2008 over Amergin and Eremon to improve data available for drilling programme planning.
  • Survey acquired ahead of schedule and under budget.
  • Seismic processing completed, yielding good quality data.
  • Interpretation nearing completion.

Farm-in option granted to Island and partners over the prospective Old Head Gas Trend in the southern part of Licence 4/07.

  • Seismic survey acquired in early June at no cost to Lansdowne.
  • Data processing completed and interpretation expected to commence within next week or so.

RPS Energy engaged to produce revised Competent Person Report (“CPR”).

  • Update previous work in light of current oil and gas prices.
  • Incorporate the results of new seismic over Amergin/Eremon and Old Head Gas Trend.
  • Updated report expected in November.

John Greenall, Chairman of Lansdowne commented,

Lansdowne is now at a point where it can expect to be involved in a multi-well drilling programme over the next two or three years. It promises to be an exciting period in the company’s development and hopefully a rewarding one.

Click here to view the full Report (PDF format)


Lansdowne Oil & Gas plc
Steve Boldy, Chief Executive Officer +353 1 637 3934
Emmet Brown, Business Development Director +353 1 637 3934
John East & Partners Limited
David Worlidge 020 7628 2200

Lansdowne Oil and Gas plc
Britannia House
Endeavour Drive
Arnhall Business Park
AB32 6UF
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481
Email: info@lansdowneoilandgas.com
Web: www.lansdowneoilandgas.com