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.
- 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.
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.
|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
Arnhall Business Park
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481