30 September 2009
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
Interim Results for the six months to 30 June 2009
Lansdowne Oil & Gas, (“Lansdowne” or “the Company” or “the Group”) is pleased to announce its interim results for the six months to 30 June 2009.
- Loss after tax for period of £714,000 (6 months to June 2008 loss £483,000).
- Extension of existing loans from shareholders and provision of new loan facility.
- In April 2009 Petronas Star Energy completed the purchase of the Kinsale area gas production assets from Marathon.
- Lansdowne is prioritising the low risk Cretaceous gas opportunities in our portfolio, which have the greatest potential synergy with the Kinsale production facilities.
- Following the acquisition of new 2D seismic in 2008, a farm-out campaign commenced at the beginning of the year and is ongoing.
- New Licensing Option 09/1 “Lee” awarded 100% to Lansdowne in March 2009 – additional acreage along Jurassic oil play fairway
John Greenall, Chairman of Lansdowne commented,
The last eighteen months have been an extremely testing time for junior oil and gas companies, with the combined effects of the global recession, credit crunch and collapse in oil and gas prices. I would like to thank our shareholders for their continued support through these turbulent times. The overall business environment is showing some signs of improving and we continue towards our objective of getting wells drilled on our prospects in the Celtic Sea, with the prime focus being upon the low risk Cretaceous gas opportunities. The completion of the acquisition of the gas production infrastructure in the Celtic Sea by Petronas Star Energy is an important development which will, I believe, lead to a new phase of activity. Lansdowne plans to play its part in any opportunities arising from this acquisition or further developments in the Celtic Sea.
|Number of shares in issue||Numbers of voting rights|
|Ordinary shares of 5p each||32,710,778||32,710,778|
|Total issued voting shares||32,710,778||32,710,778|
Lansdowne Oil and Gas plc
Arnhall Business Park
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481