29 September 2006
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
Interim results for the period from 23 December 2005 to 30 June 2006
Lansdowne, the Irish focused oil and gas exploration company, announces unaudited interim results for the period from 23 December 2005 to 30 June 2006.
- Raised £750,000 through a private placing in February 2006
- Raised £1.6 million before expenses through placing and admission to AIM on 21 April 2006
- Funds will be applied to complete work programme on Celtic Sea prospects
- Funds remaining at end June £1.6 million
- February 2006 – Four Celtic Sea Licensing Options extended to year end 2006
- Celtic Sea work programme of reprocessing 388km of 2D seismic and purchase of additional 560km of 2005 2D data successfully completed
- Farm-out campaign underway
Post Interim Period
- Inishbeg well (in which Lansdowne has a 19.25 per cent. carried interest) drilled in Donegal. Remaining potential of Donegal acreage under evaluation.
Johnny Greenall, Chairman of Lansdowne, commented:
During the first half of 2006 we have launched Lansdowne as a new oil and gas exploration and appraisal company, targeting the Celtic Sea and Donegal Basin. We completed our placing and admission to AIM in April, since when we have completed the technical evaluation of our Celtic Sea properties, and are actively seeking to farm-out these opportunities.
In the Donegal Basin, off the northwest of Ireland, the Inishbeg exploration well was drilled in August 2006, and was plugged and abandoned as a dry hole. Whilst this was a disappointing outcome, we were fully carried through this well, and are working with our partners to integrate the results with our previous work to determine the remaining potential on the Licence.
In the Celtic Sea, Island Oil and Gas plc announced the Old Head gas discovery on acreage adjacent to our East Kinsale Licensing Option. We believe that this discovery reduces the risk profile of our acreage and we are enthusiastic about the potential of our Celtic Sea acreage, which includes both oil and gas prospects.
|Lansdowne Oil & Gas plc|
|Steve Boldy, Chief Executive Officer||+353 1 495 9259|
|Cenkos Securities plc|
|Neil McDonald||+44 (0)131 220 6939|
Lansdowne Oil & Gas plc
62 Queen’s Road
Tel: +44 1224 352 200
Fax: +44 1224 352 211