27 January 2009

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

Licence Update

In June 2008 Lansdowne granted a Farm-In Option to Island Expro Limited, a subsidiary undertaking of Island Oil & Gas plc (“Island”) over the prospective Old Head Gas Trend in Licence 4/07. Island subsequently acquired c 130km of new 2D seismic data over Licence 4/07 at no cost to Lansdowne. This new data is considered by Lansdowne to be a significant improvement on the older data and has been incorporated into the re-mapping of the prospects identified in the southern part of Licence 4/07. Details of the results of this re-evaluation will be included in a full updated Competent Persons Report on all of Lansdowne’s acreage which is anticipated to be released in February 2009.

Under the terms of the Farm-in Option, Island had until December 31st 2008 to commit to drill a well to earn-in to Licence 4/07. No such undertaking was received from Island and this option has now lapsed, with Lansdowne retaining 100% equity in the Licence.


Lansdowne Oil & Gas plc
Steve Boldy Chief Executive Officer +353 1 637 3934
Chris Moar Finance Director 01224 748480
John East & Partners Limited
David Worlidge Director 020 7628 2200
Johnny Townsend Director 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