27 January 2009
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
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
Arnhall Business Park
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481