23 March 2009
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
Licensing Option Award
Lansdowne Oil & Gas plc (AIM: LOGP), the Dublin-based exploration company, is pleased to announce that it has been granted, by the Minister for Communications, Energy and Natural Resources, a new licensing option in the North Celtic Sea basin, off the south coast of Ireland.
Licensing Option 09/1 (“Lee” or the “Licensing Option”) covers parts of blocks 48/14, 48/15, 49/11 and 49/12, and lies along the northern margin of the North Celtic Sea Basin. The Licensing Option has been exclusively granted to Lansdowne.
The primary exploration target over the acreage is for oil in Jurassic sands anticipated to lie at depths between 1,200 and 3,000 m (3,900 and 10,000 ft) subsea. Water depth over the Licensing Option is around 85 – 90m (280 – 295 ft).
The initial work programme for the new Licensing Option will focus upon reprocessing the existing seismic data to improve the imaging of the Jurassic section. The new 2D seismic data acquired in 2008 by Lansdowne over the Amergin Prospect in Licence 5/08, also lying on the northern margin of the North Celtic Sea Basin, has demonstrated the improvements that modern seismic acquisition and processing can achieve. Lansdowne anticipates being able to replicate this improvement in data quality over Licensing Option 09/1.
| Number of shares||%||Options|
|LC Capital Master Fund, Ltd (non-beneficial)||8,198,707||25.06||12,728,308|
|S Lampe (beneficial)||196,078||0.60||Nil|
|Total S Lampe interest||8,394,785||25.66||12,728,308|
Lansdowne Oil and Gas plc
Arnhall Business Park
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481