30 April 2007
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
Preliminary Results for the year ended 31 December 2006
Lansdowne Oil & Gas, (“Lansdowne” or “the Company”) is pleased to announce its maiden preliminary results, for the year ended 31 December 2006. Lansdowne is an upstream oil and gas company, focused on exploration and appraisal opportunities offshore Ireland. The Group has targeted the Irish offshore shelf areas for exploration as these provide shallow water (generally less than 100 metres), relatively low cost opportunities and these factors, combined with the current good fiscal terms, have the potential to deliver high value reserves.
- Acquisitions of Celtic Sea licensing options from Ramco
- Acquisition of 19.25% of Frontier Licence 1/05 offshore Donegal from Ramco
- The Inishbeg wildcat (Lansdowne 19.25% fully carried interest) was drilled offshore Donegal and plugged and abandoned as a dry hole.
- Lansdowne is continuing with post-well evaluation work
- Work programme commitments completed on all Celtic Sea Licensing Options:
- Applications submitted for follow-on authorisations
- £750,000 private placing with international institutions to fund operational programme in February 2006
- IPO on the AIM Market raising £1.6 million
Steve Boldy, CEO of Lansdowne commented,
The work which we carried out during the year has encouraged us to apply for successor licences on our Celtic Sea interests and to seek an extension of our Donegal Frontier licence. RPS Scott Pickford have reviewed our Celtic Sea interests in the light of cost escalations and we remain confident that the projects remain robust under conservative price assumptions. We are actively seeking farm-in partners to take the projects forward.
Lansdowne Oil and Gas plc
Arnhall Business Park
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481