08 June 2009
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
Preliminary Results for the year ended 31 December 2008
Lansdowne Oil & Gas, (“Lansdowne” or “the Company”) is pleased to announce its preliminary results, for the year ended 31 December 2008. 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), and relatively low drilling costs and these factors, combined with favourable fiscal terms, have the potential to deliver high value reserves.
Highlights
- Acquisition and interpretation of new seismic survey data over portfolio
- Updated Competent Persons Report (“CPR”) issued February 2009
- Amergin prospect included in CPR for first time – net prospective resources to the Company of 64 MMBOE
- Best case prospective resources over Cretaceous gas prospects increased from 267.5bscf to 331.4 bscf
- Barryroe oil discovery contingent resources of 23.4 MMBOE
- Lee Licensing Option (09/1) awarded in March 2009
Financial
- Loss for year £1.0 million (2007: £1.1 million)
- New £0.5 million loan facility entered into in February 2009
- Repayment date on existing facilities extended from March 2009 to March 2010
Click here to view the full Report (PDF format)
Enquiries:
| Number of shares in issue | Numbers of voting rights | |
| Ordinary shares of 5p each | 32,710,778 | 32,710,778 |
| Total issued voting shares | 32,710,778 | 32,710,778 |
Lansdowne Oil and Gas plc
Britannia House
Endeavour Drive
Arnhall Business Park
Westhill
Aberdeenshire
AB32 6UF
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481
Email: info@lansdowneoilandgas.com
Web: www.lansdowneoilandgas.com
