19 May 2008
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
Preliminary Results for the year ended 31 December 2007
Lansdowne Oil & Gas, (“Lansdowne” or “the Company”) is pleased to announce its preliminary results, for the year ended 31 December 2007. 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.
Highlights
- Acquisition of Milesian Oil & Gas Limited broadens asset portfolio and strengthens shareholder base and management
- Licence 5/08 granted to Company over area including Amergin prospect and Eremon lead
- Seismic survey recently completed, under budget, to improve data available for drilling programme planning
- £1 million loan facility provided by major shareholders
- Two Standard Exploration Licences awarded
- Interest in Rosscarbery increased to 99 per cent
- Placing of 2,973,707 shares to be completed shortly
John Greenall, Chairman of Lansdowne commented,
In 2007 we acquired Milesian Oil & Gas Limited. Its substantial oil prospects complement our predominantly gas prospects. Two of our three Licensing Options were converted into Standard Exploration Licences. Product prices have been extremely strong and it is expected that there will be some moderation in these which hopefully will spill over into the cost of drilling rigs and associated services.
Click here to view the full Report (PDF format)
Enquiries:
| Lansdowne Oil & Gas plc | |
| Chris Moar | 01224 748 480 |
| John East & Partners Limited | |
| David Worlidge | 020 7628 2200 |
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
