29 November 2007
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
Proposed acquisition of Milesian Oil & Gas Limited
- Proposed acquisition of Milesian for initial consideration of 8,921,118 shares in Lansdowne, representing 30 per cent. of the Enlarged Issued Share Capital.
- Milesian’s principal assets are Licensing Options 05/2 and 05/1 in the Celtic Sea, offshore Ireland. Two large structures, Amergin and Eremon, have been identified and mapped by Milesian and are considered prospective for oil in Jurassic reservoir targets.
- Combining Milesian’s and Lansdowne’s respective Celtic Sea assets will broaden the portfolio, create greater critical mass furthering the objective of building a cost effective multi-well exploration programme.
- Loan facility of Â£1 million to be made available on completion of the Acquisition.
- Ramco Energy’s shareholding in Lansdowne will be diluted down to below 50 per cent., currently 61 per cent.
Emmet Brown, Richard Pollock and Thomas Anderson, all current directors of Milesian, will be appointed to the Lansdowne Board upon completion of the Acquisition.
- The proposed Acquisition is conditional on Lansdowne shareholders approval at a General Meeting to be held on 17 December 2007 Lansdowne’s largest shareholder, Ramco Hibernia Limited (61 per cent.), has undertaken to vote in favour of the proposed acquisition.
Steve Boldy, CEO of Lansdowne, commented:
We know Milesian and its assets well and they are an excellent fit with the Lansdowne assets and our strategy. This acquisition will create an enhanced entity which will better enable us to move forward our combined portfolio of prospects. I look forward to working with Emmet Brown in developing our exciting enlarged acreage to its full potential and delivering value to our shareholders.
|Lansdowne Oil & Gas plc|
|Steve Boldy, Chief Executive Officer||01224 352 200|
|Chris Moar, Finance Director||01224 352 200|
Lansdowne Oil and Gas plc
Arnhall Business Park
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481