Lansdowne Oil & Gas plc Litigation Update (6665O)
November 09 2016 - 1:45AM
UK Regulatory
TIDMLOGP
RNS Number : 6665O
Lansdowne Oil & Gas plc
09 November 2016
Lansdowne Oil & Gas plc
Litigation Update
9 November 2016
Lansdowne Oil & Gas plc ("Lansdowne" or "the Company"), the
independent oil and gas company focused on offshore Ireland, notes
the release by Providence Resources plc ("Providence") today
regarding the Supreme Court Application.
The announcement provided an update regarding Providence's
application to the Supreme Court of the United Kingdom seeking
permission to appeal the Court of Appeal decision handed down on
April 13, 2016 which pertains to prior litigation between
Providence and Transocean Drilling U.K. Limited ("Transocean"), a
subsidiary of Transocean Ltd. This litigation arises from the use
of the semi-submersible drilling unit, Arctic III, on the Barryroe
oilfield offshore Ireland (Providence: 80%, Lansdowne: 20%) in
2011/2012.
By order dated November 2, 2016, the Supreme Court ordered that
permission to appeal be refused as the appeal does not raise a
point of law of general public importance.
Commenting on the news, Lansdowne CEO Steve Boldy said:
"Whilst it is disappointing that the appeal to the Supreme Court
is not proceeding, as this might have resulted in the Barryroe
partners being reimbursed for some of the amounts already paid to
Transocean, this finally brings to an end this long running
litigation and there will be no further costs. The dispute arose as
a result of the failure of equipment on the rig whilst drilling the
Barryroe appraisal well, leading to extensive delay and cost
over-run. With the litigation finally behind us, the Barryroe
partners can now focus solely upon moving the project forward."
For further information please contact:
Lansdowne Oil & Gas plc
Steve Boldy +353 1 495 9259
Cantor Fitzgerald Europe
Nominated Advisor and
Joint Broker
Sarah Wharry
David Porter +44 (0) 20 7894 7000
Beaufort Securities
Joint Broker +44 (0) 20 7382 8300
Jon Belliss
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea
focussed, oil and gas exploration and appraisal company quoted on
the AIM market and head quartered in Dublin. Lansdowne holds
acreage in the shallow-water North Celtic Sea Basin, including a
20% stake in Exploration Licence SEL1/11 which contains the
Barryroe oil field.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.com
ABOUT BARRYROE
Barryroe, located in the North Celtic Sea Basin, off the south
coast of Ireland, has had six wells successfully drilled on the
structure. Hydrocarbons have been logged in all six wells, with
flow test results from four wells. Four wells were drilled in the
1970's by Esso with a further appraisal well drilled in 1990 by
Marathon Oil. The sixth well was drilled by Providence in 2011/12.
The oil is light (43(o) API) with a wax content of c. 17-20%. The
successfully tested reservoir sands are of Cretaceous Middle and
Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS.
The field is covered by both 2D and 3D seismic, the latter which
was acquired in 2011.
Audited (NSAI/RPS) on block resources amount to 1.048 billion
barrels in place, with an estimated P50 recoverable resources of
311 MMBO (plus associated gas). A further 778 MMBO barrels in place
have been identified in incremental sands, though these sands have
yet to be tested.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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