Lansdowne Oil & Gas plc Relinquishment of Standard Exploration Licence (9846W)
February 15 2017 - 6:34AM
UK Regulatory
TIDMLOGP
RNS Number : 9846W
Lansdowne Oil & Gas plc
15 February 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain. If you have any queries on this, then please contact
Steve Boldy, the Chief Executive Officer of the Company
(responsible for arranging release of this announcement).
Lansdowne Oil & Gas plc
Relinquishment of Standard Exploration Licence ("SEL") 4/07,
Offshore Ireland
16 February 2017
Lansdowne Oil & Gas plc ("Lansdowne" or "the Company"), the
independent oil and gas company focused on offshore Ireland,
announces the relinquishment of SEL 4/07, with effect from December
31(st) 2016.
Lansdowne retained a 20% interest in the licence after farming
out to PSE Kinsale Energy Limited ("Kinsale Energy"), who acquired
an 80% interest and operatorship and who drilled the 49/11-3 well
on the Midleton Prospect in 2015. The well found gas in the
Greensand, the main reservoir target, but the volume is considered
too small to be commercial.
Kinsale Energy conducted a comprehensive post-well evaluation of
the other prospective structures on the acreage, but concluded
that, based on the current data available, none of these were
attractive enough in terms of risk and reward to offer drillable
targets.
A final report has been submitted to the Department of
Communications, Climate Action and Environment and the Licence has
been relinquished with effect from 31 December 2016, the end of the
First Phase.
Commenting on the news, Lansdowne CEO Steve Boldy said:
"Midleton was considered the prime prospect on SEL 4/07 and
following the disappointing results of the 49/11-3 well, it is not
surprising that the conclusion has been reached to relinquish the
acreage. This further portfolio rationalisation will allow
Lansdowne to focus all its resources upon the Barryroe Field where
we have substantial 2C resources "
For further information please contact:
Lansdowne Oil & Gas plc
Steve Boldy +353 1 495 9259
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
Nominated Advisor and
Joint Broker
Sarah Wharry
David Porter
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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