Lansdowne Oil & Gas plc Barryroe Licence Extention Update (9100K)
July 13 2017 - 1:00AM
UK Regulatory
TIDMLOGP
RNS Number : 9100K
Lansdowne Oil & Gas plc
13 July 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
Celtic Sea Portfolio Update
Standard Exploration Licence 1/11
Barryroe Oil Field
13 July 2017
-- Two year extension of the First Phase of Standard Exploration Licence 1/11, to July 2019
-- Further two year extension of overall term of Standard
Exploration Licence 1/11, to July 2021
Lansdowne Oil & Gas ("Lansdowne" or "the Company"), the
independent oil and gas company focussed on offshore Ireland,
provides an update on Standard Exploration Licence ("SEL") 1/11
that contains the Barryroe oil accumulation.
Lansdowne Celtic Sea Limited, a wholly owned subsidiary of
Lansdowne, holds a 20% interest in SEL 1/11, which is operated by
Exola DAC (80%), a wholly-owned subsidiary of Providence Resources
p.l.c., collectively referred to as the "Barryroe Partners". The
area lies in c. 100 metre water depth in the North Celtic Sea Basin
and is c. 50 km off the south coast of Ireland.
The Barryroe Partners have been granted a 2-year extension to
the term of the First Phase of SEL 1/11, to July 2019 and to the
overall term to, July 2021 by the Minister for Communications,
Climate Action & Environment, subject to the Barryroe Partners
carrying out a work programme that includes the evaluation of newly
reprocessed 3D seismic data together with an assessment of the
Jurassic and Triassic exploration potential of the licence
area.
Steve Boldy, CEO commented:
"We are very pleased to be granted these extensions to the
Barryroe licence, which provides additional security of tenure
whilst we continue the farm-out process. The Barryroe partners are
in dialogue with a number of parties regarding advancing the
appraisal of Barryroe through to first oil.
The extension work programme includes evaluating the deeper
exploration potential of the licence, which offers exciting upside,
over and above the substantial resources already identified in
Barryroe."
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
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive
of Lansdowne, who is a petroleum geologist with 35 years'
experience in petroleum exploration and management. Dr Boldy has
consented to the inclusion of the technical information in this
release in the form and context in which it appears.
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 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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