Lansdowne Oil & Gas plc Update on Barryroe Farm-Out (7166E)
July 08 2019 - 1:00AM
UK Regulatory
TIDMLOGP
RNS Number : 7166E
Lansdowne Oil & Gas plc
08 July 2019
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).
8 July 2019
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Standard Exploration Licence 1/11
Barryroe, North Celtic Sea Basin
Operational Update
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused, oil and gas company, notes the announcement today by
Providence Resources P.l.c. regarding Barryroe, which reads as
follows:
Update on Barryroe Farm-Out Transaction
Dublin and London - July 8, 2019 - Providence Resources P.l.c.
(PVR LN, PRP ID), the Irish based Energy Company ("Providence" or
the "Company"), today provides a commercial and operational update
in relation to Standard Exploration Licence ("SEL") 1/11 which
contains the Barryroe oil accumulation (the "Barryroe Project").
SEL 1/11 is operated by EXOLA DAC ("EXOLA" or the "Operator", 40%),
a wholly-owned Providence subsidiary, on behalf of its partners,
APEC Energy Enterprises Limited ("APEC") and Lansdowne Celtic Sea
Limited ("Lansdowne", 10%). The area lies in c. 100 metre water
depth in the North Celtic Sea Basin and is located c. 50 km off the
south coast of Ireland.
Background
On June 5, 2019, the Company announced that it had agreed
certain amendments to the Farm-Out Agreement (the "Updated FOA")
for the Barryroe Project with APEC Energy Enterprises Limited
("APEC") and, together with EXOLA and Lansdowne, the "Barryroe
Partners", including a revised backstop date with APEC for receipt
of the US$ 9 million loan advance to June 14, 2019. On June 17,
2019, the Barryroe Partners agreed to a further extension of the
backstop date to no later than July 5, 2019. Pursuant to the terms
of the Updated FOA, this US$ 9 million loan is to cover the costs
associated with front-end well-site survey operations and pre-drill
well consenting.
Receipt of Remittance Notification
Providence has received a HSBC remittance notification dated
July 5, 2019 from APEC's funder for the transfer of US$ 10 million
in favour of Providence's bank account in Dublin with a payment
date of July 9, 2019. Of the US$ 10 million, US$ 9 million is to
cover EXOLA front-end and pre-drill costs with US$ 1 million to
cover APEC costs. Therefore, a backstop extension to July 10, 2019
has been agreed with APEC to allow for the receipt of funds. A
further update will be provided in due course.
Forward Looking Statements
This announcement contains certain forward-looking statements.
Actual results may differ materially from those projected or
implied in such forward-looking statements. Such forward-looking
information involves risks and uncertainties that could
significantly affect expected results. No representation is made
that any of those statements or forecasts will come to pass or that
any forecast results will be achieved. You are cautioned not to
place any reliance on such statements or forecasts. Those
forward-looking and other statements speak only as at the date of
this announcement. Providence Resources P.l.c undertakes no
obligation to update any forward-looking statements.
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760
Steve Boldy
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser and Joint Broker
Lindsay Mair
Richard Hail
Brandon Hill Capital Limited +44 (0) 20 3463 5061
Joint Broker
Oliver Stansfield
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused,
oil and gas exploration and appraisal company quoted on the AIM
market and head quartered in Dublin.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.com
About Providence Resources
Providence Resources is an Irish based Oil & Gas Exploration
Company with a portfolio of appraisal and exploration assets
located offshore Ireland. Providence's shares are quoted on the AIM
in London and the Euronext Growth Market in Dublin. Further
information on Providence can be found on
www.providenceresources.com
About APEC
APEC Energy Enterprise Ltd. was established in 2014 as a Hong
Kong registered company with headquarters in Beijing. In addition
to its original focus on offshore oil & gas services, APEC
provides upstream energy acquisition advice and management services
in partnership with Chinese Oil Companies, offshore and onshore
service providers, and SOE investment groups.
www.apecenergy.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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