Lansdowne Oil & Gas plc Barryroe Update (4269T)
July 20 2020 - 01:10AM
UK Regulatory
TIDMLOGP
RNS Number : 4269T
Lansdowne Oil & Gas plc
20 July 2020
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).
20 July 2020
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Barryroe Update
Development Consortium Information
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused, oil and gas company, welcomes the announcement today by
Providence Resources P.l.c. ("Providence") regarding the update on
Barryroe farm-out negotiations with SpotOn Energy and announcing
that binding term sheets are now in place with all of the SpotOn
Consortium members.
The Providence announcement stated:
"Providence Resources P.l.c (PVR LN, PRP ID), the Irish based
Oil and Gas Energy Company is progressing Farm out discussions with
SpotOn Energy on Exploration Licence SEL1/11, which includes the
Barryroe Oil and Gas Field.
SpotOn Energy has confirmed that binding term sheets are now in
place with the six consortium members participating in the Barryroe
Field appraisal and development project. The names of the
consortium members will be announced separately.
Providence Resources is now working with SpotOn energy and the
members of the consortium to finalise the Farmout work
programme.
On finalisation of the Farmout agreement, SpotOn Energy will
manage the Barryroe Development, working with the consortium,
providing innovative project management and delivering value for
all partners.
The "Blue Chip" consortium comprises industry service and supply
companies with excellent technical and operational credentials, and
extensive experience undertaking projects similar in nature to the
Barryroe Oil and Gas Field, which is a shallow water conventional
development.
CEO Alan Linn commented; "Barryroe is one of the largest
undeveloped oil and gas fields in Europe and, having worked with
many of the consortium companies over the years, I am confident
that we are introducing a high-quality core project development
team with both the capability and capacity to deliver a "World
Class" project.
When fully developed, the Barryroe Field can provide Ireland
with locally produced long term energy security.
This will significantly increase the flexibility Ireland has to
manage the transition to carbon neutral by 2050 by supporting the
local economy and contributing to energy supply stability, both of
which are essential for the full benefits of renewable energy
sources to be realised."
Steve Boldy CEO of Lansdowne Oil & Gas commented:
'We are very pleased with these developments and that Providence
and SpotOn have made significant progress with respect to the
Barryroe farm-out. We look forward to working with them to deliver
the project.'
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
Stuart Gledhill
Richard Hail
Brandon Hill Capital +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 .
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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