Barryroe Funding Update

RNS Number : 4542F

Lansdowne Oil & Gas plc

15 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).

15 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 15, 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, which was subsequently extended to July 5, 2019.  On July 8, 2019, the Company advised that it agreed an extension to July 10^th and subsequently to July 12, 2019.

Update and Extension of Backstop Date

The Company can confirm that it has received a letter from the legal representatives of APEC's funder advising that on July 9, 2019, the funder arranged for the remittance of US$ 10 million from HSBC to Providence's account.  The legal representatives further advise that the remittance is expected to be completed shortly pending compliance checks by the bank.  Accordingly, to facilitate this, the Barryroe Partners have agreed to a backstop extension of on or before July 19, 2019.

Further announcements will be issued when and as appropriate.

For further information please contact:

Lansdowne Oil & Gas plc	[phone]
Steve Boldy
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser and Joint Broker
Lindsay Mair
Richard Hail
Brandon Hill Capital	[phone]
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.

 

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