Barryroe North Licensing Option

RNS Number : 5927J

Lansdowne Oil & Gas plc

09 August 2012

 



9 August 2012

Barryroe North

New Licensing Option 12/4

Lansdowne Oil & Gas, ("Lansdowne"), the AIM listed oil and gas exploration company, welcomes the announcement today of the offer of a new Licensing Option to the Barryroe partnership in the area to the north of the Barryroe oilfield. The announcement by Providence Resources, the Operator of the consortium, stated the following:

·   TWO YEAR LICENSING OPTION OVER C. 500 SQ KM AREA NORTH AND WEST OF BARRYROE OIL FIELD

·   SEISMIC MAPPING SUGGESTS THAT PARTS OF THE BARRYROE FIELD MAY EXTEND INTO THIS AREA

Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and production company, whose shares are listed in London (AIM) and Dublin (IEX), is pleased to announce that, together with its partner Lansdowne Oil and Gas plc ("Lansdowne"), it has been offered a new licensing option over five part blocks adjacent to the Barryroe oil field, by the Irish Department of Communications, Energy and Natural Resources.

Licensing Option 12/4 ("Option") is located to the north and west of the Barryroe oil field (held under SEL 1/11) and covers an area of c. 500 km². The Option has a two year term after which it may be converted into a standard exploration licence which would involve the commitment to drill a well. Providence (80%) will operate the Option on behalf of its partner, Lansdowne (20%). The main elements of the proposed work programme involve assessing the prospectivity of the Barryroe Basal Wealden sand play across the Option area.

Speaking today, Tony O'Reilly, Chief Executive of Providence said,

"We are extremely pleased to have been offered this Option over a substantial acreage position directly north and west of the currently defined Barryroe oil field. This new Option has increased our acreage position in the most prospective central part of the basin. Our work programme has been designed to assess the potential of any extensions of the Barryroe field into the Option area, together with determining whether any further satellite accumulations may exist close to the field that warrant investigation."

Commenting on this update, Steve Boldy, CEO of Lansdowne stated:

"The "Barryroe North" acreage has both commercial and strategic importance for Lansdowne. Current seismic mapping indicates a possible extension of the Barryroe oil accumulation tested in the 48/24-10z well into this area. The area is contiguous with Lansdowne's Amergin (SEL5/08) and Rosscarbery (SEL5/07) licences and further consolidates the Company's position in the emerging Basal Wealden play fairway. We look forward to working with Providence on progressing the evaluation of this area."

For further information please contact:

Lansdowne Oil & Gas plc

Steve Boldy, Chief Executive Officer                      [phone]

Cenkos Securities plc                                                     

Jon Fitzpatrick                                                                   [phone]

Neil McDonald                                                                  [phone]

Notes to Editors:

ABOUT LANSDOWNE

Lansdowne is an exploration and appraisal oil and gas company listed in London on the AIM Market (Symbol: LOGP). Lansdowne holds a balanced portfolio of oil discoveries, low and moderate risk gas prospects near existing infrastructure and moderate risk oil prospects. The Company is focused on the underexplored North Celtic Sea Basin which has proven petroleum systems in place for both oil and gas.

For more information, visit the Company's website: www.lansdowneoilandgas.com

ABOUT BARRYROE - SEL 1/11

The Barryroe licence lies in the North Celtic Sea and and has had six wells 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. The last well, 48/24-10z, was drilled by Providence in 2011/2012. The field is fully covered by both 2D and 3D seismic.

The reservoir sands are of Cretaceous Middle and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The updated oil in place estimates are 1.043 billion barrels (P50) and 1.612 billion barrels (P10). The oil is light (43o API) with a wax content of c. 17-20%. Providence holds an 80% interest in the licence and operates on behalf of its partner, Lansdowne Oil and Gas Plc (20%).

Qualified Person Review

This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 32 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

 

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