Barryroe Oil Field Licence Update

RNS Number : 5019O

Lansdowne Oil & Gas plc

07 August 2014

 



Lansdowne Oil & Gas plc

("Lansdowne" or the "Company")

Barryroe Oil Field

 Licence Update

August 7^th  2014

Lansdowne Oil & Gas plc, the North Celtic Sea focussed, oil and gas exploration company, welcomes the announcement today of the licence update by Providence Resources plc ("Providence") on the Barryroe Oil Field (Lansdowne 20%).

The announcement by Providence reported the following:

·     EXTENSION OF FIRST PHASE OF BARRYROE LICENCE & ADJACENT LICENSING OPTION

·     TRANSFER OF BARRYROE LICENCE AND OPTION TO A WHOLLY OWNED PROVIDENCE SUBSIDIARY

Providence Resources P.l.c. ("Providence"), the Irish oil and gas exploration and development company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide a licence update on Standard Exploration Licence ("SEL") 1/11 and Licensing Option ("LO") 12/4 which contains the Barryroe oil field and potential field extensions. Providence Resources (80%, Operator) and its partner Lansdowne Oil and Gas plc ("Lansdowne")(20%) were originally awarded SEL 1/11 and LO 12/4 (collectively referred to as the "Barryroe Licensing Authorisations") in 2011 and 2012, respectively.

Following agreement from the Minister of Communications, Energy and Natural Resources ("the Minister"), the first phase of SEL 1/11 and the term of LO 12/4 have been extended by a further year to July 2015. Additionally, the Minister has consented to a change of the Operator from Providence Resources P.l.c. to Exola Limited, a 100% owned subsidiary of Providence.

Commenting on the news, Lansdowne CEO Steve Boldy said:

"We are pleased to receive these extensions which will allow the Group to continue to progress Barryroe. We look forward to taking the project to the next stage."

For further information please contact:

Lansdowne Oil & Gas plc Steve Boldy	[phone]
Cenkos Securities plc Neil McDonald Derrick Lee	[phone]  [phone]
FTI Consulting Ben Brewerton	[phone]

Qualified Person Review

This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 34 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 company quoted on the AIM market and head quartered in Dublin.

Lansdowne holds extensive acreage, in the North Celtic Sea Basin, an emerging underexplored province. In addition to its 20% stake in the Barryroe field, Lansdowne has three drill ready prospects defined on 2011 3D seismic data, with an ongoing farm-out process to identify partners for a drilling programme.

About Barryroe

The Barryroe Field lies in the North Celtic Sea Basin and 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 last well, 48/24-10z, was drilled by Providence in 2011/2012. The field is covered by both 2D and 3D seismic. The successfully tested reservoir sands are of Cretaceous Middle and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The oil is light (43^o API) with a wax content of c. 17-20%. Lansdowne holds a 20% interest in the licence, which is operated by Providence who hold the remaining 80% interest.

SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement

For more information on Lansdowne, please refer to www.lansdowneoilandgas.com

 

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