Celtic Sea Drilling Update

RNS Number : 4065Q

Lansdowne Oil & Gas plc

19 October 2011

 

October 19th, 2011

Lansdowne Oil & Gas plc

Celtic Sea Drilling Update

Lansdowne Oil & Gas, ("Lansdowne" or "the Company") welcomes the announcement today by Providence Resources plc ("Providence") of the award of Standard Exploration Licence (SEL) 1/11 over the Barryroe area, in which Lansdowne has a 20% working interest.

As noted by Providence, the area of SEL 1/11 is larger than held previously under Licensing Option 08/1, an increase of some 25 sq km, with the extra area lying on the northern side of the concession where additional potential has been recognised. Providence has also updated details of the forthcoming Barryroe appraisal well, 48/24-J, the location of which has been finalised using the new fast-track 3D seismic data and which is expected to commence drilling operations in mid November. The Licence is for a period of up to 6 years, split into two 3 year phases, the appraisal well will fulfil the drilling commitment for the first phase of the licence. It is planned to test the well using vacuum insulated tubing which has been demonstrated to be effective when dealing with high pour point crudes such as those seen in the original well.

 Commenting on the announcement Dr. Steve Boldy, CEO of Lansdowne said:

 "The award of Standard Exploration Licence 1/11, brings the number of Licences held by Lansdowne in the shallow water North Celtic Sea Basin to five. These Licences, along with Licensing Option 09/1, cover close to 500,000 acres held by Lansdowne in this underexplored basin with proven petroleum systems. We believe the application of 3D seismic will provide the key to unlocking the potential of the basin and we look forward to the drilling of the Barryroe appraisal well in November" 

Contacts

Lansdowne Oil & Gas plc
Steve Boldy	Chief Executive Officer	[phone]
Chris Moar	Finance Director	[phone]
FinnCap
Sarah Wharry	Corporate Finance	+ 44 20 7220 0567

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

Providence 50%, San Leon 30%, Lansdowne 20%

A third party audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding 2C and 3C Barryroe recoverable contingent resources are 59 MMBO and 144 MMBO, respectively.

Three wells within SEL 1/11 (Barryroe) have tested oil:

48/24-1 drilled by Esso in 1973/1974 tested oil from Middle Wealden sands at an aggregate rate of 1,300 barrels per day

48/28-1 drilled by Esso in 1974 tested oil from a Middle Wealden sand at 1,527 barrels per day

48/24-3 drilled by Marathon in 1990 tested oil from Lower Wealden sands at an aggregate rate of 1,619 barrels per day

Glossary of terms used in this Announcement

ALL FIGURES QUOTED ARE GROSS FIGURES, UNLESS OTHERWISE STATED

BOPD Barrels of Oil per Day

MMBO Millions of Barrels of Oil

BOEPD Barrels of Oil Equivalent per Day

STOIIP Stock Tank Oil Initially In Place

 

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