REG - Lansdowne Oil & Gas - Barryroe Farm-out Update

Lansdowne Oil & GasAnnouncement

01/03/2021 07:00

RNS Number : 6069Q
  
Lansdowne Oil & Gas plc
  
01 March 2021
  
 

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).
 
1 March 2021
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Barryroe Farm-out Update 
 
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, provides a commercial update on Standard Exploration Licence ("SEL") 1/11 which includes the Barryroe oil and gas field. Lansdowne holds a 20% interest in SEL1/11 through its 100% owned subsidiary, Lansdowne Celtic Sea Limited, with EXOLA DAC ("EXOLA"), a wholly owned subsidiary of Providence Resources, holding the remaining 80% and being Operator of the Licence, collectively the "Barryroe Partners". SEL1/11 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. 
 
On 30 November 2020, the Company announced that the Barryroe Partners had signed a Farm-Out Agreement ("FOA") with SpotOn Energy Ltd ("SpotOn") in relation to SEL 1/11.
 
Under the terms of the FOA, in consideration for SpotOn being assigned a 50% working interest in SEL 1/11, SpotOn, upon closing of the Farm-Out, committed to funding the Early Development Programme (EDP) of three horizontal producing wells and one horizontal injector well; these wells to be completed with subsea trees, tied into a subsea manifold and produced via a leased FPSO.
 
The farm-in is conditional upon SpotOn confirming that a minimum of US$ 166 million in funding (the agreed funding), for the Early Development Programme (EDP) is in place and Irish government approval for the Farmout agreement has been received.
 
The funding has not so far been secured and SpotOn are negotiating a restructuring of the funding components, accordingly, the Barryroe partners have agreed to allow an extension of two months to 30th April 2021 for the funding to be put in place.
 
 
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.

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