REG - Lansdowne Oil & Gas - Funding Secured for ECT Arbitration Claim

Lansdowne Oil & GasAnnouncement

22/12/2025 07:00

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RNS Number : 3805M  Lansdowne Oil & Gas plc  22 December 2025

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the retained EU law version
of the Market Abuse Regulations (EU) No. 596/2014 . Upon the publication of
this announcement via Regulatory Information Service, 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).

 

22 December 2025

Lansdowne Oil & Gas plc

("Lansdowne" or the "Company")

 Funding Secured for Energy Charter Treaty Arbitration Claim

 

Lansdowne Oil & Gas is pleased to announce that it has signed an
Engagement Letter ("EL") with Diamond McCarthy LLP to pursue its Energy
Charter Treaty ("ECT") arbitration claim against Ireland for the refusal to
award a Lease Undertaking for the Barryroe Oil and Gas field. The EL provides
for Lansdowne's expected  costs associated with the claim, to be fully funded
by Diamond McCarthy LLP, on a non-recourse basis. The compensation claim is
expected to be a minimum of US$100 million plus interest.

Background

An application for a Lease Undertaking was submitted in April 2021, as a
follow-on authorisation to Lansdowne's Exploration Licence SEL1/11, in which
it held a 20% interest, through its 100% owned subsidiary, Lansdowne Celtic
Sea Limited. Under the terms of the SEL1/11 Licence the licencees had the
right to progress to a Lease Undertaking.

After considerable delay, in May 2023 the application for a Lease Undertaking
was refused by the Irish Department of the Environment, Climate and
Communications.

In June 2023 Lansdowne gave Ireland notice that a dispute existed under the
ECT.

Engagement with Diamond McCarthy LLP

The EL provides sufficient funds, on a non-recourse basis, to cover legal fees
and costs associated with pursuing the claim through to resolution. Diamond
McCarthy is a U.S. law firm with decades of experience in cross-border
litigation and international arbitration.

To date, Lansdowne has been advised on its claim by Mantle Law, a London and
United Arab Emirates based international arbitration law firm with a focus on
energy, construction, and infrastructure disputes. Mantle Law and Diamond
McCarthy will co-counsel to progress the claim to conclusion.

The gross compensation claim is expected to be at least $100 million plus
interest. In the event of a successful award in an amount of approximately
$100 million, Lansdowne's share of the proceeds is expected to be between 60%
and 70%.

Further updates will be provided as and when appropriate.

Reverse Take Over ("RTO") Update and Readmission to AIM

The documentation required to complete the RTO is in near final form and
completion of this process is now expected to take place in Q1 2026.

Trading in the Company's shares remains suspended awaiting a successful
conclusion to the planned RTO.

Stephen Boldy, CEO of Lansdowne commented:

"On behalf of Lansdowne and all our shareholders, I would like to thank the
legal teams that have worked on our case to reach this substantial funding
agreement, which will allow us to proceed to seek just compensation for the
loss of our Barryroe asset."

 

For further information please contact:

 Lansdowne Oil & Gas plc
 Steve Boldy

 SP Angel Corporate Finance LLP      +44 (0) 20 3470 0470
 Nominated Adviser and Joint Broker
 Stuart Gledhill
 Richard Hail

 Tavira Financial Limited            +44 (0) 20 3192 1739
 Joint Broker
 Oliver Stansfield

 

 

Notes to editors:

 

About Lansdowne

Lansdowne Oil & Gas (LOGP.LN) is an, oil and gas exploration and appraisal
company quoted on the AIM market, that was previously focused on the North
Celtic Sea.

In May 2023 the application for a Lease Undertaking for the Barryroe oil and
gas field, in which Lansdowne held a 20% interest, was refused by the Irish
Department of the Environment, Climate and Communications.

In June 2023 Lansdowne announced the commencement of action under the
Arbitration Process of the Energy Charter Treaty.

On 20 September 2023, Lansdowne announced that, under AIM Rule 15, the Company
had been designated to be a cash shell. Accordingly, the shares of the Company
were suspended from trading on AIM as at 07.30am on 21 March 2024.

 

For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
(http://www.lansdowneoilandgas.com) .

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