REG - Lansdowne Oil & Gas - Update on Arbitration Process & Corporate Update

Lansdowne Oil & GasAnnouncement

18/08/2023 14:30

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RNS Number : 8220J  Lansdowne Oil & Gas plc  18 August 2023

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 ("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).

 

18 August 2023

Lansdowne Oil & Gas plc

("Lansdowne" or the "Company")

Update on Arbitration Process under the Energy Charter Treaty

Potential Designation as an AIM Rule 15 Cash Shell

Lansdowne Oil & Gas plc provides an update in respect of the arbitration
process under the Energy Charter Treaty ("ECT") in respect of the Barryroe
Lease Undertaking Application.

 

As advised on 19 June, Lansdowne's legal advisors, Ashurst LLP, submitted a
letter to Ireland giving notice pursuant to Article 26 (2) c of the ECT,
requiring Ireland to participate in discussions with a view to settling the
dispute within three months of the date of such notice. Receipt of this letter
was acknowledged.

 

As no further communication had been received from Ireland, a further letter
was submitted by Ashurst LLP on behalf of Lansdowne on 9 August with a
reminder that if Ireland persists in its failure to engage in order to settle
the dispute amicably, Ireland will be in breach of its obligations under
Article 26 (2) of the ECT. Receipt of this letter was acknowledged by a letter
from the Irish State Solicitors Office on 14 August. Lansdowne's preferred
solution remains to find an amicable settlement with Ireland, but if necessary
it will pursue its legal remedy by way of a claim in arbitration pursuant to
Article 26 (2) ( c ) of the ECT.

 

Unless the decision not to award the Barryroe Lease Undertaking is revoked
prior to the expiration of the aforementioned three-month time frame, the
Company will be designated as an AIM Rule 15 cash shell ("AIM Rule 15 Cash
Shell") with effect from 19 September 2023.

 

As an AIM Rule 15 Cash Shell, the Company is required to make an acquisition,
or acquisitions, which constitutes a reverse takeover under Rule 14 of the AIM
Rules for Companies ("AIM Rules)(including seeking re-admission under the AIM
Rules) within six months of 19 September 2023. Alternatively, within such
time period, the Company can seek to become an investing company pursuant to
AIM Rule 8, which requires, inter alia, the raising of at least £6 million
and publication of an admission document.

 

In the event that the Company does not complete a reverse takeover under AIM
Rule 14 within such six-month period or seek re-admission to trading on AIM as
an investing company pursuant to AIM Rule 8 (either being, a "Re-admission
Transaction"), the Company's ordinary shares would be suspended from trading
pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not
been completed within a further six-month period, admission to trading on AIM
of the Company's ordinary shares would be cancelled.

 

Admission of Conditional Placing Shares

 

Following reconfirmation of all Tranche 2 subscriptions and further to the
Company's announcement of 9 August 2023, application has been made for the
140,000,000 new ordinary shares of 0.1 pence issued pursuant to the fundraise
announced on 20 July 2023 ("Conditional Placing Shares") to be admitted to
trading on AIM which is expected to occur on 21 August 2023 ("Admission").

Following Admission of the Conditional Placing Shares, the Company will have
in issue 1,193,618,337 ordinary shares of 0.1 pence each.  No ordinary shares
are held in treasury.  Therefore, the total number of voting rights in the
Company will be 1,193,618,337.

The above total current voting rights number is the figure which may be used
by shareholders as the denominator for the calculation by which they will
determine if they are required to notify their interest in, or a change to
their interest in the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

 

Steve Boldy, Chief Executive of Lansdowne, commented:

 

"The Company continues to pursue an amicable resolution with Ireland; however,
it remains steadfast in its belief of a positive award under the ECT should
this avenue be followed. To this end the Company has continued its discussions
with litigation funders who have expressed a willingness to engage once the
statutory three-month window has passed, in the event a resolution is not
reached.

 

"The Company also notes the recent developments at Barryroe Offshore Energy,
where an Examiner has been appointed. It has been reported that Barryroe
Offshore Energy is considering a number of paths forward, including a
potential Judicial Review in the Irish Courts, that might also lead to the
Lease Undertaking being granted and the development of the Barryroe field to
proceed."

 

The Company will provide additional updates as appropriate.

 

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

 Tavira Financial Limited            +44 (0) 20 3192 1739
 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
(http://www.lansdowneoilandgas.com) .

 

 

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