Lansdowne Oil & Gas plc Corporate and Portfolio Update (0180V)
31 October 2017 - 6:03PM
UK Regulatory
TIDMLOGP
RNS Number : 0180V
Lansdowne Oil & Gas plc
31 October 2017
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).
Lansdowne Oil & Gas plc
Corporate and Portfolio Update
31 October 2017
-- Presentation at 121 Investor Event, London
-- Providence Barryroe technical update and presentation at the
Atlantic Ireland 2017 Conference in Dublin
Lansdowne Oil & Gas ("Lansdowne" or "the Company"), the
independent oil and gas company focussed on offshore Ireland, is
today presenting a Corporate Update at the 121 Oil & Gas
Investment Event in London.
The presentation will be available for download from the
Company's website.
Lansdowne also notes the announcement today by Providence
Presources P.l.c regarding the technical update on the Barryroe
Field (Standard Exploration Licence 1/11) which is being presented
today at the Atlantic Ireland 2017 Conference in Dublin.
Providence announced it is presenting its plans for the Phase 1
drilling of the 48/24-K well and associated side-track in the North
Celtic Sea Basin, which is c. 5 km SSE and c. 200' up-dip from the
48/24-10z well on the East Flank of the Barryroe field. This Phase
1 drilling programme, which is currently targeted to take place
during 2H 2018/H1 2019 (subject to consents) is estimated to cost
c. $25 million gross (c. $5 million net to Lansdowne). The
48/24-10z well, which was drilled in 2011/12, tested c. 4,000 BOEPD
of light (43(o) API) sweet crude from the basal Wealden A Sand
reservoir interval. These two new well penetrations are designed to
provide further definition around structure, reservoir, fluid
phase, connectivity and resource estimates, thereby materially
moving the Barryroe East Flank project towards development. The
Phase 1 programme is targeting an estimated 463 MMBO STOIIP, with
162 MMBO REC (R(f) = 0.35).
For further information please contact:
Lansdowne Oil & Gas plc
Steve Boldy +353 1 495 9259
Cantor Fitzgerald Europe
Nominated Advisor and
Joint Broker
Sarah Wharry
David Porter +44 (0) 20 7894 7000
Beaufort Securities
Joint Broker +44 (0) 20 7382 8300
Jon Belliss
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive
of Lansdowne, who is a petroleum geologist with 37 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 and appraisal company quoted on
the AIM market and head quartered in Dublin.
Lansdowne holds acreage in the North Celtic Sea Basin, including
a 20% stake in Exploration Licence SEL1/11 which contains the
Barryroe oil field.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.com
ABOUT BARRYROE
Barryroe, located in the North Celtic Sea Basin, off the south
coast of Ireland, 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 sixth well was drilled by Providence in 2011/12.
The oil is light (43(o) API) with a wax content of c. 17-20%. The
successfully tested reservoir sands are of Cretaceous Middle and
Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS.
The field is covered by both 2D and 3D seismic, the latter which
was acquired in 2011.
Audited (NSAI/RPS) on block resources amount to 1.048 billion
barrels in place, with an estimated P50 recoverable resources of
311 MMBO (plus associated gas). A further 778 MMBO barrels in place
have been identified in incremental sands, though these sands have
yet to be tested.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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