Lansdowne Oil & Gas plc Barryroe Update (9080I)
06 April 2020 - 8:29PM
UK Regulatory
TIDMLOGP
RNS Number : 9080I
Lansdowne Oil & Gas plc
06 April 2020
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).
6 April 2020
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Barryroe Update
Term Sheet Signed with SpotOn Energy Limited for Potential
Barryroe Farmout
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused, oil and gas company, welcomes the announcement today by
Providence Resources P.l.c. ("Providence") regarding its proposed
conditional fundraising to raise approximately $3.0 million and
notes the signing of a non-binding term-sheet with SpotOn Energy
Limited ("SpotOn").
SpotOn is a Norwegian company, registered in the UK, which takes
a progressive approach to cost effective offshore oil and gas field
development, working with a consortium of western and world leading
services providers to deliver development projects.
Providence's announcement states that, pursuant to the term
sheet, Providence has granted SpotOn Energy a period of exclusivity
until October 31, 2020 during which time SpotOn Energy will,
working in collaboration with Providence, seek to agree an
appraisal work programme for the Barryroe field and develop
commercial terms with the aim of concluding a binding farm out
agreement within that period.
SpotOn has agreed to subscribe in the Providence fundraising for
GBP300,000 and to make a further investment of GBP200,000 within 6
weeks of today's announcement, through a subscription for new
Ordinary Shares at the prevailing market price.
Steve Boldy CEO of Lansdowne Oil & Gas commented:
'We are pleased to acknowledge the investment by SpotOn into
Providence and the Barryroe project. We believe this demonstrates
the potential value of the project is still recognised by the
industry, even in the current low oil price environment. Lansdowne
is currently funded through to the end of 2020 and is trading at a
market valuation of less than US$0.06 per 2C barrel, with
significant further resource upside. We look forward to updating
shareholders upon any further developments.'
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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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