Lansdowne Oil & Gas plc Barryroe Farm-out Update (6069Q)
01 March 2021 - 6:00PM
UK Regulatory
TIDMLOGP
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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END
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