Lansdowne Oil & Gas plc Barryroe Farm-out Update (2365W)
22 Aprile 2021 - 08:00AM
UK Regulatory
TIDMLOGP
RNS Number : 2365W
Lansdowne Oil & Gas plc
22 April 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).
22 April 2021
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Barryroe Farm-out Update
Update on progress of Early Development Scheme with Service
Providers
Submission of Revised Lease Undertaking
Farm-Out Agreement with SpotOn Energy discontinued
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, located c. 50km off the
south coast of Ireland and containing 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".
-- Due to non-performance by SpotOn Energy pertaining to the
financing solution required under the Farm-out, the Barryroe
Partners have elected to discontinue the agreement.
-- Providence/EXOLA will now lead the project development and funding arrangements.
-- The revised funding is expected to continue to include
payment deferrals from the previously outlined service providers on
equivalent or better terms and a bond issue.
-- Work on the funding solution is advanced and is expected to
conclude by the end of the third quarter in time to meet drilling
in 2022.
-- Lansdowne will now retain its 20% original equity in the
project, maintaining 69MM Boe net 2C resources.
-- A phased approach to development will continue to be followed
with initial focus on the Early Development Scheme ("EDS") located
on the eastern portion of the field, where initial modelling
indicates some 48 million barrels of oil can be recovered (9.6
million net to Lansdowne)
Steve Boldy, CEO of Lansdowne Oil & Gas commented:
"We are pleased to confirm that the Barryroe Partners have
re-taken control of the Barryroe project and that Lansdowne will
retain its 20% equity interest. When discussions commenced with
SpotOn Energy in April 2020 the Brent oil price was below $30/bbl,
a result of the impact of the COVID pandemic on the global economy.
The oil price has since recovered to above $60/bbl rendering the
Barryroe project more valuable. We look forward to working with
Providence and the service providers to progress the Early
Development Scheme and to a return to drilling in 2022."
EDS
The Barryroe Partners will continue to work with the service
providers to advance the Early Development Scheme, comprising:
-- Three horizontal production wells
-- One water injection well
-- The wells to be tied back subsea to a manifold and produced via a leased FPSO
-- The EDS is expected to recover 48 million barrels of oil, 9.6
million barrels net to Lansdowne
Lease Undertaking
-- In April 2019 the Barryroe Partners submitted an application
for a Lease Undertaking to the Irish authorities. This has been
updated to reflect the latest work programme which is designed to
progress to the granting of a Petroleum Lease and early production
from the eastern part of the Barryroe Field.
-- Government approval has been granted to acquire a site-survey
at the K- site location and this is expected to be completed later
this year ahead of a drilling programme in the second half of 2022,
subject to regulatory approval and the required environmental
impact assessment.
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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