TIDMLOGP
RNS Number : 6897U
Lansdowne Oil & Gas plc
31 July 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).
31 July 2020
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Barryroe Update
Development Consortium Information
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") outlining the latest on
the proposed Barryroe farm out with SpotOn Energy Ltd ("SpotOn"),
as well as providing details for the first time of the members of
the newly formed Consortium, who have previously entered into
binding term sheets with SpotOn.
Steve Boldy CEO of Lansdowne Oil & Gas commented:
" We welcome today's announcement disclosing the participants in
the SpotOn consortium. It is testament to the potential Barryroe
offers that a consortium of market leaders has been established for
its development. These companies are experts in their respective
fields and bring with them not only the financial wherewithal but
also a wealth of experience in delivering offshore oil and gas
projects.
"With the consortium now in place, we will focus on concluding
discussions with respect to a suitable work programme and the
subsequent finalisation of commercial arrangements for the Barryroe
development. Barryroe is a material asset of singular importance to
Lansdowne's shareholders and has the ability to make a major
contribution to the future energy security of Ireland."
The Providence announcement stated:
"Providence Resources P.l.c (PVR LN, PRP ID), the Irish based
Oil and Gas Energy Company is progressing Farm out discussions with
SpotOn Energy on Exploration Licence SEL1/11, which includes the
Barryroe oil and gas field.
SpotOn Energy has confirmed that the necessary documentation is
now in place to permit details of the consortium members to be
shared publicly.
On finalisation of the Farmout agreement, SpotOn Energy will
manage the Barryroe development programme, working with its
consortium, to provide innovative project management and deliver
value for all partners.
The "Blue Chip" consortium comprises industry service and supply
companies with excellent technical and operational credentials, and
extensive experience undertaking projects similar in nature to the
Barryroe field, which is a shallow water conventional
development.
The composition of the Consortium is as follows:
SpotOn Energy - offer a new approach to cost effective offshore
oil and gas field development. They target development of offshore
oil and gas fields using their consortium of world leading services
providers. The consortium alignment of interest is intended to keep
down development costs by agreeing deferred payment terms for the
project and including the consortium in equity returns from
production. The consortium is involved in the development planning
process from day one and expects to deliver lower cost per barrel
development and operating costs versus traditional offshore field
developments. https://spotonenergy.no/
Schlumberger - s upplies the most comprehensive range of
products and services to the energy industry, from exploration
through production, and integrated pore-to-pipeline solutions that
optimise hydrocarbon recovery to deliver reservoir performance
sustainably. They employ 103,000 people representing 170
nationalities with products, sales and services in more than 120
countries. https://www.slb.com/ and
https://www.slb.com/business-solutions/integrated-services-management
Aker Solutions - e ngineers the products, systems and services
required to unlock energy. Their goal is to maximize recovery and
efficiency of oil and gas assets, while using their expertise to
develop the sustainable solutions of the future.
https://www.akersolutions.com/
AGR - provides m ulti disciplinary engineering support from
asset evaluation, exploration through to well delivery, production,
enhanced recovery and field abandonment. https://www.agr.com/
Maersk Drilling - is a global leader in harsh environment and
deep-water drilling, with one of the youngest and most advanced
drilling fleets in the industry. The process of delivering wells
safely, on time and within budget is complex and Maersk Drilling
provides solutions which orchestrate and integrate the services
involved in a drilling campaign. By improving coordination,
simplifying interfaces, aligning incentives and using innovative
new approaches across the supply chain, they aim to reduce overall
non-productive time (NPT), increase efficiency and improve safety
for customers. https://www.maerskdrilling.com/
Keppel FELS - is the world's leading provider of offshore
solutions and services for the oil and gas industry. They meet a
wide range of offshore needs ranging from exploration and
production to transportation, maintenance and decommissioning.
Through a network of shipyards and supporting facilities worldwide,
they offer solutions for the design, construction and repair of
offshore rigs and specialised ships, as well as the conversion of a
variety of vessels including production vessels such as FPSOs and
FLNGs, ship repair and specialised shipbuilding.
http://www.keppelom.com/en/content.aspx?sid=2537
Aibel AS - as a leading service company within the oil, gas and
offshore wind industries, it provides customers with optimal and
innovative solutions with engineering, construction, modifications
and maintenance throughout a
project's entire life cycle. https://aibel.com/
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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