Lansdowne Oil & Gas plc Update on Barryroe (9097C)
13 Febbraio 2020 - 11:26AM
UK Regulatory
TIDMLOGP
RNS Number : 9097C
Lansdowne Oil & Gas plc
13 February 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).
13 February 2020
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Update on Barryroe
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused, oil and gas company, notes the announcement today by
Providence Resources P.l.c. ("Providence"). Sections of
Providence's announcement relevant to the Barryroe Field (which
excludes commentary on Providence's other licenses) are reproduced
below as follows:
"Barryroe Update, Strategic Review and Licence Update
Dublin and London - February 13, 2020 - Providence Resources
P.l.c. (PVR LN, PRP ID), the Irish based Energy Company
("Providence" or the "Company"), today provides the following
corporate update.
BARRYROE UPDATE
Exola DAC, a subsidiary of Providence and operator of the
Barryroe Field, has notified APEC that it has commenced the
regulatory process required to transfer the 50% equity in Standard
Operating Licence ("SEL") 1/11, which contains the Barryroe field
("Barryroe"), currently assigned to APEC, back to the original
owners. This will result in Exola DAC and Lansdowne Celtic Sea
Limited reverting to their original 80% and 20% interest
respectively on completion.
Exola DAC as operator of Barryroe has recommenced the farm-out
process and a number of companies are actively assessing the field
data. Following the Company's review of the field's resource
potential, which confirms that there is a considerable gas resource
within the Barryroe structure in addition to the recognised oil
resource, which was the original focus of the farm-out process,
several additional companies not included within the initial
process have expressed interest in the gas potential and have been
invited into the data room.
The Barryroe appraisal work programme is expected to include at
least two appraisal wells and an extended production test. The
Barryroe structure has been independently verified as containing
large volumes of both gas and oil, and the proposed appraisal
programme is expected to confirm the presence of either a large oil
field with a gas cap or a large gas field surrounded by an oil rim.
The programme will also assess reservoir continuity. The appraisal
programme is being designed to directly address these reservoir
uncertainties, and deliver the information required to support
development planning ahead of an investment decision.
The independently verified reports of the hydrocarbons
recoverable within the Barryroe field concluded that a mid-case of
346 MMBOE of 2C resources was present within the Middle and Basal
Wealden sands. (Note: 1BOE 6SCF of gas).
In addition to the discovered resources within the Barryroe
structure, the Jurassic formation beneath the field remains
undrilled. Deepening one of the appraisal wells to assess this
additional potential deeper in the Barryroe structure is under
consideration.
Providence Resources is assessing the potential for a carbon
neutral gas development as an option for the Barryroe field.
Several nearby depleted gas fields are being prepared for
decommissioning, and a number of industry studies have assessed
their potential for carbon sequestration (CO2 storage within the
depleted gas fields). It may be possible to minimise the carbon
footprint of a Barryroe development by recycling some of the
existing pipelines and infrastructure associated with the depleted
fields and participating in a broader carbon capture
initiative.
Exola DAC as operator of SEL 1/11 has received approval to apply
for a site survey at a third appraisal location on the Barryroe
field. This application was submitted to ensure all preferred
appraisal locations are operationally ready. The application is
subject to public consultation and review in accordance with
applicable directives.
STRATEGIC REVIEW
Following the appointment of a new Chief Executive Officer in
early January, the board and management team are primarily focused
in the short to mid-term on the successful appraisal of the
Barryroe field and on finalising plans to facilitate its future
development
The Barryroe field contains the potential for additional
resource within the Jurassic formation which lies beneath the
discovered reservoirs. The Jurassic formation remains undrilled and
this potential will be prioritised ahead of the remaining
exploration within the Providence portfolio.
All exploration licences are being re-assessed based on cost and
relevance to the new business model.
Following on from the RNS dated 12 September 2019, which set out
details of the September placing and the re-engineering of
Providence's business model, the Company advises that it currently
has sufficient working capital to fund Providence's costs through
to the end of March/ early April 2020. The Company has completed
its redundancy program and materially reduced the cost base. With
the farm-out process continuing the Company confirms that
additional funds will be required to provide sufficient working
capital to support the business in the near term and the board is
currently considering its funding options.
ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements.
Actual results may differ materially from those projected or
implied in such forward-looking statements. Such forward-looking
information involves risks and uncertainties that could
significantly affect expected results. No representation is made
that any of those statements or forecasts will come to pass or that
any forecast results will be achieved. You are cautioned not to
place any reliance on such statements or forecasts. Those
forward-looking and other statements speak only as at the date of
this announcement. Providence Resources P.l.c undertakes no
obligation to update any forward-looking statements.
- Providence Announcement Ends -"
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
Stephen Wong
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
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contact rns@lseg.com or visit www.rns.com.
END
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