QuickView: Additional breathing room ahead of farm-out
On 10 March, Lansdowne (LOGP) announced that it had placed £1.04m worth of new shares and issued a £1.86m non-convertible, one-year loan from its major shareholder LC Capital Master Fund. The placing and loan issue were partly triggered by the recent c $7.5m settlement with Transocean (RIG), of which LOGP’s share is c $1.5m (c £1.0m) due by end March. The £2.9m liquidity injection gives LOGP welcome breathing room until year end while it awaits a Barryroe farm-out. In February, LOGP and Providence (PVR) announced they had reached an agreement on commercial terms with a proposed farminee, although the deal remains contingent on funding.Lansdowne Oil & Gas is an upstream oil and gas company. Co. is engaged on exploration and appraisal opportunities for oil and gas reserves offshore Ireland. As of Dec 31 2016, Co. had 20% interest in Barryroe Exploration Licence, and 10% interest in Helvick Exploration Licence, both of which are hydrocarbon exploration and in Irish waters.
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