QuickView: Barryroe licence area and term extended
Lansdowne (LOGP) has recently announced a successful two-year extension and areal increase to the SEL 1/11 licence that contains the 339mmboe (2C) Barryroe discovery (20% WI). The agreed extension allows operator Providence Resources (80% WI) more time to execute the required farm-out agreement to fund appraisal and development of Barryroe. Since our last update LOGP reported the results of the Midleton exploration well as disappointing, having encountered good reservoir quality yet uncommercial quantities of gas. Fortunately, Lansdowne was fully carried on the well following a previous farm-out to Kinsale Energy. Near term, we believe LOGP will require additional funding, as cash balances had declined to £0.55m by end-June 2015 and despite the low running costs, we expect these to now be almost depleted.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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