QuickView: Celtic Sea farm-out announced
On 19 November 2014, Lansdowne (LOGP) announced it had entered into a farm-out agreement with Kinsale Energy, a subsidiary of Petronas, on licence SEL 4/07 offshore Ireland, which contains the 268bcf Midleton gas prospect. Kinsale will acquire an 80% WI in the licence and carry Lansdowne for 100% of the well drilling costs. The farm-out is good news for Lansdowne, which is dependent on farm-outs to fund the drilling of its portfolio of exploration and appraisal prospects. Importantly, the agreement will bring a rig to the North Celtic Sea, a move that could potentially encourage other operators to explore in the area. There is rising activity and interest in the Celtic Sea, with Faroe Petroleum winning three licences in October. Separately, Lansdowne continues to await a Barryroe farm-out, the key catalyst for the stock.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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