QuickView: Progress on Barryroe farm-out
On 9 February, Lansdowne (LOGP) and operator Providence (PVR) announced that they had reached agreement on commercial terms with a proposed farminee on Barryroe. The farm-out remains contingent on the proposed farminee’s ability to raise sufficient funding. As such, it is clear that the proposed buyer is not a major and there can be no certainty a deal will be concluded given funding challenges in the oil and gas sector. Nonetheless, this news represents commendable progress at a time when natural partners (IOCs and large independents) are cutting discretionary capex and E&Ps struggle to farm out assets.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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