26th Feb 2024 14:25
Lansdowne Oil & Gas - Oil and gas company focused on licences in the North Celtic Sea - Appoints Mantle Law to lead the company's litigation against the Irish government following its refusal to award Lansdowne a lease undertaking for the Barryoe gas field. In May, the company was informed by the Irish Department of the Environment, Climate & Communications that the Barryroe lease undertaking would not be granted. Lansdowne had invested USD20 million in the project, and is now pursuing a claim against the country through the Energy Charter Treaty, an international agreement permitting companies to sue national governments. Mantle Law has offices in London and Abu Dhabi, and its team consists of "the best dispute and arbitration lawyers in the construction, infrastructure and energy sectors", according to Lansdowne.
Lansdowne says: "Given the lack of engagement or any ability to have a respectful and frank conversation with the Irish Government, the company believes it now has no alternative other than to pursue vigorously its ECT claim." Lansdowne is in the process of contacting litigation funders to finance the ECT claim and subsequent arbitration process.
Current stock price: 0.094, down 1.1% in London on Monday afternoon
12-month change: down 80%
By Hugh Cameron, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.