28th Jun 2019 12:34
(Alliance News) - Ireland-focused Lansdowne Oil & Gas PLC is confident on the future of its flagship asset following a mixed year, it said Friday.
Lansdowne is a partner on the Barryroe oil field in the Celtic Sea, off Ireland's south coast, alongside other London-listed firms Providence Resources PLC and San Leon Energy PLC.
In March 2018, the partners signed a 50% farm-out with China's APEC, which will pay half of the costs of drilling wells at Barryroe.
However, a legal challenge was then lodged in November disputing the legality of the partners conducting a well site survey at Barryroe. A new survey permit application has now been filed, with work expected to start in the third quarter.
"We continue to believe in the fundamental value of the Barryroe field and, despite these delays, we shall continue our efforts to demonstrate and crystallise its value," said Lansdowne Non-Executive Chair Tim Torrington.
Lansdowne reported 2018 results on Friday, showing a pretax loss of GBP293,000 from GBP347,000 the year prior. With no producing assets, Lansdowne recorded no revenue.
Shares were 3.9% lower on Friday at a price of 1.25 pence each.
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