26th Apr 2016 08:17
LONDON (Alliance News) - Lansdowne Oil & Gas PLC on Tuesday said some licences it holds in the Celtic Sea have now expired after attempts to farm them out failed.
Lansdowne said the tough conditions in oil and gas markets meant it was unable to secure farm-out deals for the SEL 5/07 and SEL 5/08 licences, both located in the Celtic Sea offshore the south coast of Ireland.
Lansdowne has been unable to demonstrate drilling will be achieved on the licences in 2016, meaning the licences have now lapsed.
Shares in Lansdowne have been suspended from trading in London since mid-April.
By Sam Unsted; [email protected]; @SamUAtAlliance
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