30th Aug 2006 15:30
Lansdowne Oil & Gas plc30 August 2006 30 August 2006 Lansdowne Oil & Gas plc ("Lansdowne" or "the Company") Drilling update: Well 13/12-1(Inishbeg), offshore Ireland Lansdowne today announces that the Inishbeg frontier exploration well (13/12-1)operated by Lundin Petroleum AB ("Lundin"), which was spudded on 22 August 2006,has been plugged and abandoned. Under the terms of a farm-out agreement, Lansdowne was fully carried through allthe costs associated with the drilling of the well by subsidiaries of Island Oiland Gas plc and Petroceltic International plc. Steve Boldy, CEO of Lansdowne, commented as follows: "The frontier Inishbeg well was recognised to be a high risk, but potentially ahigh impact, opportunity. Despite the fact we were carried through the drillingof the well, this is a disappointing outcome. Our efforts will now concentrate on our prospects in the shallow water(generally less than 100m) Celtic Sea, off the south coast of Ireland." Participants in Block 13/12 are Lundin (30.00% and operator), Island Oil and Gas(31.00%), Lansdowne Oil & Gas (19.25%), Petroceltic International (16.25%) andSunningdale Donegal Basin Limited (3.50%). ENQUIRIES: Lansdowne Oil & Gas plcSteve Boldy, CEO 01224 352200 College HillNick Elwes / Paddy Blewer 020 7457 2020 www.lansdowneoilandgas.com This drilling update has been reviewed and approved by Steve Boldy, ChiefExecutive of Lansdowne. Steve Boldy is a geology graduate with a Ph.D fromTrinity College Dublin and is a member of the Petroleum Exploration Society ofGreat Britain. He has 26 years experience in the oil and gas exploration sectorand is a qualified person as defined in the guidance note for Mining, Oil & GasCompanies, March 2006 of the London Stock Exchange. Notes to Editors: Lansdowne's strategy is to be an exploration / appraisal promoter focussing onshallow water - low cost high value opportunities, identifying and working upopportunities and then farming them out to achieve a carry through the drilling/project phase. The Company will generally seek to retain 15-30% non-operatorstakes in its assets. Celtic Sea Lansdowne holds four assets in the Celtic Sea, lying in water depths ofgenerally less than 100 metres. This portfolio has been built up with theoverall strategic objective of identifying gas prospects, which if successful,could be produced through a tie-back into the existing Seven Heads and Kinsaleinfrastructure, subject to access rights being agreed. Three of the assets areconsidered as gas plays - the Midleton Licensing Option, the RosscarberyLicensing Option and the East Kinsale Licensing Option. In addition Lansdowne holds the Seven Heads Oil Licensing Option over the deeperCretaceous Wealden oil bearing reservoirs (restricted to a depth belowapproximately 1,250m (4,000 feet) sub-sea) in the Seven Heads acreage. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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