9th May 2008 11:23
Lansdowne Oil & Gas plc09 May 2008 9 May 2008 Lansdowne Oil & Gas plc ("Lansdowne" or the "Company") Operational Update - Celtic Sea seismic survey completed Lansdowne Oil & Gas plc, the Dublin-based exploration company, is pleased toannounce the successful completion of its 2D seismic acquisition programme onLicence 5/08, in the Celtic Sea, offshore Ireland. The Norwegian based company, Wavefield Inseis ASA, carried out the survey onbehalf of Lansdowne using the M/V Malene Ostervold. The survey was completedahead of schedule and under budget. A total of 489 kms of 2D seismic survey wasacquired over two large structures, Amergin and Eremon that were identified on1986 vintage seismic data. Amergin has been independently verified as havingbest case potentially recoverable prospective resources of 63 million barrels ofoil equivalent ("MMBOE"). Standard Exploration Licence 5/08 was awarded last month to Lansdowne's recentlyacquired wholly-owned subsidiary Milesian Oil & Gas Limited ("Milesian").Standard Exploration Licence 5/08 covers an area of 449 sq kms over parts ofblocks 47/25, 48/21, and 48/22. The blocks are located 30 kms from thecoastline, in water depths of approximately 100 metres. Standard Exploration Licence 5/08 is valid for a period of six years (in twothree year phases) during which Milesian is required to drill an explorationwell and to complete the acquisition of 300 kms of new seismic data within thefirst three year phase. The acquisition of the seismic data has fulfilled thelatter obligation. Under the terms of the licence, on 31 March 2011 Milesian isrequired to surrender 50 per cent. of the licence area. Steve Boldy, Chief Executive of Lansdowne, commented: "Fortunately, good weather offshore enabled us to acquire the seismic dataefficiently and cost effectively. The data will be processed over the comingmonths and integrated into our mapping which should give us a drilling target tobest test the Jurassic oil potential in the area". Enquiries: Lansdowne Oil & Gas plcStephen Boldy, CEO Tel: +353 1 637 3934 Emmet Brown, Business Development Tel: +353 1 637 3934Director John East & Partners LimitedDavid Worlidge Tel: 020 7628 2200 Notes to Editors: Lansdowne Oil & Gas plc is an independent oil and gas exploration company listedon the AIM market in London with its operations focused on the Irish offshoreNorth Celtic Sea basin. Its operating headquarters is in Dublin. The Company was founded in December 2005 and admitted to AIM in April 2006having acquired from Ramco Energy plc its portfolio of Irish exploration andappraisal assets that flank the Kinsale Head gas field and its infrastructure.The Company recently significantly expanded its North Celtic Sea portfoliothrough the acquisition of Milesian Oil & Gas Limited in December 2007 with itsidentified exploration prospects for Jurassic oil and gas. Following the acquisition and interpretation of this new seismic furtherconsideration may become payable to the Milesian vendor shareholders. An updated Independent Technical Report relating to Milesian's acreage will becommissioned following the conclusion of the seismic programme. If that reportconfirms best case potentially recoverable prospective resources of at least 63MMBOE then a further 2,333,419 new shares in Lansdowne will be issued to theMilesian vendor shareholders. Additionally for each 1 MMBOE of best case potentially recoverable prospectiveresources above 63 MMBOE, but capped at a total of 155 MMBOE a further 62,790new Lansdowne shares will be issued to the Milesian vendor shareholders.Therefore a maximum of 8,110,099 new Lansdowne shares may become issuable wherethe best case potentially recoverable prospective resources reach 155 MMBOE. Further information on Lansdowne is available at Lansdowne's website at www.lansdowneoilandgas.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lansdowne Oil