News

February 06, 2009

Lansdowne Oil & Gas Updates CPR Estimates As It Seeks Partners To Progress Celtic Sea Exploration

Lansdowne Oil & Gas has released an updated competent persons report for its Celtic Sea acreage and the good news is the numbers are up on the figures reported at the time of the company’s AIM IPO in 2006. The Cretaceous gas prospects in exploration licences 4/07 and 5/07 near the producing Kinsale Head gas field – known as Rosscarbery, Midleton and East Kinsale – are reckoned to hold net best case prospective gas resources of 331.4 billion cubic feet, compared to 267.5 bcf at the time of the AIM listing.

CEO Steve Boldy, who is due to present at next week’s oilbarrel.com conference in London, said the re-evaluation of the Cretaceous gas prospects confirmed they are “low to moderate risk opportunities” with the potential to generate attractive economics given their proximity to the Kinsale Head infrastructure where there is spare processing and export capacity.

The Barryroe oil discovery, held under the company’s licensing option 08/1, also enjoyed an upgrade, albeit a minor one,...