Lansdowne Oil and Gas plc (“Lansdowne” or “the Company”) is pleased to announce a commercial update on Standard Exploration Licence (“SEL”) 1/11 that contains the Barryroe oil accumulation.
SEL 1/11 is operated by EXOLA DAC (“EXOLA”, 80%), a wholly-owned Providence subsidiary, on behalf of its partner Lansdowne Celtic Sea Limited, a wholly owned Lansdowne subsidiary (20%). The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.
Binding Barryroe Farm-Out with APEC
Further to the RNS announcement of March 28, 2018 regarding the signing of a Farm-Out Agreement (“FOA”) with APEC Energy Enterprises Limited (“APEC”), the Company is pleased to now confirm that, following the completion of all required ancillary documentation and the receipt of both governmental consents, EXOLA, Lansdowne and APEC (collectively referred to as the “Barryroe Partners”) have signed a revised and binding Farm-Out Agreement (“Updated FOA”) which assigns 50% equity in SEL 1/11 to APEC.