Barryroe Farm-Out Transaction Update

RNS Number : 9744K

Lansdowne Oil & Gas plc

03 September 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boldy, the Chief Executive Officer of the Company (responsible for arranging release of this announcement).

3 September 2019

Lansdowne Oil & Gas plc

("Lansdowne" or the "Company")

Standard Exploration Licence 1/11

Barryroe, North Celtic Sea Basin

Update on Barryroe Farm-out Transaction

Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, today provides a commercial update in relation to Standard Exploration Licence ("SEL") 1/11, which contains the Barryroe oil accumulation (the "Barryroe Project"). The Barryroe Project is operated by EXOLA DAC ("EXOLA" or the "Operator", 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited ("APEC") and Lansdowne Celtic Sea Limited ("Lansdowne", 10%).  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.

Background 

On June 5, 2019, the Company announced that APEC, EXOLA and Lansdowne (together, the "Barryroe Partners") had agreed certain amendments to the Farm-Out Agreement (the "Updated FOA") for the Barryroe Project , including a revised backstop date with APEC for receipt of the US$ 9 million loan advance to June 14, 2019, which was subsequently extended through various extensions to September 2, 2019.

Extension of Backstop Date and Notice Given to APEC

As at close of business on September 2, 2019, no funds had been received in EXOLA's account.  Accordingly, in granting APEC a further week's extension to September 9, 2019, written notice has been issued to APEC by Providence/EXOLA that, should the APEC Loan Amount not be received by the close of business on that date, Providence/EXOLA and Lansdowne reserve the right to end exclusivity, while also considering all legal remedies available to them against APEC for contract non-performance, including the re-assignment of equity in SEL 1/11.

For further information please contact:

Lansdowne Oil & Gas plc	[phone]
Steve Boldy
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser and Joint Broker
Lindsay Mair
Richard Hail
Brandon Hill Capital	[phone]
Joint Broker
Oliver Stansfield

Notes to editors:

About Lansdowne

Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused, oil and gas exploration and appraisal company quoted on the AIM market and head quartered in Dublin.

For more information on Lansdowne, please refer to www.lansdowneoilandgas.com 

About Providence Resources

Providence Resources is an Irish based Oil & Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  Providence's shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com 

About APEC

APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong registered company with headquarters in Beijing. In addition to its original focus on offshore oil & gas services, APEC provides upstream energy acquisition advice and management services in partnership with Chinese Oil Companies, offshore and onshore service providers, and SOE investment groups. www.apecenergy.com. 

 

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