Barryroe Appraisal Well Commences

RNS Number : 4170S

Lansdowne Oil & Gas plc

21 November 2011

 



Lansdowne Oil & Gas plc

Barryroe Appraisal Well Commences

Lansdowne Oil & Gas, ("Lansdowne") welcomes the announcement today by Providence Resources plc ("Providence") as operator of Standard Exploration Licence 1/11 in the North Celtic Sea Basin, that it has commenced appraisal drilling operations on the Barryroe oilfield, offshore southern Ireland. Lansdowne holds a 20% working interest in Licence 1/11.

The GSF Arctic III semi-submersible rig commenced drilling at 09.45 am on Sunday, November 20^th 2011. The drilling and testing programme of the 48/24-J well is scheduled to take approximately 60 days.

Commenting on this development, Dr Steve Boldy, CEO of Lansdowne said:

"This well will provide much needed additional modern technical data on the Barryroe oilfield. When fully integrated with the recently processed 3D seismic data, the well results should greatly improve our understanding of the commercial potential of the project."

Contacts

Lansdowne Oil & Gas plc
Steve Boldy	Chief Executive Officer	[phone]
Chris Moar	Finance Director	[phone]
finnCap
Sarah Wharry	Corporate Finance	+ 44 20 7220 0567

About Lansdowne

Lansdowne is an exploration and appraisal oil and gas company listed in London on the AIM Market (Symbol : LOGP). Lansdowne holds a balanced portfolio of oil discoveries, low and moderate risk gas prospects near existing infrastructure and moderate risk oil prospects. The Company is focused on the underexplored North Celtic Sea Basin which has proven petroleum systems in place for both oil and gas. For more information, visit the Company's website: www.lansdowneoilandgas.com 

About Barryroe

Providence 50%, San Leon 30%, Lansdowne 20%

A third party audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding 2C and 3C Barryroe recoverable contingent resources are 59 MMBO and 144 MMBO, respectively.

Three wells within SEL 1/11 (Barryroe) have tested oil:

48/24-1 drilled by Esso in 1973/1974 tested oil from Middle Wealden sands at an aggregate rate of 1,300 barrels per day

48/28-1 drilled by Esso in 1974 tested oil from a Middle Wealden sand at 1,527 barrels per day

48/24-3 drilled by Marathon in 1990 tested oil from Lower Wealden sands at an aggregate rate of 1,619 barrels per day

Glossary of terms used in this Announcement

ALL FIGURES QUOTED ARE GROSS FIGURES, UNLESS OTHERWISE STATED

MMBO Millions of Barrels of Oil

STOIIP Stock Tank Oil Initially In Place

 

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