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Lansdowne Oil & Gas substantially de-risks Celtic Sea oil prospects ahead of farm-out

Last updated: 17:49 17 Jan 2013 AEDT, First published: 18:49 17 Jan 2013 AEDT

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Lansdowne Oil & Gas’s (LON:LOGP) projects in the Celtic Sea have been substantially de-risked as it continues to progress farm-out talks with interested parties.

This morning the company reported on a technical study, based on the analysis of seismic inversion data. It said the technical work has highlighted positive fluid anomalies which indicate the likely presence of gas in the Midleton, SE Rosscarberry and Galley Head accumulation.

Also, according to Lansdowne, the results for the Amergin oil prospect indicate that the Lower and Basal Wealden reservoirs - which are proven to be productive on the adjacent Barryroe field - appear to be present at Amergin.

Lansdowne also revealed the findings of a conceptual development study, which concluded that the Midleton gas prospect could be economic as a standalone operation, if drilling proves successful, while the smaller Galley Head gas accumulation would need to be tied back into existing infrastructure.

Another concept study, assessing the possible development options for the Amergin oil prospect is almost complete. This study will incorporate the possible synergies relating to the nearby Barryroe oil field – which is 20% owned by Lansdowne and is operated by Providence Resources (LON:PVR).

Lansdowne says the results of the seismic inversion work has de-risked the planned drilling, expected in 2013/14, and the development studies endorse the belief that the projects will be commercially robust if drilling is a success.

"The results of the 3D seismic inversion work are exciting and positively demonstrate the benefits of using the latest technology,” said chief executive Steve Boldy.

“The Amergin oil prospect and the gas prospects have been substantially de-risked and the Conceptual Development Studies endorse the commercial possibilities of these prospects.

“Regarding the farm-out campaign to attract industry partners to join us in drilling, we are in discussion with a number of parties and believe the additional studies we have undertaken will assist in moving this process forward to a conclusion".

 

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