Lansdowne Oil & Gas plc is an independent oil and gas exploration company listed on the AIM market of the London Stock Exchange since April 21st, 2006. Lansdowne has its operating headquarters based in Dublin, Ireland with its registered office in London, England.Lansdowne is focused on oil and gas exploration and appraisal opportunities in the North Celtic Sea Basin ("NCSB") offshore southern Ireland. Lansdowne, as operator, holds rights, through its wholly owned subsidiaries, to five Standard Exploration Licences and one Licensing Option in the proven oil and gas prone shallow waters of the NCSB.
27/09/13Lansdowne Oil & Gas beefs up board with Auld
15/05/13Lansdowne Oil & Gas ‘well positioned’ offshore Ireland, says broker
24/04/13Lansdowne Oil & Gas’ Amergin prospect is Celtic Sea’s next big project, says CEO Boldy
09/02/13Lansdowne’s farm-out boosted by latest Barryroe assessment, says broker
19/01/13UPDATE: Lansdowne Oil & Gas substantially de-risks Celtic Sea oil prospects ahead of farm-out
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Lansdowne's portfolio consists of Cretaceous gas exploration and appraisal assets that primarily flank the Marathon Oil operated Kinsale Head and Seven Heads gas-fields and associated infrastructure. Lansdowne, through the acquisition of Milesian Oil & Gas Limited in December 2007, acquired a substantial position along the basin margin in already identified Jurassic exploration targets with potential for oil and gas. Lansdowne further consolidated its position in the NCSB with the award of a Licensing Option giving it, and its joint-venture partners, rights to the proven oil productive horizons beneath the Seven Heads gas-field discovered by the Esso/Marathon consortium in the 1970s. Oil from Cretaceous reservoirs was successfully tested at flow rates of between 1,300 bopd and 1,600 bopd, from three previously drilled wells on what is now called the Barryroe Oilfield.
Lansdowne has targeted the Irish offshore shallow shelf areas for exploration and exploitation as it considers the proven oil and gas productive NCSB relatively underexplored in the context of the North Sea neighbouring basins. Lansdowne's portfolio of opportunities offers a relatively low-cost shallow water drilling environment that combined with competitive fiscal terms afford a realistic expectation of high returns on investment within the medium term. Lansdowne's in-house knowledge and experience as provided by its management and technical team, coupled with its comprehensive data-base, assures its competitive advantage within the industry in this region.
Lansdowne Oil & Gas Plc continues to pursue its focused approach to explore and develop its licensed areas in the North Celtic Sea basin, off the south coast of Ireland.
The Company continues its strategy of evaluating quality drillable prospects on its licensed areas and combining a long-term exploration programme for commercial oil with near-term exploitation of shallow gas targets. As a result, Lansdowne now holds rights, through its wholly owned subsidiaries, to five Standard Exploration Licences and one Licensing Option in the Irish offshore.
LICENCE 4/07 MIDLETON EAST KINSALE PROSPECT
Standard Exploration Licence 4/07
Licence 4/07 incorporates part-blocks 49/11, 49/12, 49/17 and 49/18 immediately south-east of the Kinsale Head Gas field along the axis of the North Celtic Sea Basin. The licence encompasses an area of 542 sq. kms and is currently held 100% by Lansdowne. This licence contains the Midleton and the East Kinsale gas satellite prospects.
East Kinsale Prospect
STANDARD EXPLORATION LICENCE 5/07 ROSSCARBERY
Licence 5/07 incorporates part-blocks 48/17, 48/18,48/19, 48/22 and 48/24 adjacent to and immediately north-west of the Kinsale Head Gas field. The licence encompasses an area of 366 sq. kms, lies in water depth of circa 100 metres, and is currently held 99% by Lansdowne as operator.
This licence contains the Galley Head and Carrigaline gas discoveries with potential for 112 BCF GIIP/ 86 BCF recoverable; the Rosscarbery Prospect – 92 BCF GIIP / 71 BCF; and five other prospects with potential for 368 BCF GIIP / 277 BCF recoverable.
STANDARD EXPLORATION LICENCE 5/08 AMERGIN
Licence 5/08 incorporates part-blocks 47/25, 48/21 and 48/22 on the north-western flank of the North Celtic Sea Basin. Situated in water depths of c.100 metres, the blocks cover an area of 449 sq kms and are approximately 30km from the south coast of Ireland.
LICENCE 2/07 - 49/9p - HELVICK OILFIELD
The Helvick field is situated some 40km offshore Ireland in c. 80m (265 ft) water depth. The field was discovered in 1983 by Gulf Oil with the drilling of the 49/9-2 discovery well. This well was tested and flowed at a cumulative rate of c. 10,000 BOPD from four zones.
The Helvick oil is a light (44° API) and non-waxy crude oil, contained in high permeability Upper Jurassic sands.
Development options are under review.
STANDARD EXPLORATION LICENCE 1/11
Licence 1/11 ("Barryroe") incorporates part blocks 48/22, 48/23, 48/24, 48/27, 48/28, 48/29, 48/30 covering an area of 316.36 sq km along the axis of the North Celtic Sea Basin.
The Barryroe Licence is held by Lansdowne (20 per cent) and Providence Resources plc (80 per cent). Part of the Barryroe acreage lies beneath the Seven Heads Gas Field, with the boundary between the two concessions lying at 4,000ft (approximately 1,250m) sub-sea.
Lansdowne recently participated in the successful appraisal well 48/24-10z which tested 43 degree API oil at 3514 bopd.
Three previous wells tested oil in the Barryroe Licence acreage which lies directly below the Marathon operated Seven Heads Gas Field. The reservoir sands are in the Cretaceous Middle and Lower Wealden sequences between 1,400m and 2,300m (approximately 4,600 to 7,550ft) below sea level.
Two wells drilled by Esso in 1973/1974 tested oil. Well 48/24-1 from Middle Wealden sands at an aggregate rate of 1300 barrels per day and 48/28-1 tested oil from a Middle Wealden sand at 1527 barrels per day. A third well, 48/24-3 drilled by Marathon in 1990, tested oil from Lower Wealden sands at an aggregate rate of 1619 barrels per day.
Following integration of the successful appraisal well results the updated Oil In Place P50 Resource estimate by the Operator for Barryroe is 1,043 mmbbls.
LICENCING OPTION 12/04 BARRYROE NORTH
Licensing Option 12/4 – Barryroe North is located to the north and west of the Barryroe oil field (held under SEL 1/11) and covers an area of c. 521 km2. The Option has a two year term after which it may be converted into a standard exploration licence which would involve the commitment to drill a well. Providence Resources(80%) operates the Option in which Lansdowne has a 20%. The main elements of the proposed work programme involve assessing the prospectivity of the Barryroe Basal Wealden sand play across the Option area.
John Greenall (Non-Executive Chairman), aged 73, joined RC Greig & Co in Glasgow in 1960 becoming a partner in 1965. He assisted in the formation and subsequent fund raising of London and Scottish Marine Oil (LASMO) and Clyde Petroleum. Mr Greenall was instrumental in creating Greig Middleton through the merger of RC Greig and WN Middleton in 1983. He joined The Stock Exchange Council in 1985 and served on the Board of its Successor - The Securities Association. In 1994 he joined HCIB (a subsidiary of Guinness Mahon ("GM")) as director of Corporate Broking. When GM was taken over by Investec in 1998 he headed up the corporate broking team at that bank. One of HCIB's specialist research areas was the Exploration & Production sector and he oversaw a number of flotations in the sector the most recent being Venture Production before he retired in 2002. He is a non-executive director of RP&C International Limited a niche investment bank based in London.
Dr Stephen Boldy (Chief Executive Officer), aged 57, is a petroleum geologist with 32 years experience. From 1980 to 1984 Dr Boldy worked as a petroleum geologist for the Petroleum Affairs Division of the Department of Energy in Dublin and then spent almost 19 years with Amerada Hess Corporation, where his appointments included U.K. Exploration Manager and International Exploration Manager. In March 2003 he joined Ramco (now SeaEnergy PLC) as Vice President Ireland and led the flotation of Lansdowne Oil and Gas in 2006.
Dr Boldy has extensive experience of working Irish offshore basins and the basins west of Britain and earned his Ph.D in geology from Trinity College Dublin.
Emmet Kevin Brown (Director of Business Development), aged 62. Mr Brown is a petroleum geologist with 40 years' experience, having worked in many facets of exploration & production worldwide. Mr Brown was employed initially by Marathon Oil in positions of increasing responsibility and later as CEO and Managing Director of two junior quoted E&P oil and gas companies.
Christopher Moar (Finance Director), aged 50. Mr Moar has an MA degree in Accountancy from Aberdeen University and qualified as a Chartered Accountant with Arthur Young in 1987.
He worked as a planning and financial accountant with Baker Oil Tools (United Kingdom) before joining Ramco (now SeaEnergy PLC) in 1993. Mr Moar remains employed by SeaEnergy PLC as Finance Director and Company Secretary but is also be responsible for the finance function in Lansdowne as one of the services provided by the Ramco Services Agreement.
Con Casey (Company Secretary) has an honours degree in Business Management from Trinity College and is a Fellow of the Association of Chartered Certified Accountants. He has over 25 years’ experience in advising companies in the natural resources sector as well as acting as adviser to a number of publicly quoted companies and semi-state organisations. He specialises in the area of corporate finance and is a founding partner of LHM Casey McGrath, one of Ireland’s leading accountancy firms, as well as being a non-executive director of AIM quoted Petroceltic Plc and San Leon Energy Plc.
John Aldersey-Williams (Non-Executive Director), age 50, is Chief Executive of SeaEnergy PLC and has worked in the energy business for more than 25 years. In 2001, he founded Redfield Consulting Limited, a consultancy offering commercial, strategic and economic advice to companies across the zero-carbon energy space. Redfield advised public and private sector clients in wind and marine energy, as well as in carbon capture and storage and policy areas. He was also a founder Director of Reach Exploration Limited, a small UK oil exploration company which pioneered the “promote” business model on the UKCS. Prior to this, he held a number of commercial and technical roles in the upstream oil industry, as well as three years in a specialist energy corporate finance team in a leading merchant bank.
Viscount Torrington (Non-Executive Director), aged 69, graduated from Oxford University as a geologist in 1964. He served in technical and managerial roles with Anglo American plc and Lonrho plc. In 1975, he became managing director of the Attock Oil Company, later Anvil Petroleum plc. The latter was merged with Berkeley Exploration in 1986, and acquired by Ranger Oil the same year. In 1987, he became a Director of Flextech plc and chief executive of Exploration & Production Services (Holdings) Limited, better known as Expro, a major UK oilfield services contractor. In 1995, he became Managing Director of Heritage Oil & Gas Limited, later listed in Toronto as Heritage Oil Corporation.
Viscount Torrington has held non-executive appointments in several companies and is currently chairman of CYC Holdings plc, a company admitted to trading on AIM, which facilitates Chinese entities wishing to list their shares in London. He is also a non-executive director of a private Canadian oil and gas exploration and production company involved in West Africa.
Steven George Lampe (Non-Executive Director), aged 53, is an investment manager based in New York, USA. He is a managing member of Lampe, Conway & Co LLC, a limited liability company organised in the state of Delaware.
The total number of ordinary 5p shares in issue is 140,540,159
The major shareholders are as follows.
The Company holds no shares as treasury shares.
Updated from Lansdowne Oil and Gas website 20.03.2013
Lansdowne Oil and Gas plc
6 Northbrook Road, Dublin 6, Ireland
Tel: +353 4959259
5 Old Bailey
Nominated Adviser and Broker
Cenkos Securities plc
6.7.8 Tokenhouse Yard
Solicitors to the Company
50 Lothian Road
Edinburgh EH3 9WJ
Pinsent Masons LLP
5 Old Bailey
Reddy Charlton McKnight Services Limited
12 Fitzwilliam Place
Ernst & Young
Aberdeen AB15 4DT
34 Beckenham Road
Kent BR3 4TU