Lansdowne Oil & Gas plc (“Lansdowne”) announces its interim results for the six months ended 30 June 2014.
Lansdowne is an upstream oil and gas company, focused on exploration and appraisal activities in the North Celtic Sea Basin, off the south coast of Ireland.
The Company has targeted the Irish offshore shelf areas close to existing operating infrastructure for exploration, as these provide shallow water (generally less than 100 metres), and relatively low drilling costs.
The Directors believe that these factors, combined with favourable fiscal terms, have the potential to deliver high value reserves.
Highlights:
– In recognition of potential field extensions to the south and southeast, the Barryroe licence holders were granted a 180 km 2 extension to SEL 1/11;
– Providence Resources continued farm-out negotiations on behalf of the Barryroe partnership and recently confirmed that the process is “nearing completion”;
– Farm-out discussions are on-going regarding the Company’s exploration prospects;
– Cash balances at 30 June 2014 of £1.11 million (31 December 2013: £2.48 million);
– Loss for the period after tax £0.76 million (2013: loss £0.32 million);
– Loss per share 0.5 pence (2013: loss 0.2 pence).
Press Release, September 19, 2014