Lansdowne Oil & Gas plc Barryroe Rig Nomination (7389O)
01 Febrero 2019 - 1:00AM
UK Regulatory
TIDMLOGP
RNS Number : 7389O
Lansdowne Oil & Gas plc
01 February 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).
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Standard Exploration Licence 1/11
Barryroe, North Celtic Sea Basin
Nomination of Drilling Unit
1 February 2019
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused, oil and gas company, notes the announcement today by
Providence Resources P.l.c. regarding Barryroe, which reads as
follows:
NOMINATION OF THE COSL "INNOVATOR" SEMI-SUBMERSIBLE DRILLING
UNIT
Dublin and London - February 1, 2019 - Providence Resources
P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration
Company ("Providence" or the "Company"), today provides an
operational update on Standard Exploration Licence ("SEL") 1/11
that contains the Barryroe oil accumulation. 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. SEL 1/11 is operated by
EXOLA DAC ("EXOLA", 40%), a wholly-owned Providence subsidiary, on
behalf of its partners, APEC Energy Enterprises Limited ("APEC",
50%) and Lansdowne Celtic Sea Limited ("Lansdowne", 10%),
collectively referred to as the "Barryroe Partners".
In September 2018, EXOLA and Lansdowne signed an Updated
Farm-out Agreement ("FOA") with APEC which provides for a fully
cost-carried firm programme comprising of the drilling and testing
of four vertical wells and one horizontal side-track (collectively
the "Drilling Programme"), plus the optional drilling of two
additional horizontal wells (the "Option Wells"). Under the terms
of the FOA, China Oilfield Services Limited ("COSL") will provide
all services and equipment required to conduct the Drilling
Programme.
RIG NOMINATION
To effect this Drilling Programme, the Barryroe Partners can now
confirm that COSL have nominated their 6(th) generation "COSL
Innovator" semi-submersible drilling unit, which is currently based
in the Norwegian North Sea. The first well in the program, subject
to regulatory consent, is planned to be c. 4.3 km west and c. 25 m
structurally high at Base Wealden level to the previous 48/24-10z
well which tested c. 4,000 BOEPD from a vertical 7-metre reservoir
section at this level. This well is then planned to be sidetracked
to drill and test a prognosed c. 200 metre Base Wealden section.
Well site survey operations are planned to commence during Q2 2019
subject to regulatory consent.
Commenting on the announcement, Tony O'Reilly, Chief Executive
of Providence said:
"The rig nomination allows us to progress the rig-related
consents for the upcoming Barryroe appraisal drilling programme.
Subject to the receipt of all necessary regulatory approvals, we
currently envisage rig mobilisation and drilling commencing during
Q3 2019. The Barryroe Partners look forward to working closely with
COSL on the execution of this major drilling programme and further
project announcements will be made as appropriate."
Commenting on the news, Lansdowne CEO Steve Boldy said:
"We are pleased that progress continues toward delivering the
fully cost-carried multi-well drilling programme on Barryroe. The
nominated rig, the COSL Innovator, has high technical specification
and is ideally suited to complete the work."
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760
Steve Boldy
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser
Lindsay Mair
Richard Hail
Brandon Hill Capital +44 (0) 20 3463 5061
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 COSL
China Oilfield Services Limited (COSL) is the leading integrated
oilfield services providers in the Asian offshore market. COSL's
four main services divisions-Geophysical Services, Drilling
Services, Well Services, and Marine and Transportation
Services-cover the exploration, development, and production phases
of the oil and gas industry. It is a majority owned (54.63%)
subsidiary of Chinese state-owned company, CNOOC
(www.cosl.com.cn)
About COSL Innovator
Delivered from the yard in November 2011, the COSL Innovator is
a semi-submersible drilling rig designed to operate in water depths
up to 750 metres. The unit is designed for North Sea/Norwegian Sea
and worldwide use in harsh environments. Station keeping is
maintained by an 8-line mooring system or by dynamic position mode
maintained by 6 fixed pitch, variable speed thrusters (DP3).
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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