SeaEnergy PLC confirms that its wholly owned subsidiary Ramco Hibernia Limited, has agreed to acquire 11,428,684 new shares in Lansdowne at 15p per share, a total investment of £1,714,302.60, as a part of a larger placing raising £6,130,676 which was announced by Lansdowne earlier. Prior to the placing SeaEnergy held a 23.03% interest in Lansdowne and following completion of the placing the Company will hold 30,194,193 shares in Lansdowne (24.68%). The net proceeds of the placing will be used to enable Lansdowne to participate in the drilling of an appraisal well on the Barryroe oilfield, in which Lansdowne holds a 20% interest, with the remaining interests being held by the operator, Providence Resources Plc 50% and San Leon Energy Plc 30%.
Lansdowne’s cost of participating in this well is expected to be approximately £5 million, including provision for a test programme. Should Lansdowne choose to participate in a possible side-track to this well, following a successful vertical well, its share of the cost will be approximately a further £2 million. In this event Ramco Hibernia Limited has together with another major shareholder in Lansdowne, agreed to underwrite a further £1 million of equity capital to cover this expenditure. Steve Remp, Chairman said “We are pleased to be able to support the funding of Lansdowne’s participation in the Barryroe appraisal well. I have high hopes that the results from this appraisal well, coupled with the recently acquired 3D seismic in the region, will begin to unlock the full potential of the Celtic Sea Basin.”
