Lansdowne Provides Corporate Update

Source: 12/15/2020, Location: Europe

Lansdowne Oil & Gas plc, the North Celtic Sea focused, oil and gas company, is pleased to provide a corporate financial update.

The Company has entered into agreements with LC Capital Master Fund ("LCCMF") to extend the payment date of its outstanding loan of £1.155 million currently due for repayment on 31 December 2020 (the "Loan Extension").

The agreements provide that:
· The Company will repay £175,000 of the outstanding loan amount with immediate effect;
· The payment date of the remaining c. £980,000 will be extended to 31 December 2021;
· The Company will award LC Capital Targeted Opportunities Fund LP ("LCCTOF" and, together with LCCMF, "LC Capital") 26 million Warrants to subscribe for new shares in the Company at a price of 1.2p/share, the term of the Warrants to expire on 31 December 2021 (the "Warrant Issue"); and
· The existing 25,934,245 warrants granted to LCCTOF, pursuant to the warrant instrument issued by the Company on 2 April 2020 and expiring on 31 December 2020 will be cancelled

All other terms of the loan, which include a coupon of 5 per cent. per annum, remain unchanged.

Related Party Transaction
As LC Capital is a substantial shareholder in the Company as defined under the AIM Rules for Companies (the "AIM Rules"), it is considered to be a Related Party of the Company as defined under the AIM Rules and the Loan Extension and Warrant Issue are considered to be a Related Party Transaction pursuant to Rule 13 of the AIM Rules.

The Directors of the Company independent from the Loan Extension and the Warrant Issue, being the full Board, consider, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the Loan Extension and Warrant Issue are fair and reasonable insofar as the Company's Shareholders are concerned.

Steve Boldy CEO of Lansdowne Oil & Gas commented:
"We would once again like to thank Lampe Conway for their continued support of Lansdowne. Given recent capital injections to the Company via the exercise of warrants at 1.2p, Lansdowne's balance sheet is much improved. Accordingly, we are able to pay back part of the outstanding loan amount, whilst also ensuring the Company retains in excess of one year's working capital.

Whilst 2020 has been a difficult year for everyone, we believe we have made great progress with the Barryroe oil and gas field, through the signing of the Farm-out Agreement with SpotOn Energy. The Agreement provides a full carry to production of oil and gas via the Early Development Programme and we look forward to updating the market in early 2021 regarding progress."

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