Lansdowne Oil & Gas Announces Barryroe Farm-out Update

Source: www.gulfoilandgas.com 3/1/2021, Location: Europe

Lansdowne Oil & Gas plc (LOGP), the North Celtic Sea focused, oil and gas company, provides a commercial update on Standard Exploration Licence ("SEL") 1/11 which includes the Barryroe oil and gas field. Lansdowne holds a 20% interest in SEL1/11 through its 100% owned subsidiary, Lansdowne Celtic Sea Limited, with EXOLA DAC ("EXOLA"), a wholly owned subsidiary of Providence Resources, holding the remaining 80% and being Operator of the Licence, collectively the "Barryroe Partners". SEL1/11 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.

On 30 November 2020, the Company announced that the Barryroe Partners had signed a Farm-Out Agreement ("FOA") with SpotOn Energy Ltd ("SpotOn") in relation to SEL 1/11.

Under the terms of the FOA, in consideration for SpotOn being assigned a 50% working interest in SEL 1/11, SpotOn, upon closing of the Farm-Out, committed to funding the Early Development Programme (EDP) of three horizontal producing wells and one horizontal injector well; these wells to be completed with subsea trees, tied into a subsea manifold and produced via a leased FPSO.

The farm-in is conditional upon SpotOn confirming that a minimum of US$ 166 million in funding (the agreed funding), for the Early Development Programme (EDP) is in place and Irish government approval for the Farmout agreement has been received.

The funding has not so far been secured and SpotOn are negotiating a restructuring of the funding components, accordingly, the Barryroe partners have agreed to allow an extension of two months to 30th April 2021 for the funding to be put in place.


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