Lansdowne Oil & Gas ("Lansdowne") is pleased to announce its unaudited results, for the six months ended 30 June 2022. 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 and the Directors believe that these factors, combined with favourable fiscal terms, have the potential to deliver high value reserves and consequential shareholder value.
First half Highlights
- Barryroe Oil Field (SEL 1/11)
- Lease Undertaking Application remains under active consideration at the Department of the Environment, Climate and Communications ("DECC")
- We now look forward to engaging constructively with DECC in the coming weeks following a recent encouraging update from the Minister
- New reservoir and development studies to assess potential of first Phase development of Barryroe, centred around the 48/24-10z area were completed
- New CPR completed by RPS over Phase 1 development area estimated 2C Resources of 81.2 million barrels recoverable, 16.4 million barrels net to Lansdowne
- Cash balances at 30 June 2022 of £0.20 million (31 December 2021: £0.20 million).
- Loss for the period after tax of £0.16 million (2021: loss £0.13 million).
- Loss per share of 0.02 pence (2021: loss 0.02 pence).
- The LC Capital Master Fund loan, due for repayment on 31 December 2021, was extended to 31 December 2022.
- As part of LCCMF's agreement to the Loan Extension, the warrants to subscribe for up to 26 million new ordinary shares in the Company, granted to LC Capital Targeted Opportunities Fund LP in December 2020 were extended to now expire on 31 December 2022, in line with the Loan Extension and the exercise price was adjusted to 0.525p/warrant (being the closing mid-market price on 29 December 2021).
- In March 2022, the Company placed 60,000,000 new ordinary shares with new and existing investors at a placing price of 0.5 pence per share, raising £300,000 before costs.
- Associated with the fund raise, 1,821,826 warrants were granted to LC Capital Targeted Opportunities Fund, LP in accordance with the provisions of LCCTOC's warrant instrument.
- LC now holds 27,821,826 warrants over ordinary shares and the strike price for these warrants has been amended to 0.5 pence per share from 0.525 pence per share pursuant to the LC warrant instrument.