Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Lansdowne Oil & Gas shares rally as Barryroe licence is extended

It gives the companies more breathing room as an ongoing process to bring in a new development partner
Lansdowne Oil & Gas shares rally as Barryroe licence is extended
Dublin broker Davy highlighted the extension would reduce potential risks to the project’s future

Shares in Lansdowne Oil & Gas (LON:LOGP) advanced over 25% on Tuesday as investors seemingly gave the junior oil company more appreciation for its 20% owned Barryroe field.

This morning Providence Resources (LON:PVR), the project’s operator, announced that the Irish authorities had agreed to extend the current licence period until July 2017, and that the subsequent phase would also be given two extra years.

It gives the companies more breathing room as an ongoing process to bring in a new development partner.

The extent of the licence has also increased by 118 sq km to accommodate for mapped potential extensions of the Barryroe accumulation into an adjacent area. Barryroe's licence area lies in 100 metre water in the North Celtic Sea Basin and 50 km off the south coast of Ireland.

Tony O'Reilly, Providence’s chief executive, said: "We are very pleased to announce these extensions to the Barryroe licence which provide additional security of tenure whilst also consolidating the upside resource potential that we have identified in the immediately adjacent acreage."

Dublin broker Davy, meanwhile, highlighted that the extension would reduce potential risks to the project’s future.

“The additional security provided by the extension of the Barryroe licence period to July 2019 removes a potential worry for investors and is thus incrementally positive,” Davy analyst Job Langbroek said in a note.

Lansdowne shares - which have been under pressure in recently following a disappointing results in a separate exploration project - rallied 26.67% to trade at 2.38p

Jamie_55a91591db06b.jpg
Why Invest In Lansdowne Oil & Gas? Read More Here

Register here to be notified of future LOGP Company articles
View full LOGP profile

Lansdowne Oil & Gas Timeline

Related Articles

1-186983.jpg
September 05 2016
Active Energy has three stand-alone, but complementary divisions
Kris Energy shows benefit of Gulf of Thailand ramp-up
February 25 2016
Average production for 2015 was up 27% to 9,692 boepd, and Kris ended the year with output of 19,000 boepd.
Cadogan-well.JPG
September 20 2016
Cadogan has now stemmed its losses. The next step will be a real turnaround

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.