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22 July 2019
Lansdowne Oil & Gas plc ("Lansdowne" or the "Company")
Standard Exploration Licence 1/11 Barryroe, North Celtic Sea Basin Operational Update
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, notes the announcement today by Providence Resources P.l.c. regarding Barryroe, which reads as follows:
Update on Barryroe Farm-Out Transaction
Dublin and London - July 22, 2019 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy Company ("Providence" or the "Company"), today provides a commercial and operational update in relation to Standard Exploration Licence ("SEL") 1/11 which contains the Barryroe oil accumulation (the "Barryroe Project"). SEL 1/11 is operated by EXOLA DAC ("EXOLA" or the "Operator", 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited ("APEC") and Lansdowne Celtic Sea Limited ("Lansdowne", 10%). The area 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 June 5, 2019, the Company announced that it had agreed certain amendments to the Farm-Out Agreement (the "Updated FOA") for the Barryroe Project with APEC Energy Enterprises Limited ("APEC") and, together with EXOLA and Lansdowne, the "Barryroe Partners", including a revised backstop date with APEC for receipt of the US$ 9 million loan advance to June 14, 2019, which was subsequently extended through various extensions to July 19, 2019.
Extension of Backstop Date
The Company has received further documentation showing the mechanics of the transfer of $US 10 million to Providence's account. However, due to ongoing banking processing delays, the funds have yet to be credited to Providence's account. Accordingly, to facilitate this, the Barryroe Partners have agreed to a backstop extension of on or before July 26, 2019.
Further announcements will be issued when and as appropriate.
ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this announcement. Providence Resources P.l.c undertakes no obligation to update any forward-looking statements.
For further information please contact:
Lansdowne Oil & Gas plc
+353 1 963 1760
SP Angel Corporate Finance LLP
+44 (0) 20 3470 0470
Nominated Adviser and Joint Broker
Brandon Hill Capital
+44 (0) 20 3463 5061
Notes to editors:
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused, oil and gas exploration and appraisal company quoted on the AIM market and head quartered in Dublin.
Providence Resources is an Irish based Oil & Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence's shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com
APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong registered company with headquarters in Beijing. In addition to its original focus on offshore oil & gas services, APEC provides upstream energy acquisition advice and management services in partnership with Chinese Oil Companies, offshore and onshore service providers, and SOE investment groups. www.apecenergy.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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