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Lansdowne Oil & Gas relinquishes offshore Ireland licence

Published: 14:42 15 Feb 2017 GMT

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Landsdowne relinquishes offshore Ireland licence

Lansdowne Oil & Gas (LON:LOGP) has decided to relinquish its standard exploration licence 4/07 offshore Ireland after disappointing volumes at a well on the site.

The AIM-traded oil and gas explorer, focused on the North Celtic Sea, said the 49/11-3 well on the Midleton prospect found gas in its main reservoir target but the volume was considered too small to be commercial.

Dublin-based Lansdowne had a 20% interest in the licence after selling 80% to PSE Kinsale Energy in November 2014.

Kinsale, which drilled the 49/11-3 well in 2015, concluded it was not attractive in terms of risk and reward after conducting a post-well evaluation of the other prospective structures on the field.

Lansdowne said the licence has been relinquished with effect from 31 December 2016. A final report has been submitted to the Department of Department of Communications, Climate Action and Environment.

"Midleton was considered the prime prospect on SEL 4/07 and following the disappointing results of the 49/11-3 well, it is not surprising that the conclusion has been reached to relinquish the acreage,” said chief executive Steve Boldy.

“This further portfolio rationalisation will allow Lansdowne to focus all its resources upon the Barryroe field where we have substantial 2C resources.” 

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