Saturday 16 December 2017

Lansdowne Oil confident about Celtic Sea assets

The Barryroe field off the coast of Cork.
The Barryroe field off the coast of Cork.

Paul O'Donoghue

Irish exploration company Lansdowne Oil & Gas has said that it has faith in the group's portfolio of assets in the Celtic Sea despite "extremely challenging" market conditions

The Dublin-based firm is the junior partner with Providence Resources in the potentially lucrative Barryroe oil and gas field in the Celtic Sea off the Cork coast.

Like many other exploration firms, Lansdowne's share price has suffered due to a collapse in oil prices, a failure to secure a farm out partner to help develop Barryroe and disappointing drilling results at one of its most promising wells in the Celtic Sea. It has been mooted as a possible takeover target due to its low market capitalisation.

In the company's interim results statement, chairman John Greenall said: "We have faith in our portfolio of assets in the Celtic Sea and continue to believe it can deliver good returns. We will continue with our current strategy and with our strategic review process."

The results also show that Lansdowne made a loss of £550,000 in the six months to the end of June compared to a loss of £760,000 during the same period last year.

Irish Independent

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