The work successfully completed included:
--Reprocessing of c. 400km of existing 2D Seismic data --Purchase and integration of some 560km of 2D seismic data acquired by TGS Fugro in 2005 --Additional special geophysical processing studies --Regional studies of Cretaceous reservoir development --Reservoir engineering and conceptual development studies.
Comprehensive reports detailing the findings of the work programs have been completed and presented to the Department of Communications, Marine and Natural Resources.
Lansdowne has been encouraged by the results of this year's work that, together with Island Oil & Gas's successful Old Head well (49/23-1), has helped reduce the risk profile of the prospects identified on its acreage.
As a result Lansdowne has filed applications for Standard Exploration Licenses over parts of the areas held under Licensing Options 03/2 (Midleton), 03/6 (Rosscarbery) and 03/10 (East Kinsale).
In addition an application has been filed to convert the Seven Heads Oil Licensing Option (03/5) to a Lease Undertaking, to allow Lansdowne and its joint venture partners to continue to evaluate development options. As announced recently by Island Oil and Gas plc, one of the joint venture partners, reservoir engineering studies completed as part of a farm-in arrangement to Lansdowne's interest in Seven Heads Oil, evaluated a pilot development option based on a short life production profile of 9,000bopd.
Island also announced recently that they would be working jointly with Providence Resources plc to produce a common strategy report for joint development of Celtic Sea oil assets and this study will include the Seven Heads Oil accumulations.
Licensing and Fiscal review
Noel Dempsey T.D., the Minister for the Department of Communications, Marine and Natural Resources, announced earlier this year a review of Licensing and Fiscal terms that apply to the exploration and production of hydrocarbons. It is possible that the existing terms will change as a result of this review and Lansdowne has been informed that any new licenses granted as a result of the applications it has filed this week are likely to fall under the new regime. Accordingly, the applications submitted this week are all conditional on the new fiscal terms being acceptable to the applicants.
The outcome of the review of licensing and fiscal terms is expected in the first quarter of 2007.
Farm out program
A number of companies have expressed an interest in farming into one or more of Lansdowne licenses and discussions are continuing, but the conclusion of any agreement will also depend upon the outcome of the licensing and fiscal review.
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