Lansdowne is an upstream oil and gas company, focused on exploration and appraisal opportunities offshore Ireland. The Group has targeted the Irish offshore shelf areas for exploration as these provide shallow water (generally less than 100 meters),relatively low cost opportunities and these factors, combined with the current good fiscal terms, have the potential to deliver high value reserves.
--Acquisitions of Celtic Sea licensing options from Ramco --Acquisition of 19.25% of Frontier License 1/05 offshore Donegal from Ramco --The Inishbeg wildcat (Lansdowne 19.25% fully carried interest) was drilled offshore Donegal and plugged and abandoned as a dry hole. --Lansdowne is continuing with post-well evaluation work --Work program commitments completed on all Celtic Sea Licensing Options: --Applications submitted for follow-on authorizations
--£750,000 private placing with international institutions to fund operational program in February 2006 --IPO on the AIM Market raising £1.6 million
Steve Boldy, CEO of Lansdowne commented:
"The work which we carried out during the year has encouraged us to apply for successor licenses on our Celtic Sea interests and to seek an extension of our Donegal Frontier license. RPS Scott Pickford have reviewed our Celtic Sea interests in the light of cost escalations and we remain confident that the projects remain robust under conservative price assumptions. We are actively seeking farm-in partners to take the projects forward."
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