Lansdowne Oil & Gas says its 2D seismic acquisition program on License 5/08, in the Celtic Sea, offshore Ireland has been successfully completed.
The Norwegian based company, Wavefield Inseis ASA, carried out the survey on behalf of Lansdowne using the M/V Malene Ostervold. The survey was completed ahead of schedule and under budget. A total of 489 kms of 2D seismic survey was acquired over two large structures, Amergin and Eremon that were identified on 1986 vintage seismic data. Amergin has been independently verified as having best case potentially recoverable prospective resources of 63 million barrels of oil equivalent ("MMBOE").
Standard Exploration License 5/08 was awarded last month to Lansdowne's recently acquired wholly-owned subsidiary Milesian Oil & Gas Limited ("Milesian"). Standard Exploration License 5/08 covers an area of 449 sq kms over parts of blocks 47/25, 48/21, and 48/22. The blocks are located 30 kms from the coastline, in water depths of approximately 100 meters.
Standard Exploration License 5/08 is valid for a period of six years (in two three year phases) during which Milesian is required to drill an exploration well and to complete the acquisition of 300 kms of new seismic data within the first three year phase. The acquisition of the seismic data has fulfilled the latter obligation. Under the terms of the license, on March 31, 2011 Milesian is required to surrender 50 percent of the license area.
Steve Boldy, Chief Executive of Lansdowne, commented:
"Fortunately, good weather offshore enabled us to acquire the seismic data efficiently and cost effectively. The data will be processed over the coming months and integrated into our mapping which should give us a drilling target to best test the Jurassic oil potential in the area".
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