Lansdowne Oil & Gas: Midleton Prospect Well to be Drilled in August

Junior energy firm Lansdowne Oil & Gas announced Monday that a well will be drilled at the Midleton prospect in license 4/07, offshore Ireland, in August 2015.

Following a contract agreement between PSE Seven Heads Limited, a wholly owned subsidiary of PSE Kinsale Energy Limited, and Diamond Offshore Drilling, the well will be drilled by Diamond’s Ocean Guardian (mid-water semisub). A well site survey has already been completed over the Midleton location using the Polar Surveyor survey vessel.

The Midleton prospect has been assessed as having a potential 330 billion cubic feet of GIIP (gas initially in place), with 268 Bcf recoverable, according to Lansdowne. This prospect lies approximately 12 miles northeast of the Kinsale Head gas field, which is believed to hold 1.7 trillion cubic feet reserves.

Kinsale Energy holds an 80 percent interest in license 4/07, with Lansdowne Oil & Gas holding the remaining 20 percent. Kinsale Energy will fund 100 percent of the costs of drilling the well on the Midleton prospect and the company is currently continuing work on well planning, with further announcements expected to be made in the near future.

On November 19, 2014, Lansdowne Oil & Gas announced that it was entering into a farm-in agreement with PSE Kinsale Energy Limited. Under the terms of the agreement, Kinsale Energy acquired an 80 percent interest in, and became the operator of, license 4/07. The deal also required Kinsale Energy to fund 100 percent of the costs of drilling a well on the Midleton prospect.

Lansdowne CEO Steve Boldy commented in a company statement:

"We are pleased with the rapid progress Kinsale Energy has made since taking over as operator and look forward to the drilling of the Midleton well later this year."


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