Lansdowne Fails to Farm-Out Celtic Sea Licenses
Offshore Ireland focused energy company Lansdowne Oil & Gas revealed Tuesday that it has failed to farm-out the SEL 5/07 and SEL 5/08 licenses in the Celtic Sea offshore the south coast of Ireland, “due to adverse industry conditions”.
“Due to adverse industry conditions, attempts to farm-out SEL 5/07, containing the Rosscarbery and SE Rosscarbery gas prospects, and SEL 5/08, containing the Amergin prospect, have been unsuccessful,” said a Lansdowne spokesperson in a company statement.
“As Lansdowne has not been able to demonstrate that drilling will be achieved in 2016 these licenses have lapsed with effect from December 31, 2015,” the spokesperson added.
The Rosscarbery and SE Rosscarbery prospects hold combined P50 prospective resources of 324 billion cubic feet of gas initially in place, and the Amergin prospect has potential for 739 million barrels of of stock tank oil initially in place, according to Lansdowne.
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