Ireland Grants North Celtic Sea Licensing Option to Lansdowne O&G

Lansdowne Oil & Gas, the Dublin-based exploration company, has been granted, by the Minister for Communications, Energy and Natural Resources, a new licensing option in the North Celtic Sea basin, off the south coast of Ireland.

Licensing Option 09/1 ("Lee" or the "Licensing Option") covers parts of blocks 48/14, 48/15, 49/11 and 49/12, and lies along the northern margin of the North Celtic Sea Basin. The Licensing Option has been exclusively granted to Lansdowne.

The primary exploration target over the acreage is for oil in Jurassic sands anticipated to lie at depths between 1,200 and 3,000 m (3,900 and 10,000 ft) subsea. Water depth over the Licensing Option is around 85 - 90m (280 - 295 ft).

The initial work program for the new Licensing Option will focus upon reprocessing the existing seismic data to improve the imaging of the Jurassic section. The new 2D seismic data acquired in 2008 by Lansdowne over the Amergin Prospect in License 5/08, also lying on the northern margin of the North Celtic Sea Basin, has demonstrated the improvements that modern seismic acquisition and processing can achieve. Lansdowne anticipates being able to replicate this improvement in data quality over Licensing Option 09/1.

Dr. Steve Boldy, CEO of Lansdowne, commented, "Lansdowne is delighted to be awarded this new Licensing Option. We consider this new acreage ideally located to have received sand input during the Jurassic, which augurs well for reservoir development. The improvement we achieved in seismic imaging of the Jurassic through last year's program gives us confidence that similar results can be achieved in this new area, leading to the identification of new drillable prospects."