UK: Lansdowne Oil & Gas Announces Its First Half Interim Results

Lansdowne Oil & Gas announced its interim results for the six months to 30 June 2012.

Operational highlights

  • Barryroe appraisal well 48/24-10z successfully tested at a stabilised rate of 3,514 bopd and 2.93 mmscfgd (4,000boepd)
  •  Barryroe updated P50 oil in place estimates currently total 1,043MMBO for the Middle & Basal Wealden reservoirs. Lansdowne 20% interest.
  •  Barryroe additional potential identified in Lower Wealden and Purbeckian reservoir intervals with P50 oil in place estimate of 778MMBO
  •  Barryroe North Licensing Option secured over c. 500 sq kms.
  •  Amergin, Midleton & Rosscarbery prospects de-risked substantially by 3D seismic mapping. Robust prospects. Industry farm-out data room exercise ongoing.

Financial highlights

  • Loss after tax for period of £620,000 (6 months to June 2011 loss £429,000).
  • Post balance sheet fundraising of £10.0 million (before expenses) through the placing of 18,182,000 new ordinary shares at a price of 55 pence per share in August 2012.

Press Release, September 28, 2012

 

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