I’ve been following Lansdowne oil and gas for quite some time now and feel that now may be the time for investors to focus on the company.
Lansdowne currently are focused on exploration and appraisal in the under-explored North Celtic Sea Basin offshore southern Ireland. They hold rights to four Exploration Licences and two Licensing Options. The company received a very positive Competent Person Report (CPR) for the Celtic Sea acreage on 18 February 2011 which put P50 technically recoverable volumes at 93.1m barrels of oil and 331bn cubic feet of
gas. Now that’s an awful lot of OIL and GAS! They have just raised £5 million via a placing at 25p to fund their two existing oil discoveries & exploration prospects.
Now there’s an awful lot of Brokerages at the moment pawing over the company and initiating in-house coverage for their clients but as ever Dan has decided to initiate and disseminate the information to the wider world.
The CPR carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP estimates for Barryroe of 373 MMBO and 893
MMBO, respectively. The corresponding 2C and 3C Barryroe recoverable contingent resources are 59 MMBO and 144 MMBO. San Leon Energy (30%) and Providence Resources (operator) 50.0% have interests in Barryroe with
Lansdowne holding 20.0%. In February 2011, Providence Resources signed a ***Memorandum of Agreement with Shell to negotiate an oil off-take sale and purchase agreement relating to all future potential oil production from Barryroe.***
Is situated on the northern margin of the NCSB based on the Standard and lies about 25km from the Barryroe oil discovery. The prospect contains two targets at Middle/Upper Jurassic and Basal Wealden levels with a combined P50 technically recoverable oil potential of 62 MMBO
Helvick is situated some 40km offshore Ireland in about 260 ft of water depth. This field was discovered in 1983 by Gulf Oil with the drilling of the 49/9-2 discovery well. This well-tested and flowed at a cumulative rate of a whooping 10,000 BOPD from four zones. Three subsequent
wells have been drilled the latest in 2000. Helvick oil is a light and non-waxy crude contained in high permeability Upper Jurassic sands.
Now that’s not all Lansdowne also have a 99% interest in Licence 5/07 30km
west of the Kinsale Head and Ballycotton gas fields and 70km to the south of Cork.
There are 3 wells in the licence option area, a well drilled by BP in 1985 which
tested gas at 13.7MMscf/d, another was drilled in 1984 and had good shows and one by Marathon in 1990 which found some gas but not tested. According to the CPR, Rosscarbery has an aggregate total of 46.8mmboe of prospective. The next 12 months or so could give juicy returns. Oil flowing is the key.
So just what are they worth well they have hit 58p and are stuck on 21p at the moment but believe me as news begins to filter out they will rise should be trading at 50p in my opinion and will certainly begin to liven up as seismic comes on stream to further increase their COS. It will take a good few months before they start to come on the radar but eventually investors will wake up and smell the oil. Any good news and they will fly up!