Lansdowne and Island strike Celtic Sea deal

LANSDOWNE Oil & Gas, the anglo-Irish exploration company, has partially farmed -out one of its drilling licenses in the Celtic Sea to Dublin company Island Oil & Gas.

The deal — dependent on final approval from the Department of Communications, Energy and Natural Resources — covers four partial blocks of Lansdowne’s Standard Exploration Licence 4/07 in the Celtic Sea off the south coast.

The agreement will give Island the right to carry out drilling and testing for oil and gas in the area, take on overall operatorship of the assets and acquire a 58.34% equity interest in the licence.