Explorer open to taking Irish listing
While registered in London, Lansdowne’s operational headquarters is in Dublin and its sole licensing focus is currently on the North Celtic Sea Basin region.
There, it is the only owner on three licences, junior shareholder in another two to Providence Resources, and owner of one option, due to expire next year.
Lansdowne chief executive Steve Boldy said that, given the company’s total operational focus on Ireland and the fact it has a steady number of Irish-based shareholders, a Dublin share listing would be plausible, but added that it is not uppermost in the company’s plans.
But he said the issue has been considered by the board and “is something we do consider”.
On more pressing issues, Lansdowne said that it is making progress on farm-out discussionsregarding drilling at its fully-owned Midleton/east Kinsale, Rosscarbery, and Amergin licences and hopes to conclude those talks before the end of this year, with a view to begin drilling activity next year.
The company is also a 20% shareholder in the much-anticipated Barryroe field, in which Providence currently owns an 80% stake.
Providence updated on the Barryroe farm-out progress on Monday — saying that 12 companies have expressed interest in buying into the field and that discussions should conclude “over the coming months”.
Providence is expected to lower its stake by around half — to 40% — and Lansdowne is likely to roughly follow suit, which would see its share of the asset lower to 10%. Last week, Lansdowne issued half-year results, showing a near halving of after-tax losses to £324,000. It added that its current 20% stake in Barryroe holds an estimated value of $675m. Although Lansdowne is likely to remain focused on the shallower waters of the Celtic Sea, rather than move for new licences along the Atlantic coast, Mr Boldy said the increasing international interest in waters off both the south and west coasts is “tremendously positive” for the future of Ireland’s oil and gas sector. However, he has also urged the Government to be cautious in its decision when considering advice on the level of fiscal gain achievable by the State from oil finds in Irish waters.
