Lansdowne Oil and Gas launches emergency funding bid

Troubled Irish exploration firm Lansdowne Oil and Gas is seeking shareholder permission to issue new shares in the company in a bid to raise fresh equity to pay off debt and remain afloat.

The company is a junior partner in Providence Resources’ Barryroe field in the Celtic Sea and will need to pay 20% of the near €6m bill relating to a long-running dispute with drill services firm Transocean.

Its shares are currently suspended and it also needs an injection of working capital.