Lansdowne removes ‘for sale’ sign after fund raise

Irish exploration firm Lansdowne Oil and Gas has shelved its sales process after the successful raise of £2.1m (€2.7m), allowing it to pay off debt and meet working capital requirements into next year.

Part of the money will go towards covering Lansdowne’s share of the money owed to drilling services firm Transocean, over a dispute relating to the Barryroe field in the Celtic Sea.

The remainder will cover Lansdowne’s working capital needs up to mid-2017.